We are often asked how can I move from being a tenant to a home owner.

Below find our top tips!

Tip #1 - Tenants who are looking to become homeowners should look at any brand new properties available if they are to take advantage of stamp duty exemptions and first home buyer grants. The First Home Owner Grant (New Homes) scheme (the Scheme) was established to assist eligible first home owners to purchase a new home or build their home by offering a $15,000 grant. The Scheme applies to new homes only and will reduce to $10,000 on 1 January 2016

Tip #2 - Tenants who want to become homeowners should look at saving at least a 20% deposit in order to avoid mortgage insurance. If you decide to borrow more than 80% of the value of your new home, the lender will ask you to take out Lender's Mortgage Insurance (LMI).

Tip #3 - Tenants looking at becoming homeowners should shop around for the best home loan. Competition between the major banks and other non-bank lenders is still high despite the recent credit-crunch. Purchasing a home is one of the biggest financial decisions you will make in your life, so take the time to research and compare the offerings from both bank and non-bank lenders.

Tip #4 - Tenants looking at becoming homeowners should look at all aspects of a homeloan.  The lowest rate is not always the best option for you, you may need flexibility of redraws or extra payments so do your research and read the fine print!

Tip #5 - Tenants looking to take the next step may want to consider building a new home, Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300 000, and will receive concessions on duty for vacant land valued between $300,000 and $450,000

Tip #6 - Tenants who want to buy their first home should be prepared to negotiate or even bid at auction – but know your limits, there is no point offering to pay more than you can afford!

Tip #7 - Tenants looking to purchase their first home should know what grants are available to them.  The NSW government has extended the eligibility of threshold for first home owner benefits by $100,000.  Under the new changes, the maximum price of a property eligible for a grant of up to $15,000 will be raised from $650,000 to $750,000.

Tip #8 - Have A substantial deposit - The bigger the better when you're saving for a home. (As a rough guide, aim to save 20% of the purchase price plus enough to cover costs.)

Tip #9 - A regular savings habit - A solid track record of employment and a history of regular savings in your bank account will make it easier for you to get a home loan.

Tip #10 - Get Pre-approval for a loan - Compare a few different loans before you decide. Ask your lender for a key facts sheet on each home loan so you can compare more easily. Once you pick the loan you'll know what the repayments will be and how much you can afford to spend on a property.