Buying your first home is a huge milestone — and honestly, it can feel like everyone’s speaking a different language. Deposits, stamp duty, lenders’ mortgage insurance, schemes with long names… it piles up fast. We help you cut through it.
Here’s the good news: you don’t need to have it all figured out before you talk to us. Most first-home buyers walk in unsure and walk out with a plan. Let’s go through the bits that matter.
Sorting your deposit
The deposit is usually the biggest hurdle. A typical target is around 20% of the purchase price, because it lets you avoid lenders’ mortgage insurance (LMI). But 20% isn’t the only way in. There are low-deposit options, government schemes, and guarantor loans that can get you through the door sooner.
If you’re still saving, we can map out what ‘enough’ looks like for your target suburb and price range — and what to focus on between now and then.
Government grants and schemes
There are a few programs designed to give first-home buyers a leg up. The rules and thresholds change, so we won’t quote numbers here — but it’s worth knowing the categories:
- First Home Super Saver Scheme — lets you save part of your deposit inside super, which can be taxed more gently than a regular savings account.
- First Home Guarantee — a scheme that can reduce or avoid the need for LMI when you’ve got a smaller deposit.
- State-based first-home buyer grants and stamp duty concessions — these vary by state and the price of the property.
We’ll check what you’re eligible for as part of the conversation. Sometimes a scheme makes a big difference; sometimes a different loan structure does the job better. It depends on you.
Guarantor loans and low-deposit options
If family is willing to help, a guarantor loan lets a parent (or close family member) use equity in their own home to reduce or remove your LMI. It’s a generous gesture and it works well for a lot of families — but it’s not something to rush. We’ll walk you and your guarantor through what it means, what the risks are, and how to release the guarantee later.
No guarantor? No problem. There are low-deposit loans (including some with LMI paid by the lender) that can still get you in with a smaller stash of savings.
What to expect at each step
- First chat — we look at your income, savings, and goals. No judgement.
- Indicative approval — a lender gives you a written figure so you know what you can spend.
- House hunting — you go to inspections with a budget in mind.
- Offer and contract — we line up the loan formally once you’ve found the place.
- Settlement — keys, moving trucks, celebration.
Things first-home buyers often ask
“How much deposit do I really need?”
It varies. Around 20% avoids LMI, but plenty of first-home buyers get in with less using a scheme, a guarantor, or a low-deposit loan. We’ll work out what’s realistic for you.
“Can I use my super as a deposit?”
Through the First Home Super Saver Scheme you can save part of your deposit within super and then withdraw a portion to buy your first home. The rules around how much you can release change over time, so we’ll point you to the current figures rather than guess.
“Will my casual / contract / part-time income count?”
Yes — most lenders look at it, but they assess it differently. Some want a track record of consistent hours. Bring us your payslips and we’ll tell you which lenders treat your income fairly.
“What if I get knocked back?”
Being declined by one lender doesn’t mean you’re out of the game. With 90+ lenders on our panel, the criteria vary widely. We’ll usually find a path — or a clear plan for getting there in 6–12 months.
Ready to start?
Book a first chat with James — it’s free, no pressure, and you’ll leave knowing roughly where you stand. Get in touch or have a play with the borrowing power calculator first.
Estimates and general information only. Talk to James for advice tailored to your situation.