First home buyers
Buying your first home is the biggest financial decision you'll make, and you deserve a broker who treats it that way. So here's the whole picture in one place — what the deposit really has to cover, what a lender looks at, and which schemes are worth your time. No jargon, and no question treated as a silly one.
The gap
Not because they're careless. Because the information is scattered across twenty websites, none of which know anything about their situation.
"The deposit is the money I need."
The deposit is one of four numbers. On top of it you'll need conveyancing, building and pest, transfer and registration fees, and in most cases stamp duty — though first home buyers are often exempt or discounted. Then a buffer, because settling with nothing left in the account is how a good purchase turns stressful.
"The bank's online calculator told me what I can borrow."
Those calculators don't know your HECS balance, your credit card limits (lenders count the limit, not the balance), your buy-now-pay-later accounts, or how that lender assesses casual and overtime income. Two lenders can differ by six figures on the same applicant.
"I should apply and see what happens."
Every application leaves an enquiry on your credit file, and a run of them makes the next lender nervous. It costs nothing to have someone check your position against lender policy first and apply once, to the lender most likely to say yes.
Deposit planner
Set a price you're aiming at and what you've saved. This shows the three deposit levels lenders work with, and what's still to go.
Used only to estimate how long each level is away
Upfront costs are a flat allowance for conveyancing, inspections and government fees. Stamp duty is excluded — first home buyer concessions vary by state and often remove it entirely.
What you'd need
General information only, not credit advice. Lender policy, scheme eligibility and government fees change, and your borrowing capacity depends on income and existing debts as well as deposit.
Paperwork
None of it is hard to get. It's just easier when you know the list before you start, rather than a document at a time over three weeks.
One thing worth doing today: cancel any credit card you don't use and reduce the limit on the ones you do. A $15,000 limit you never touch can quietly cost you tens of thousands in borrowing capacity.
Government help
Between them they can change your timeline by years. Caps, eligibility and place numbers change regularly, so treat this as the shape of each one — we'll check the current rules against your situation.
Federal
The government guarantees part of your loan so you can buy with a much smaller deposit and skip lenders mortgage insurance entirely. Places are limited and released periodically, income and property price caps apply, and there are separate streams for single parents and regional buyers.
Worth checking early — places and caps move.
Federal
You make extra voluntary contributions into super, then release them later for a deposit. Because those contributions are taxed at the concessional super rate rather than your income rate, most people end up with more than they would have saved in a normal account.
Needs planning ahead — release isn't instant.
State
Every state and territory treats first home buyers differently. Depending on where you buy and what you pay, stamp duty may be waived, discounted, or charged in full. It's frequently the single largest upfront cost, so it's worth knowing your number before you set a budget.
Entirely dependent on state and price.
Questions
Not automatically. It gets you in earlier, and in a rising market that can be worth more than the cost of the insurance. But it also means a bigger loan, higher repayments and less room if rates move, so it depends entirely on how stable your income is and how much buffer you'd have left. We'll model both and let you see the difference side by side.
It protects the lender, not you. If you borrow more than 80% of the property's value, the lender takes out insurance against you defaulting and passes the premium to you — usually added to the loan rather than paid upfront. It can run into tens of thousands, which is why the 80% mark matters so much, and why schemes that waive it are worth pursuing.
Yes, in two common ways. They can gift part of the deposit, which needs a short signed letter confirming it isn't a loan. Or they can act as guarantor, using equity in their own property as additional security so you can borrow without LMI. A guarantee is a real obligation with real risk to them, so it's a conversation to have with everyone in the room and proper advice on the table.
Typically three months, sometimes six. It isn't a guarantee — it's the lender saying "based on what you've told us, we'd likely lend this much." The valuation on the actual property still has to stack up, and if your income or debts change in the meantime, so does the answer.
It's the end of it with that lender, on that day, with that structure. Policies differ enormously — on casual income, overtime, bonuses, HECS, and how many months of employment they need. A decline is where our work usually starts, not where it stops: policy exceptions, alternative lenders, or a restructured application. And if it really is a no for now, you'll get that straight, with a plan for what changes it.
In your corner, from first call to fourth property
A new ABN, a decline from your bank, an SMSF loan that needs refinancing, or just a first property and no idea what comes next. We'll tell you what's actually possible, and you'll hear back within six hours.
