If buying a home is one of your goals for 2027, now is the perfect time to start preparing. Getting your finances in order before the end of 2026 can help you feel more confident and put you in a stronger position when you're ready to buy.
Here are five things we'd recommend doing before the year ends.
1. Get your borrowing power checked
Before browsing property listings, find out how much you may be able to borrow. Your income, living expenses and existing debts all influence your borrowing power.
A finance check can help you establish a realistic property budget and identify any areas that may need attention before applying for a home loan.
2. Review your existing debts and credit limits
Existing debts and credit card limits can affect how much a lender is willing to let you borrow. Consider paying down personal loans, reviewing buy now, pay later commitments and reducing unused credit card limits where appropriate.
Making these changes early gives you more time to strengthen your financial position before applying.
3. Set a savings goal
Work out how much you'll need for your deposit and other upfront costs, including conveyancing, inspections and any applicable stamp duty.
If you're a first home buyer in Western Australia, you may also be eligible for government schemes or concessions that could help reduce your upfront costs. Check the relevant eligibility requirements and property price limits when planning your budget.
4. Research the property market
Start comparing suburbs, recent sales and property types within your budget. In Perth, consider whether an established home, apartment or house-and-land package best suits your needs.
Understanding current prices now can help you set realistic expectations and make more informed decisions when you're ready to buy in 2027.
5. Speak to a mortgage broker
You don't need to have your deposit ready or be actively house hunting to speak with a mortgage broker. Getting advice early can help you understand your borrowing capacity, explore suitable loan options and identify any first home buyer schemes you may qualify for.
You'll also have a clearer idea of what steps to take over the coming months to work towards your goal.
Start preparing for your 2027 home purchase
Buying a home involves more than finding the right property. Taking the time to prepare your finances now can make the process much smoother when you're ready to take the next step.
Planning to buy in 2027? Contact WestGen Finance to book your free 15-minute strategy call and start putting a plan in place for your next move.
