Now, of course the answers to the first question will depend on exactly where in Victoria you are looking to buy and what type of property you're after. Your budget will depend on your deposit, your income and your borrowing capacity, which is why we recommend you speak with a mortgage broker to get advice sooner rather than later.

In Victoria there are grants and concessions for first home buyers and these are subject to certain requirements like income limits and purchase price caps. The Victorian Government has a number of schemes for first home buyers, including a shared equity scheme, stamp duty concessions and a first home buyer grant.

Check out this LINK for the most up to date information. Just be wary of any grant that is contingent on buying a brand new property as these can be risky for first home buyers.

The standard deposit in Victoria is 10%, although you can often request to pay less and some vendors and agents may agree. It's important to understand that the deposit required to secure a property is different to the deposit the bank may require of you. For example, you may be able to sign a contract with a 5% deposit, but if the bank expects you to pay the full 20%, that will be part of the settlement arrangements. Your conveyancer or lawyer can explain all of this to you.

We've covered all the other first home buyer costs in this article and as a general rule of thumb, we recommend setting aside 5% of the purchase price for additional costs.

As mentioned above, we highly recommend that you speak with a mortgage broker early in your first home buyer journey, even before you have saved what you think you need to save. You might be surprised to find that you can buy sooner than you thought once you get the right advice around your borrowing strategy.

Locations across Victoria vary substantially and you'll find you'll become a local expert while you're house hunting. We've had conversations with students who have purchased their first homes in regional Victoria on the podcast, including this one with buyer's agent Cate Bakos, where we discussed buying in Geelong and Ballarat.

You'll find different types of property in different locations will have different types of building issues. For example, in Victoria, ensuring that there's adequate heating is an absolute must. You'll also want to check for insulation, double glazing and whether old windows and doors let in drafts in winter. Termites are an issue everywhere in Australia, but less so in colder climates, whereas rising damp in brick construction is something you really want to avoid.

You should always get a building & pest inspection before you purchase so that you're aware of any deal breakers, as well as both short and long term maintenance requirements.

You may be surprised to know that the laws governing real estate transactions vary substantially across Australia, which is why we compiled a podcast series on state based rules. We interviewed buyers agents who are local specialists in state and they shared what you need to know before buying your first home in Victoria.