First Home Buyer Home Loans
Get Into the Property Market Sooner With Tailored Support
Buying your first home is exciting, but the finance process can feel complicated.
At My Finance Consultants, we turn the lending process into a clear, practical plan.
We help you understand your borrowing position, deposit, purchasing costs and likely repayments.
We then compare suitable options across our panel of more than 40 lenders.
From initial strategy through to settlement, we guide you through each stage of the home loan process.
Build Your Complete Buying Position
Your borrowing capacity is only one part of your property budget.
You also need to allow for your deposit, stamp duty, conveyancing, inspections and other purchasing costs.
Maintaining a financial buffer after settlement can also help with moving, repairs and unexpected expenses.
Our Borrowing Power Calculator can provide an initial borrowing estimate.
Use our Property Buying Power Calculator to estimate the property price that may be within reach.
Our Mortgage Repayment Calculator can help compare repayments across different loan amounts and rates.
You can also use our Stamp Duty Calculator for an initial estimate of transfer duty and selected government charges.
Your actual position will depend on your circumstances, the property and the lender's assessment.
Deposit, LMI & Home Loan Pre-Approval
How Much Deposit Will You Need?
A deposit of around 20% of the lender-assessed property value will commonly avoid Lenders Mortgage Insurance.
Selected lenders may also consider applications with deposits around 5% to 10%.
LMI may apply unless you qualify for an eligible government scheme, family guarantee or professional waiver.
You will generally need additional funds for purchasing costs.
A lower lender valuation can also increase the contribution required.
Home Loan Pre-Approval
A home loan pre-approval can help establish a more realistic price range before making offers.
We assess your position, compare suitable lenders and prepare the pre-approval application where appropriate.
Pre-approval is conditional and does not guarantee finance for a particular property.
The lender must still accept the property, complete its valuation and confirm your financial position.
Government Support for First Home Buyers
Australian Government 5% Deposit Scheme
Eligible first-home buyers can purchase with a minimum 5% deposit without paying LMI through the Australian Government 5% Deposit Scheme.
The scheme currently has no income caps, no waiting list and unlimited places.
Applicants must meet eligibility requirements, purchase within the applicable property price cap and use a participating lender.
The property must generally be purchased as an owner-occupied home.
The Government guarantee supports the lender. You remain responsible for the loan, costs and repayments.
Help to Buy
The Australian Government Help to Buy Scheme is a shared-equity program for eligible home buyers.
Eligible buyers may purchase with a minimum 2% deposit.
The Government can contribute up to 30% for an existing home or 40% for a newly built home.
Income limits, property price caps, citizenship and owner-occupier requirements apply.
Because the Government holds an equity share, it participates proportionally in future gains or losses.
First Home Owner Grant & Stamp Duty Concessions
First Home Owner Grants and stamp duty concessions are administered by states and territories.
Eligibility can depend on the property type, value, location and whether you will occupy the home.
We consider available concessions when estimating your buying position.
Your solicitor or conveyancer should confirm the final duty and legal requirements.
First Home Super Saver Scheme
The First Home Super Saver Scheme allows eligible buyers to save part of their deposit through voluntary super contributions.
Up to $15,000 of eligible voluntary contributions per financial year can count towards a $50,000 total limit.
Associated earnings may also form part of the amount released.
Eligibility, contribution and release requirements apply.
A financial adviser or tax professional can help determine whether the strategy is appropriate for you.
Family Support, Rentvesting & Other Pathways
Family Guarantee Home Loans
A family guarantee home loan may help when your income is sufficient but your deposit is limited.
An eligible family member may provide additional security using property equity or other security accepted by the lender.
The guarantee may help reduce the effective LVR and potentially avoid LMI.
You must still demonstrate that you can afford the entire home loan.
A guarantor accepts a genuine financial and legal obligation and should obtain independent legal advice.
The guarantee may later be released if the lender's requirements are satisfied.
Rentvesting
Rentvesting means purchasing an investment property while continuing to rent where you prefer to live.
It can provide another pathway into property ownership, but it is an investment strategy rather than an owner-occupied purchase.
Owner-occupier government schemes and concessions may not be available.
The lender will assess expected rental income, your personal rent and the investment property's ongoing costs.
Tax and investment implications should be discussed with appropriately qualified advisers.
Choosing a First Home Loan
The lowest advertised interest rate is not always the most suitable option.
We compare the interest rate, comparison rate, fees, repayments and relevant loan features.
Fixed, Variable or Split
Variable loans can offer greater flexibility, including additional repayments, redraw and offset options.
Fixed loans provide repayment certainty during the fixed period but can include restrictions and break costs.
A split loan combines fixed and variable portions.
We explain the trade-offs before recommending a structure.
Offset Accounts & Redraw
An offset account can reduce the loan balance used to calculate interest while keeping your savings accessible.
Redraw may allow access to eligible additional repayments made directly into the loan.
Features, fees and access conditions vary between products.
Plan for Comfortable Repayments
Your first home loan should remain manageable if interest rates or household circumstances change.
We can compare repayments at different rates and loan amounts.
This helps you choose a budget based on comfortable repayments, not simply the lender's maximum approval.
For off-the-plan purchases, finance usually needs to be reassessed closer to settlement.
Your circumstances, lender policies and the completed property's valuation may change before construction finishes.
Our First Home Buyer Process
Strategy & Budget
We discuss your property goals, income, expenses, debts and available deposit.
We then estimate your borrowing capacity, purchasing costs and likely repayments.
Where relevant, we consider government schemes or family guarantee options.
Lender Comparison & Pre-Approval
We compare suitable lenders based on your deposit, financial position and proposed purchase.
We also compare rates, fees, features and relevant lending policies.
Where appropriate, we prepare and submit a pre-approval application.
Property, Approval & Settlement
Once you find a property, we coordinate the lender valuation and update your application.
We manage additional lender requirements through to formal approval.
Your solicitor or conveyancer manages the contract, legal transfer and settlement.
We remain involved through settlement and can periodically review your home loan afterwards.
Frequently Asked Questions
What Deposit Do I Need?
A 20% deposit will commonly avoid LMI, but selected lenders may accept smaller deposits.
Government schemes, family guarantees or professional waivers may also reduce the deposit or LMI requirement.
What Is Lenders Mortgage Insurance?
Lenders Mortgage Insurance, or LMI, protects the lender rather than the borrower.
It commonly applies when borrowing above the lender's standard no-LMI threshold.
Does Pre-Approval Guarantee My Home Loan?
No. Pre-approval is conditional.
The lender must still accept the property, complete its valuation and confirm your circumstances before final approval.
Can I Buy With a 5% Deposit Without Paying LMI?
Eligible buyers may qualify through the Australian Government 5% Deposit Scheme or another eligible lending arrangement.
Can My Parents Help With the Deposit?
They may provide a genuine cash gift or act as guarantors, subject to lender requirements.
A guarantor should obtain independent legal advice before proceeding.
Can I Use More Than One First-Home-Buyer Program?
Some programs can operate together, while others have incompatible eligibility or ownership requirements.
We check the relevant rules before including multiple benefits in your strategy.
Can I Buy an Investment Property as My First Property?
Yes, subject to lender approval.
However, many first-home-buyer grants, concessions and government schemes are designed for owner-occupiers.
Can I Buy at Auction With Pre-Approval?
Potentially, but pre-approval does not guarantee finance for the property.
Auction contracts are generally unconditional, so obtain legal advice and understand your finance position before bidding.