Most Australians spend more than 25% of their weekly take home pay packet paying their mortgage.

Since the Global Financial Crisis, Australian lenders require borrowers have savings of at least five percent of the purchase price as a deposit, plus a demonstrative saving’s history, of at least about six months. No deposit home loans seem to be a thing of the past.

Here are six things you can do to help secure your first home loan.

  1. Tidy up all your other personal debts, like credit cards car loans, but also any department store cards, interest-free finance purchases, even your help (hecs) debt.
  2. Start saving. The bank needs to see a pattern of regular saving, so if you ate not already a saver, now is the time to become one. As well as savings banks do consider how much you are paying each week in rent, as in the future these funds will be going directly towards your mortgage. But remember a mortgage will generally be more than your current rent, so gent saving!
  3. Prove your solid employment history. Reliability and stability is what you future lender wants to see here.
  4. Have a nice clean credit history. Did you default on a lease when you were young and stupid? Credit problems in the past may catch up with you. If you are unsure, or have concerns, check before the bank does – go to
  5. The size of your deposit affects so many things, including whether you will be required to pay for (expensive) mortgage insurance, what interest rate and loan terms you are offered, and of course how much you can borrow!
  6. Is the lender putting any restrictions on the loan? If so, find these out early, particularly if you intend to bid at auction.