Saving up for a home deposit can take years, but experts say there are other tasks you can tackle while you save. (Adobe Stock)
The process of purchasing a home can feel overwhelming.
Beyond putting money aside for a home deposit, it can be hard to know how to prepare.
But there are steps you can take — while you're still saving — that will help you get to the point of signing on the dotted line.
Mortgage broker Craig Morgan says there is an advantage to being a first home buyer, because it can mean you are aware that there's a lot you don't know a lot, and are willing to learn.
He explains that people buying a second or third property can assume they know everything, but "things change so much" and it might have been a decade since their last purchase.
"Gaining some knowledge and some preparation is the absolute key," Mr Morgan says.
Once you've started saving, Mr Morgan says you could approach a mortgage broker to get a better understanding of your borrowing capacity.
There are online borrowing calculators that can help with this too, but they are not as accurate, he says.
"Your income position is not going to change for most people dramatically over the course of one or two years of saving. Whilst you may not have the deposit yet, you can at least find out what you can afford."
He says there are plenty of loan officers at banks and mortgage brokers that will do this for free (they will be hoping you return later on but you should not feel obliged to).
Financial educator Natasha Janssens also recommends doing some research and seeking out professional advice before you have your entire deposit saved.
"Twelve months to two years out is a great time … you're going to have so much information to absorb, and you'll have more questions that will arise later."
This will set up your expectations and help you avoid some of those common mistakes people unknowingly make in those crucial final months.
For example, "this is not the time to suddenly be getting a car loan, a credit card [or] quitting your job," she says.
