First Home Buyers
Start with what you can borrow, before you bid. Your First Home Blueprint and broker work out your deposit, the schemes and stamp duty savings that may apply, and the price range to search in.
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First Home Buyers
Find a lender that offers the 5% Deposit Scheme, with access to a panel of 75+ lenders.
First home buyer loans, from your deposit to settlement
Whether you’re buying on your own or with a partner, your broker structures your first home loan around your deposit, your budget and your timing.
Your real borrowing power
Lenders test your repayments at your rate plus a 3% buffer. Your broker works out what you can borrow under today’s rules, and what you can comfortably repay.
How much deposit you need
Under 20% usually means LMI, but the 5% Deposit Scheme may let you buy with 5% and no LMI. Your broker compares both paths and what each one costs you.
Schemes and stamp duty
Government schemes and stamp duty concessions come with price caps and rules. Your broker checks which ones you qualify for before you shortlist homes.
Pre-approval that holds up
A pre-approval is only as strong as the paperwork behind it. Your broker checks your income, savings and debts first, so you bid knowing your real limit.
From offer to settlement
Once your offer is accepted, your broker works with your conveyancer and agent on the valuation, your contract dates and formal approval in time to settle.
After you move in
As your equity grows, your loan should keep up. Brokr Bettr Loan Care checks in every six months, with formal rate reviews at 12, 18 and 36 months, then yearly.
Better to know
The 5% Deposit Scheme has a price cap, and an auction can push you past it. Go over the cap for your area and you lose the scheme, which usually means a 20% deposit or LMI. Your broker works out your top bid with you before the day, so a good result doesn’t cost you the scheme.
Frequently asked questions
How much deposit do I need to buy my first home?
Most lenders want at least 5%, and under 20% usually means lenders mortgage insurance (LMI). Under the 5% Deposit Scheme, eligible first home buyers can buy with 5% and no LMI, below the price cap for their area. Stamp duty and legal costs come on top.
How much can I borrow as a first home buyer?
It depends on your income, debts, living costs and deposit. Lenders test your repayments at your rate plus a 3% buffer, so it’s often less than you expect. Our borrowing power calculator gives a first estimate, and your broker confirms your real figure against lender policy.
What grants and schemes can first home buyers get?
The main ones are the 5% Deposit Scheme (no LMI, no income cap) and Help to Buy shared equity, and in NSW, no stamp duty up to $800,000 and a $10,000 First Home Owner Grant on new homes. Price caps and rules apply, some can’t be combined, and your broker checks which fit you.
How do I buy my first home?
Work out what you can borrow, save your deposit and get pre-approval before you look. Once your offer is accepted, the lender values the home and formally approves the loan, and your broker takes you through to settlement. Auctions have no cooling-off, so have your finance ready first.
How is a mortgage broker paid on a first home loan?
By the lender, through a commission when your loan settles and usually an ongoing commission after that. We tell you what we’ll be paid before we recommend anything, and the reasons for the loan come in writing.