Buying a new property can be a stressful event, but by following a few simple rules, you can alleviate a considerable amount of worry...

1. Know why you're considering a home purchase for the first time.
2. Prioritise with your spouse, partner or co-buyer the most important requirements of your new home. Discuss differences and concerns quickly and honestly. Don't find out there is a major disagreement a week before settlement.
3. Determine what type of home you're interested in i.e. single residence on a block of land, unit, townhouse etc.
4. Know what kind of neighbourhood or suburb you want to live in. Consider whether you want to be close to schools, shopping or your workplace or family. Do you need to be close to transport facilities? Inner city or suburbs?
5. Create a wish list of what you want in an ideal home. Include things like the number of bedrooms, number of bathrooms, size of the yard and gardens, motor vehicle accommodation, garden shed/workshop, living and entertainment areas, proximity to neighbouring properties. Do you want your home to be low maintenance or a 'do-it-up' project? Single or multi level?

1. Know how much debt you have, and get rid of what you can.
2. Check your credit report. Seek correction of any errors and settle matters that may be outstanding. Save copies of correspondence between you and creditors.
3. Use worksheets and available online calculators to determine how much home you can afford and how much of a home loan you may qualify for. Create a budget forecast to prove to yourself that you can afford the purchase.
4. Consider pre-approval (approval-in-principal) for your finance requirements. This is more than just a pre-qualification where a lender may state how much you may be granted based on limited information. Pre-approval is given after a formal application has been lodged and the lender has completed a thorough evaluation, including consideration of your financial capacity and credit checks etc., of your ability to pay for a home. Pre-approval is usually sought in advance and is given 'in-principal' subject to you locating the right property or in the case of your desire to attend an auction sale.

1. Develop a time line for the major steps in the process.
   
2. Give yourself time for preliminary research.
   
3. Obtain 'real' information i.e. don't rely solely on the Internet as the information contained therein is usually general in content and does not address your personal wishes or circumstance.
   
4. Get professionals involved and understand the role they play.
   
5. Obtain a copy of your Credit Report and address any issues.
   
6. Seek pre-qualification for Mortgage finance i.e. confirm the amount of lending that you may qualify for.
   
7. Consider pre-approval if you are ready to buy.

1. Binder, notebook, paper and pen.
2. Your 'wish list'.
3. Pocket calculator.
4. Telephone contact list