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Owning your own home: The most important things to know

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Owning Your Own Home

Buying your own home can be the most important decision you will make in your lifetime and it will be an asset that can help to build wealth over time. However, owning a home comes with many associated costs and factors that can add up over time and need to be considered when making this kind of major purchase.

With this in mind, here are some important things you need to consider when looking to own your own home.


1. Buy a property you can realistically afford

Even if you are on a good wage now, things can change so plan ahead and make sure you have budgeted for a property you can afford now – and in the future. Think with your head when seeking out a new home as it will help you negotiate and pay what you think the house is worth, even if it means walking away if the deal doesn’t seem quite right.

2. Get your financial affairs in order

When making the purchase, you will need to have money for the deposit and purchase fees. Ensure that your finances are already in shape and have money set aside for additional expenses once the home becomes yours.

3. The house price isn’t the only upfront cost

Aside from house purchase, you will also need to take into account any associated costs, such as stamp duty (varies by state), legal/conveyance fees, and in some cases, mortgage insurance (if you have a smaller deposit, the bank might ask you to pay Lenders Mortgage Insurance or LMI). Other potential costs include costs for valuation reports, building inspection and pest inspection reports, Government title transfer fees, mortgage registration fees and loan establishment fees etc. Do your homework and obtain an early breakdown of the total purchase costs and look out for those additional items that will push up the overall price.

4. Mortgage payments can go up and down

When budgeting for your repayments, make sure that you consider interest rate increases which may increase your repayments. You may also consider taking the opportunity to use spare funds to make additional repayments and pay down the principal of your loan when you can afford to do so. To ensure your repayments remain stable for a specific period, you may want to consider a fixed rate term. A fixed interest rate will ensure that your rate will remain the same for the selected fixed period. To learn about our fixed rate products please visit

5. Maintaining your property is a long-term commitment

As long as you own a property, keeping that property in good condition is the key to its future sale price potential. Property maintenance can become more demanding as a house ages.

From a leaky roof to a blocked gutter to simply maintaining the front and back gardens, you need to look after the house to ensure that a small problem won’t become a major disaster.

Buying your own home is both an exciting and emotional experience. Home ownership is a significant decision that requires planning, research, a level head and careful budgeting. Get these pieces in place and you’ll be on your way for a lifetime of enjoying your special piece of paradise.


Speak to one of our Home Loan Specialists about our home loans on 1300 747 747 or pop into a branch. Alternatively, you can find further information at


  Important Information

The information in this article is of a general nature and does not constitute as advice in relation to any investment of purchase. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. Prior to making any decision you should conduct your own investigation and analysis of any benefits or costs associated with such. You should seek your own independent legal and financial advice. Normal lending criteria apply. Applications are subject to Qudos Bank’s approval. Terms and conditions apply and are available on request. Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557, AFSL/Australian Credit Licence 238305.