First Home Buyer Loans
Entering the property market for the first time is a significant milestone that requires careful financial planning. First home buyer loans are designed with specific features to assist new entrants, such as eligibility for government grants, stamp duty concessions, and low-deposit schemes. While a standard deposit is usually 20%, many lenders offer options for 5% or 10% deposits, often supported by Lenders Mortgage Insurance (LMI) or family guarantor arrangements. Lenders will closely scrutinize your 'genuine savings'—money you've saved yourself over time—as well as your stable employment history and current debt levels. The main trade-off for low-deposit loans is the higher cost of LMI and potentially slightly higher interest rates compared to borrowers with more equity. We help you compare these costs against the benefit of getting into the market earlier, while also identifying which lenders are most supportive of first-time applicants and their unique documentation needs.
When it makes sense
- Buying an established house or apartment as a primary residence.
- Purchasing a house and land package for a new build.
- Using a family guarantor to buy with a small or zero deposit.
- Applying for the First Home Owner Grant (FHOG) alongside finance.
- Securing a loan with a 5% deposit via government support schemes.
- Comparing lenders that accept gifted deposits from parents.
- Finding finance that accounts for stamp duty exemptions or concessions.
Indicative terms
| Indicative loan size | 50,000 to ,000,000+ |
| Indicative max LVR | Up to 95% (or 100% with a guarantor) |
| Indicative rate range | 5.95% p.a. – 7.10% p.a. |
| Loan term | Up to 30 years |
| Repayment types | Principal & Interest (standard) |
| Required documents | ID, payslips, 3-6 months savings history |
| Indicative timeline | 2 to 5 weeks for full approval |
| Indicative fees | Application, valuation, and settlement fees |
How it works
- Capacity Check — We start by calculating your maximum borrowing capacity based on your income, expenses, and current deposit to give you a realistic budget.
- Lender Shortlist — We compare lenders who specialize in first home buyer products, focusing on those with favorable policies for low deposits or guarantor support.
- Pre-approval — We help you secure a formal pre-approval, giving you the confidence to attend auctions and make offers on properties within your price range.
- Final Approval & Settlement — Once you find a home, we manage the final valuation and paperwork with the lender to ensure a smooth transition to settlement day.