Kate Hounsell and Deacon Millward bought their first home together while in their mid-twenties.

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This September will see Kate Hounsell and Deacon Millward celebrate three years since purchasing their first-home in Melbourne’s outer western suburbs.

The pair, who have been together for a decade, bought their four-bedroom house at the respective ages of 25 and 27.

Mr Millward is a tradesperson while Ms Hounsell works in human resources for a manufacturing business.

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She said they wanted to put their money towards their own home and their own future, rather than renting and giving their money to a landlord instead.

“During Covid, we decided to knuckle down and start saving, and managed to save a deposit,” Ms Hounsell said.

“I lived at home and my parents were very supportive, so were his.”

They engaged Melbourne-based WE Mortgage Solutions finance broker Chloe Paterson for guidance and began inspecting properties when pandemic lockdown restrictions lifted.

While Mr Millward was keen to live in Altona where he grew up, the couple figured they likely couldn’t afford to buy in the suburb so looked further out from Melbourne’s CBD.

She and Mr Millward had a budget of about $600,000-$650,000, but one Saturday were slated to look at a residence priced at $680,000-$710,000.

Buying your first home can be a stressful process.

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They were tempted to cancel the inspection after already checking out four others houses earlier in the day, but luckily did not.

“We walked in and were like, ‘Oh my goodness, this house is amazing, it doesn’t need any work,” Ms Hounsell said.

They put in an offer at the range’s lower end and were “ecstatic” when the owner accepted.

And while their parents did not provide any money towards the four-bedroom house, they generously gave the young first-home buyers gifts including a television, coffee machine and couch.

Ms Paterson said in the past year, the number of her clients aged in their 20s looking to buy a home in Victoria, who have received financial aid from their parents, had increased to about 60 per cent.

Many buyers aged in their 20s look for a home which needs work done, as these properties can often have a more affordable price. But it’s important to bear future renovation and repair costs in mind too.

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She added that rising interest rates, the price of living, tougher lending conditions and high property prices made it hard for many young people to buy a home.

“But with the right guidance and advice, there are strategies to overcome the challenges,” she said.

Ms Paterson’s advice for those looking to buy a home without family money was to engage a broker and to care about their finances.

Melbourne’s median house price is $870,750, according to PropTrack. Picture: Mark Stewart.

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“It’s very common to see young clients who don’t have an understanding of their current financial situation, and when it comes time to apply for a home loan, things like credit history, liabilities and current lifestyle trends can massively impact the ability to purchase,” Ms Paterson said.

She also advised taking advantage of financial support available in Victoria including first-home buyer incentives like grants and stamp-duty concessions.

“Explore all your options – once you know your workable budget, start looking into the types of property you can realistically afford – and don’t get stuck on one idea of what your home should be,” she said.

First-home buyers are often advised to seek expert help when they starting planning their budgets. NCA NewsWire/Andrew Henshaw.

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KATE HOUNSELL’S TIPS FOR YOUNG HOME BUYERS:

+ Save as much of your pay cheque as you can every week, month or fortnight. It might be a hard few years saving and saying no to doing things, but at the end it’s definitely worth it.

+ Keep in mind that if you move into a home that needs some work, or even one that doesn’t need work, you might need more money saved than you initially expect to spend especially if one or two emergencies arise – like if the hot water system needs replacing.

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