Buying your first home is one of the biggest financial decisions you'll ever make. It can also be one of the most exciting — especially if you know what to expect along the way.

If you're looking at Ballarat as the place to put down roots, you're in good company. More and more first home buyers are discovering what locals already know: Ballarat offers genuine livability, a strong sense of community, and property prices that give you a lot more breathing room than Melbourne.

This guide walks you through the full journey — from saving your deposit to picking up the keys on settlement day.

Why Ballarat Is a Smart Choice for First Home Buyers

Ballarat has grown steadily over the past decade, and for good reason. You get excellent schools, a thriving food and arts scene, reliable public transport to Melbourne, and a real sense of neighbourhood that's harder to find in the city.

From a financial perspective, Ballarat's median house prices sit well below Melbourne's, which means your deposit goes further and your repayments are more manageable. For many first home buyers, that's the difference between getting into the market now and waiting years longer.

Step 1: Work Out What You Can Actually Afford

Before you start browsing listings, you need a clear picture of your budget. This means looking at more than just the purchase price.

Start with your income, your existing debts, and your living expenses. A good rule of thumb is that your total housing costs (repayments, rates, insurance) shouldn't stretch you so thin that a rate rise or unexpected expense throws everything off.

A broker can help you figure out your borrowing capacity early — it's one of the most useful things you can do before you start house hunting, because it saves you from falling in love with something outside your range.

Step 2: Get Your Deposit Together

Most lenders want to see a deposit of at least 5% to 20% of the purchase price. The bigger your deposit, the more options you'll have — and if you can hit 20%, you'll avoid paying Lenders Mortgage Insurance (LMI), which can add thousands to your costs.

If you've been saving through a dedicated account, that's great. Lenders like to see "genuine savings" — money you've accumulated over time, rather than a lump sum that appeared yesterday.

A few things that can count toward your deposit:

  • Savings held for three months or more
  • Gifts from family (with a statutory declaration)
  • First Home Super Saver Scheme (FHSSS) withdrawals
  • Equity in another property (less common for first home buyers, but worth knowing)

Step 3: Understand the Grants and Concessions Available to You

Victoria offers some genuinely helpful support for first home buyers. Here's what's currently available — though we'd always recommend confirming the latest thresholds with your broker or the State Revenue Office, as these can change.

First Home Owner Grant (FHOG)

If you're buying or building a new home valued at up to $750,000, you may be eligible for a $10,000 grant from the Victorian Government. This applies to new builds, off-the-plan purchases, and substantially renovated homes — but not established (second-hand) properties.

Stamp Duty Exemptions and Concessions

First home buyers in Victoria can access stamp duty relief on properties valued up to certain thresholds:

  • Full exemption on properties valued up to $600,000
  • Concession (reduced stamp duty) on properties valued between $600,001 and $750,000

On a $550,000 home, a full stamp duty exemption could save you roughly $17,000 or more. That's a significant amount of money that stays in your pocket instead of going to the government.

First Home Guarantee

This federal scheme allows eligible first home buyers to purchase a home with as little as a 5% deposit — without paying LMI. The government guarantees the remaining portion up to 20%. Places are limited each financial year, so it's worth getting in early.

Regional First Home Buyer Guarantee

There's also a regional-specific guarantee that supports buyers in areas like Ballarat. It works similarly to the First Home Guarantee, and Ballarat falls within the eligible regional zones.

Step 4: Get Pre-Approved

Pre-approval (sometimes called conditional approval) means a lender has reviewed your finances and given you an indication of how much they're willing to lend. It's not a guarantee, but it gives you confidence when you're making offers.

The pre-approval process involves providing documents like payslips, bank statements, identification, and details of any debts. Your broker handles the paperwork and finds a lender that suits your situation — they're not limited to one bank, so they can shop the market on your behalf.

Pre-approval typically lasts three to six months, depending on the lender.

Step 5: Find Your Home

This is the fun part. Once you know your budget, you can start inspecting properties with clarity rather than guesswork.

A few tips for house hunting in Ballarat:

  • Explore different suburbs. Ballarat Central, Alfredton, Sebastopol, Wendouree, Lucas, and Mount Pleasant all have different characters and price points. Spend some time in each area to see what feels right.
  • Go to open homes on different days and times. Visit on a weekday evening to see what traffic and noise are like after work.
  • Don't skip the building and pest inspection. It costs a few hundred dollars but can save you from buying someone else's expensive problem.

Step 6: Make an Offer (or Bid at Auction)

If you're buying by private sale, you'll make a written offer through the real estate agent. Your broker and conveyancer can help you understand what conditions to include (like subject to finance and subject to a satisfactory building inspection).

If it's an auction, you'll need your finance sorted beforehand, because auction purchases are unconditional. Make sure your broker knows your timeline so everything is in order on the day.

Step 7: Formal Approval and Contracts

Once your offer is accepted, your broker submits the full loan application. The lender will arrange a property valuation, verify your documents, and issue formal (unconditional) approval.

Your conveyancer or solicitor handles the legal side — reviewing the contract of sale, conducting title searches, and managing the settlement process.

Step 8: Settlement Day

Settlement is when ownership officially transfers to you. Your lender pays the seller, the title is transferred, and you get the keys.

In Victoria, settlement usually takes 30 to 90 days from the contract date, depending on what's negotiated. Your conveyancer will keep you updated throughout.

Budget for the Extras

First home buyers are sometimes caught off guard by the costs beyond the purchase price. Make sure you've factored in:

  • Conveyancing/legal fees — typically $1,000 to $2,500
  • Building and pest inspection — around $400 to $700
  • Loan application or establishment fees — varies by lender
  • Moving costs — removalists, utility connections, mail redirection
  • Council rates, water, and home insurance — ongoing from day one
  • A small buffer — unexpected things come up. Having a few thousand dollars set aside after settlement makes a real difference to your peace of mind.

You Don't Have to Figure It All Out Alone

The reason so many first home buyers work with a broker is simple: the process has a lot of moving parts, and having someone in your corner who does this every day takes a huge amount of stress out of it.

Austin, one of our directors here at Calm Finance Co., works almost exclusively with first home buyers. He's helped hundreds of people in Ballarat and across regional Victoria navigate the grants, compare lenders, and get into their first home with confidence. He's genuinely passionate about making the process feel approachable — not overwhelming.

Ready to Take the First Step?

If you're thinking about buying your first home in Ballarat — even if it's six or twelve months away — a quick chat can help you understand where you stand and what to work toward.

You can book a free consultation with our team at Calm Finance Co., give us a call, or drop into our office at 622 Sturt Street, Ballarat Central. No pressure, no jargon — just a straightforward conversation about your options.