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First Home Buyer Loans

Getting your first home
doesn't have to be this hard.

Getting your first home loan right matters. Here's everything you need to know about deposits, grants, and how to structure your loan so you're not overpaying from day one, explained clearly.

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The honest first home buyer guide

Buying your first home is one of the biggest financial decisions you'll ever make. It's also one of the most confusing, between LMI, LVR, the First Home Guarantee, stamp duty, and the stack of documents lenders want, it can feel completely overwhelming.

We've been doing this for years. Here's what actually matters, and what you can ignore.

How much deposit do you actually need?

The short answer: as little as 5% in some cases. The standard requirement is 20%, anything less and most lenders charge you Lenders Mortgage Insurance (LMI), which can add thousands to your costs upfront. But there are ways around this.

First Home Guarantee (FHBG)
The Australian Government's First Home Guarantee lets eligible buyers purchase with as little as a 5% deposit, and no LMI. The government guarantees the remaining 15%, so you don't pay for it. Places are limited each financial year. We'll check your eligibility on your first call.

What is LMI and can you avoid it?

Lenders Mortgage Insurance protects the lender (not you) if you default. It's charged when your deposit is less than 20%. On a $600,000 property with a 10% deposit, LMI can cost you $8,000–$15,000. Here's how to avoid it:

  • Save a 20% deposit
  • Use the First Home Guarantee (5% deposit, no LMI)
  • Use a guarantor (a family member uses their home as security)
  • Access the First Home Super Saver Scheme (FHSS) to boost your deposit

The First Home Super Saver Scheme (FHSS)

This lets you make voluntary contributions to your super fund and then withdraw them (plus earnings) to use as a home deposit. You can withdraw up to $50,000 per person ($100,000 for couples). Tax advantages may apply — contributions are generally taxed at 15% rather than your marginal rate, which can be significant for many people. Eligibility and tax treatment depend on your individual circumstances. Speak with your accountant or a financial adviser before making decisions based on the FHSS scheme.

Stamp duty, the bill nobody talks about

Stamp duty is a state government tax on property purchases. It can be $10,000–$40,000+ depending on the property price and which state you're buying in. First home buyers in most states get concessions or full exemptions up to a certain price threshold. We can walk you through the concessions that may apply in your state.

The bit people always forget
Your deposit and stamp duty aren't the only upfront costs. Budget for conveyancing ($1,500–$3,000), building and pest inspections ($400–$700), loan application fees (often zero with a broker), and moving costs. We'll give you a realistic number before you start searching.

Fixed vs variable rate, which is right for you?

Fixed rates give you certainty, your repayment stays the same for the fixed period (usually 1–5 years). Variable rates move with the market, which means they can go up or down. Many first home buyers split their loan, fixing part of it for security while keeping flexibility on the rest. We'll walk you through what makes sense for your situation.

How we help first home buyers

We don't just find you a rate, we walk you through the whole process. Here's what working with us looks like:

1
Free 15-min call
We understand your situation, goals, and timeline. We'll tell you what you can realistically borrow and what government schemes you qualify for.
2
We find your options
We compare 40+ lenders and come back with a clear recommendation, including rate, fees, and a realistic monthly repayment figure.
3
We do the paperwork
Once you're happy, we handle the application, chase the lender, and keep you updated until you get your formal approval letter.
4
You get the keys
Settlement day. We'll be contactable the whole time in case anything comes up.
Ready to get started?
Book a free 15-minute call. No paperwork, no pressure, just honest advice about what you can borrow and what grants you qualify for.
Get your real numbers Call 0422 101 112
What we check for free
  • First Home Guarantee eligibility
  • FHSS eligibility
  • State stamp duty concessions
  • Borrowing capacity
  • Competitive rates from 40+ lenders
What you need to know

Key numbers for first home buyers.

Free
Our service to you
5%
Min deposit (with FHBG)
40+
Lenders compared
FAQ

First home buyer questions.

It depends on your income, expenses, and deposit. Most lenders will lend 4–6x your annual income, but we dig into your actual numbers to give you a realistic figure. Book a call and we'll tell you in 15 minutes.
To qualify you generally need to be an Australian citizen or permanent resident, earn under the income cap ($125,000 single / $200,000 couple), be buying as owner-occupier, and not have previously owned property in Australia. We'll confirm your eligibility on your first call.
There's no universal answer, it depends on the current rate environment and your cash flow situation. Many first home buyers go with a split loan (part fixed, part variable) to get some certainty while keeping flexibility. We'll help you decide based on your actual situation.
Yes, most lenders accept gifted funds as part of your deposit, usually with a signed gift letter from the donor confirming it's not a loan. Some lenders require a portion to be genuine savings. We'll match you with a lender whose policy suits your situation.
Free, no-obligation advice

Ready to take the first step?

One 15-minute call. We can walk you through what you may be able to borrow, what grants could apply, and what your repayments might look like. No paperwork required.

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