First Home Buyers
Buying your first home comes with new terms, new costs and plenty of questions. We help you take it one step at a time.
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Your first home, explained clearly
Getting into your first home can feel complicated. How much deposit do you really need? What will the repayments look like? Is any government help available to you? These are the questions first home buyers ask us most, and none of them is too basic to raise.
We begin with your budget. Together we look at your income, savings and regular spending to estimate what you may be able to borrow and, just as importantly, what you would be comfortable repaying. From there we explain how lenders assess a first home buyer and what you can do to prepare.
Deposits and upfront costs
Your deposit is only one of the costs of buying. You should also plan for stamp duty where it applies, legal or conveyancing fees, building and pest inspections and the cost of moving in. If your deposit is on the smaller side, lenders mortgage insurance may apply. We set these out for you early so your savings target reflects the real figure.
Government assistance
Grants, stamp duty concessions and guarantee schemes are offered by state and federal governments. Each has its own eligibility rules, and those rules change from time to time. We will help you check which ones may be open to you when you are ready to apply, and point you to the official source for each, so you are not relying on outdated information.
When you are ready to look at properties, a pre-approval gives you an indication of your price range before you make an offer. You can start with our borrowing capacity check or simply get in touch.
How a MAXLEND broker helps
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Plain-English guidance
We explain each step and each term, so you always know what you are agreeing to.
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A realistic budget
We help you add up the full cost of buying, not only the deposit, before you start looking.
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Help checking assistance
We help you check which grants, concessions or schemes may apply to you at the time you apply.
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Someone to ask
From your first question to settlement day, you deal with a broker who knows your situation.
From saving to settlement
A clear process from first conversation to settlement, with a MAXLEND broker beside you at each step.
Request a call back-
Work out your budget
We estimate what you may be able to borrow and what the repayments could look like.
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Check available assistance
We help you check which grants, concessions or schemes you may be eligible for.
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Get pre-approved
Pre-approval gives you a clearer price range before you start making offers.
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Find your home
When you have found a property, we finalise the loan application with the lender.
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Settle and move in
We coordinate with your conveyancer and lender so settlement day runs smoothly.
What first home buyers should know
The purchase price is only part of the cost of buying. Allow for stamp duty (where it applies), conveyancing, inspections, moving costs and the ongoing costs of owning a home such as rates and insurance.
Eligibility for first home buyer assistance depends on things like the property price, your income and whether you have owned property before. Because the rules differ between programs and change over time, it is worth confirming your position early.
Documents you may be asked for
- Photo identification
- Payslips or other proof of income
- Statements showing how your deposit was saved
- Details of any debts, including buy now pay later accounts
- Rental history, if you are renting
General information only. A broker can explain how it applies to your circumstances.
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First Home Buyers: common questions
See all questionsHow do I know which first home buyer schemes I qualify for?
It depends on the scheme, the state you are buying in, the property price and your circumstances. The rules change from time to time, so we check the current criteria with you when you are ready to apply.
Can I buy my first home with a friend or family member?
Yes. Lenders will assess everyone on the loan, and each borrower is usually responsible for the whole debt. It is sensible to agree in writing how ownership, repayments and a future sale would work.
How long should I save before applying?
There is no fixed period. What lenders generally look for is a deposit you can show you have saved or otherwise hold, and a stable pattern of income and spending. We can review your position at any stage and tell you what is still needed.
How much deposit do I need?
It depends on the lender, the property and your circumstances. Many lenders prefer a deposit of 20 per cent of the purchase price, but loans with a smaller deposit are available and usually involve lenders mortgage insurance. We can talk you through what may suit your situation.
Related questions
What is lenders mortgage insurance (LMI)?
LMI is insurance that protects the lender, not the borrower, if a loan is not repaid. It is usually charged when the deposit is less than 20 per cent, and the cost can often be added to the loan.
How long does a home loan application take?
Timeframes vary between lenders and depend on how complex your application is and how quickly documents can be provided. We will give you a realistic expectation for your situation and keep you updated at each stage.
What documents will I need?
Lenders generally ask for identification, proof of income such as payslips or tax returns, bank statements, and details of your assets, debts and living expenses. We will give you a checklist tailored to your application.
What is pre-approval?
Pre-approval is an indication from a lender of how much it may be willing to lend you, subject to conditions. It is not a guarantee of final approval, but it helps you understand your price range before you make an offer.
Getting ready to buy your first home
Buying for the first time means learning a lot quickly. These points are a good place to start.
Request a call back-
Check what support applies to you
Government grants, guarantees and stamp duty concessions depend on your state, the property and your circumstances, and the rules change. Check the current rules before you rely on them.
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Build a clear savings record
Lenders usually look at how your deposit was saved as well as how much you have. Regular savings over time are easier to show.
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Understand lenders mortgage insurance
With a smaller deposit, lenders mortgage insurance may apply. It protects the lender, not you, so it helps to know how it affects the total cost.
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Ask about pre-approval
A pre-approval gives you an indication of what a lender may lend before you make an offer. It is not a guarantee, and it has an expiry date.
Ready to talk about first home buyers?
Book a time with a MAXLEND broker. There is no obligation.