Buying Your First Home

Buying your first home is exciting, but working out the finance can quickly become overwhelming.

How much can you borrow? How much deposit do you need? What other costs should you allow for? Are you eligible for a first home buyer scheme or concession?

As your mortgage broker, we’ll guide you through the first home buying process step by step — explaining your options in plain English along the way.

Know Your Numbers Before You Start Looking

Before you start seriously house hunting, we’ll help you understand your borrowing power, what you can realistically afford and what your home loan repayments could look like.

We’ll also explain the costs involved and help identify any first home buyer schemes, guarantees or concessions you may be eligible for.

There Are No Silly Questions

For most people, buying their first home means dealing with a whole new language of lenders, contracts, deposits, valuations and approvals.

Ask as many questions as you need. We’d much rather you understand what’s happening and why than simply tell you what to do.

How Much Deposit Do I Need?

You don’t necessarily need a 20% deposit to buy your first home.

How much you’ll need will depend on the property you’re buying, how much you can borrow, the lender’s requirements and whether you’re eligible for a first home buyer scheme or guarantee.

If you’re borrowing more than 80% of the property’s value, Lenders Mortgage Insurance (LMI) may apply. This protects the lender — not the borrower — and can add to the cost of buying your home.

There may also be options that allow eligible first home buyers to purchase with a smaller deposit without paying LMI.

We’ll help you work through:

First Home Buyer Schemes & Concessions

You may have more options than you realise.

Government schemes, grants and concessions may help eligible first home buyers reduce the deposit, Lenders Mortgage Insurance or upfront costs involved in buying a home.

For Queensland buyers, assistance may include the First Home Owner Grant, transfer duty concessions and eligible Australian Government home buyer schemes.

Each has different eligibility requirements, property limits and conditions — and these can change over time.

We’ll help identify which options may be relevant to you and explain how they fit with your home loan.

The goal isn’t just to work out how much you can borrow — it’s to understand how much you can comfortably afford.

Pre-Approval Before You Start Shopping

Know where you stand before you fall in love with a property.

Home loan pre-approval can give you a clearer idea of how much a lender may be prepared to lend before you start seriously looking at properties.

It can help you set a realistic purchase price, understand the repayments involved and search for properties within a range that makes sense for you.

But there’s an important distinction: pre-approval isn’t the same as formal loan approval.

The lender will generally still need to assess the property you choose, complete any required valuation and confirm that your circumstances continue to meet its lending requirements.

We’ll help you understand what your pre-approval means, any conditions attached to it and what needs to happen once you’ve found a property.

Found the right property? Here's what happens next.

01 Make Your Offer

You’ve found the property and are ready to negotiate. Your conveyancer or solicitor can assist with the contract and legal aspects.

02 Loan Application

We’ll update your application with the property details and provide the lender with anything else required.

03 Property Valuation

The lender may arrange a valuation to confirm the property’s value and suitability as security.

04 Formal Approval

Once the lender has completed its assessment and requirements are satisfied, your loan can move to formal approval.

05 Settlement

Your lender and conveyancer or solicitor coordinate settlement. Once complete, the property is officially yours.

And throughout the process, we’ll keep you updated so you know what’s happening and what comes next.

First Home Buyer FAQs

How much can I borrow?

Your borrowing capacity depends on factors including your income, expenses, existing debts, credit limits, dependants and the lender’s assessment criteria.

Different lenders can assess the same circumstances differently, which is why borrowing capacity isn’t simply one universal number.

We’ll help you understand your borrowing options — and importantly, what the repayments could look like.

How much deposit do I need?

It depends on the property, lender and your circumstances. While a 20% deposit can generally avoid Lenders Mortgage Insurance, some buyers can purchase with a smaller deposit.

Eligible first home buyers may also have access to government schemes that reduce the deposit required.

What is Lenders Mortgage Insurance?

Lenders Mortgage Insurance, or LMI, protects the lender if a borrower is unable to repay their home loan and the lender suffers a loss.

It commonly applies when borrowing more than 80% of a property’s value, although lender policies and eligible government schemes can affect whether LMI is required.

Do I need pre-approval before making an offer?

Not always, but having your finance assessed before you start seriously house hunting can give you a clearer understanding of your borrowing position and budget.

Pre-approval isn’t a guarantee of formal approval, so it’s important to understand any conditions attached to it.

Does it cost to use a mortgage broker?

Mortgage brokers are generally paid a commission by the lender when a home loan settles.

If any fee applies to your particular circumstances or service, we’ll explain it to you upfront — no surprises.

Can my parents help with my deposit?

Potentially. Family assistance can take different forms, including a financial gift or, in some circumstances, using a family member’s property as additional security.

The appropriate structure depends on your circumstances, and we’ll explain the lending implications before you proceed.

What if I'm self-employed?

Being self-employed doesn’t automatically make getting a home loan difficult, but lenders can assess self-employed income differently.

We’ll look at how your income is structured and identify lenders whose assessment requirements may suit your circumstances.

Ready to Take the First Step?

You don't need to have a property picked out — or even know exactly how much you can borrow — before talking to us.We'll help you understand your borrowing position, how much you may need to contribute, what your repayments could look like and the steps involved in buying your first home.Ask questions. Understand your options. Make your first move with confidence.

Start Your First Home Loan Journey