It is incredibly common for first home buyers to have an extensive list of questions. You are planning to make an investment, and a costly one at that. But you might not be sure what to ask, not everyone has it planned to a t. So, we have compiled a list of frequently asked questions for first home buyers. 
How much is required for a deposit? 
Normally most banks or financial institutions will highly recommend providing at least 20% of the property price. So if your prospective property was $350,000, your deposit should be at least $70,000. However, that might not be achievable for everyone when initially buying. You are able to have as low as 5%, keeping in mind you would need to take out Lender Mortgage Insurance, which will add additional costs to your loan. 
Do I need a building and pest inspection done? 
In short the answer is no, you do not have to. However, it is strongly recommended that you do. It is technically a safety net, to protect you from any unexpected issues down the track. The last thing you want is to invest hundreds of thousands of dollars into a home that is falling apart, especially if it doesn’t look like it is. 
What is the first home owners grant and do I qualify?
The grant is a once off payment of up to $15,000, it is for first home owners building or purchasing a new home. If you do opt for the grant, you will need to reside in the property for a minimum of six months, this needs to be within the first year of the purchase. There are other requirements necessary to be eligible for the grant. See the link below for more in depth information. 
https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer 
Should I get a pre-approval?
It is definitely worth seeking a pre-approved loan. Doing this will give you more of an idea of how much you can borrow, making things a little clearer when searching for a property. It is also very beneficial in the current market, as not being pre-approved could be the difference between securing the property you put an offer on or missing out.
If you have decided to buy, the best first step is to speak with a mortgage broker if you are completely unsure of the process. If you know a little more, the best thing to do would be getting your loan pre-approved. We hope these questions help give you clarity, or a further understanding of a few common things asked when looking to buy.
DISCLAIMER
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.