How a broker helps first home buyers
Banks only offer their own products. As a mortgage broker we compare loans from more than 30 lenders, check which government schemes you qualify for and match you with a lender whose policy suits your income, deposit and the property you want to buy. There is usually no fee to you, as the lender pays us.
- Work out a realistic borrowing range before you start inspecting
- Check your eligibility for low-deposit and government schemes
- Get a pre-approval so you can bid with confidence
- Manage the application through to settlement and beyond
Buying with a 5% deposit — without LMI
Under the Australian Government's 5% Deposit Scheme (the First Home Guarantee), eligible first home buyers can buy with as little as a 5% deposit without paying Lenders Mortgage Insurance, which can save thousands. Single parents and legal guardians may be able to buy with a 2% deposit. Property price caps apply and vary by location — in Sydney the cap is $1.5 million.
Stamp duty concessions & first home grants
Every state has its own help for first home buyers. In NSW, for example, eligible buyers pay no transfer duty on homes up to $800,000 and a reduced amount up to $1 million, and the $10,000 First Home Owner Grant is available for eligible new homes. Victoria and Queensland have their own concessions and grants for new and established homes. We'll show you exactly what applies in your state and how it changes the numbers.
What lenders look for
- Genuine savings and a steady savings history
- Stable employment (probation periods and casual income are treated differently by different lenders)
- Your living expenses and any existing debts, including credit cards and BNPL
- A clean credit file — we can help you check it before applying
Our process
Frequently asked questions
How much deposit do I need for my first home?
With the 5% Deposit Scheme you may need as little as 5% (2% for eligible single parents), plus funds for costs such as conveyancing. Without a scheme, most lenders require 5–10% plus LMI, or 20% to avoid LMI.
Does it cost anything to use a mortgage broker?
For standard home loans there is usually no fee — the lender pays the broker a commission, which we disclose to you in our Credit Guide.
Can I buy my first home with my partner or a friend?
Yes. Joint applicants can use the 5% Deposit Scheme if each applicant meets the eligibility rules. We'll check this for you.
How long does pre-approval last?
Usually 90 days, although some lenders allow up to six months. We can renew it if your search takes longer.