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So you’re a first home buyer?

Buying your first home is exciting, but it’s also a massive step that comes with plenty of questions. The biggest one? How much can you borrow, and what will your repayments look like?

Download our guide to buying your first home

Feeling lost in the maze of first home buyer options? Take the first step towards your dream home by downloading our comprehensive guide. Get essential knowledge and discover exactly how a broker can help you navigate the entire process.

Download the guide

How can we help first home buyers?

We’ll do the legwork for you. As your broker, we compare home loans across hundreds of products from Australia’s leading lenders, saving you weeks of research.

And here’s something important: as a first home buyer, you may be eligible for a First Home Owner Grant. This grant is available to Australian citizens or permanent residents buying or building their first home, which must become their primary residence within 12 months of settlement. Contact us to learn about eligibility requirements and grant amounts in your state.

We handle all the communication with lenders, so you can focus on finding your dream home. From application through to approval, we’ll guide you through every step of the home loan process.

First home buyer FAQ guide

How much money can I borrow?

Everyone’s financial situation is different. Contact us today, and we’ll run calculations based on your specific circumstances as a first-home buyer.

Our guides to loan types and loan features explain the main options available. With hundreds of different home loans on the market, talking to a broker is the smartest way to find the right fit. Get in touch today.

Most first home buyers need between 5% and 10% of the property value. Speak with us to discuss your deposit options and what might work for your situation.

Use our Repayment Calculator to get a quick estimate. With so many loan options available (including some with lower introductory rates), it’s worth discussing your options. Get in touch today, and we’ll help you explore the latest deals and find a loan structure that fits your budget.

Most lenders offer flexible repayment options to suit your pay cycle. Here’s a smart tip: if you switch from monthly to weekly or fortnightly repayments, you’ll make more payments per year, which can potentially save you thousands of dollars and years off your loan.

The First Home Owner Grant is available to Australian citizens or permanent residents buying or building their first home, which must be their principal place of residence within 12 months of settlement. Contact us directly to find out about eligibility requirements in your state and how much grant money you could receive.

There are multiple fees and costs involved when buying your first property. To help you avoid surprises, here’s what to expect:

  • Stamp duty: This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between states and territories and depend on the property value. As a first home buyer, you may qualify for stamp duty concessions or exemptions. You might also pay stamp duty on the mortgage itself. Visit our Stamp Duty Calculator to estimate your costs.

  • Legal/conveyancing fees: Generally around $1,000 to $1,500. These fees cover all legal requirements for your property purchase, including title searches.

  • Building inspection: A qualified expert (like a structural engineer) should inspect the property before you buy. Your Contract of Sale should be subject to this inspection, so if structural problems are found, you can withdraw without significant penalties. Costs can reach $1,000 depending on property size. Your conveyancer usually arranges this, and you’ll pay it as part of their invoice at settlement.

  • Pest inspection: Also done before purchase to check for issues like termites. Your Contract of Sale should be subject to the pest inspection, giving you the option to withdraw if problems are found. Allow up to $500, depending on property size. Your real estate agent or conveyancer typically arranges this.

  • Lender costs: Most lenders charge establishment fees to cover valuation and administration. We’ll let you know exactly what your lender charges, but budget around $600 to $800.

  • Moving costs: Don’t forget removalist expenses if you’re planning to hire professionals.

  • Mortgage Insurance costs: If you borrow more than 80% of the purchase price, you’ll need to pay Lenders Mortgage Insurance (LMI). You might also consider Mortgage Protection Insurance for added security.

  • Ongoing costs: If buying a strata property, regular strata fees apply. You’ll also need to budget for council rates, water rates, loan repayments, building insurance, and contents insurance. Your lender will likely require minimum building insurance to cover the loan amount.

Need a home loan?

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