First Home Buyers

Navigating the property market can be tough, especially for first home buyers. The process often involves negotiating with real estate agents, attending inspections, comparing dozens of loan options, and trying to make sense of financial jargon. For many, it can feel overwhelming and intimidating. At My Finance Consultants, we make it our mission to simplify this journey. By providing high-quality education, tailored lending strategies, and step-by-step guidance, we take the stress out of purchasing your first home or investment property.

We understand that buying property isn’t just about signing a loan contract — it’s a major life decision that shapes your lifestyle, security, and long-term wealth. From the very first step of budgeting and saving for your deposit, through to exploring government grants, comparing lenders, and structuring your loan in the most effective way, there are countless moving parts. Without support, it’s easy to feel stuck. With the right guidance, however, you can move forward with clarity and confidence.

There is nothing quite like the moment you finally turn the key to your new home. The journey may require discipline and sacrifices — careful budgeting, weekends spent house hunting, and navigating complex paperwork — but that moment makes it all worthwhile. For investors, it’s the satisfaction of knowing your property is building wealth for your future. For first home buyers, it’s the dream of having a place to call your own.

At My Finance Consultants, our role is to make that moment a reality sooner and with less stress. We focus on more than just securing a loan; we help you build a clear plan of action, tailored to your goals. Whether you’re aiming to get into your first home, or make smarter financial decisions, our team is here to guide you every step of the way.

Your path to home ownership

Understanding Your Borrowing Power

One of the first big questions is how much you can borrow and what your likely repayments will be. If you would like to get a better idea of your borrowing power and what your likely repayments might be, try our Borrowing Power Calculator and Home Loan Repayment Calculator.

Pre-Approval: Know Your Limits

If you haven't started your property search, obtaining a pre-approved loan can be beneficial. It provides a clear picture of your spending limits and can strengthen your negotiating position compared to other potential buyers without pre-approval. Remember, even with pre-approval, including a subject-to-finance clause in any sale contract is crucial.

Rentvesting: A Strategic Approach

Rentvesting is an increasingly popular strategy for first-time buyers. This involves buying an investment property while continuing to rent in a preferred location. Benefits include investing sooner, renting in desirable areas you may not afford to buy in, and growing equity in income-producing assets, which can be used for future investments or to purchase a home later.

Guarantor Loans: A Helping Hand

One popular option for first-time buyers is a guarantor loan. This type of loan uses a guarantee from another party, usually parents, who use equity from their own home or portfolio to guarantee part or all of the deposit. This approach can help you purchase a property more quickly and potentially avoid Lenders Mortgage Insurance (LMI).

Understanding the Process

We understand that becoming a homeowner is a significant decision. Our goal is to ensure you have the ideal finance that meets your needs. The lending space can be complex, with jargon and numerous options, making decisions daunting. We’re here to help you navigate this process, understand the available options, and guide you through your first home loan and beyond.

Establishing Good Financial Habits

Before applying for a home loan, it’s essential to establish positive spending and savings habits. This not only makes you a more attractive candidate to lenders but also demonstrates your capability to manage home ownership responsibilities, including rates, mortgage costs, and property maintenance.

First Home Super Saver Scheme

By making extra voluntary contributions to your super fund, you can grow your savings faster and take advantage of lower tax rates, all to help you buy or build your first home.

Key features:

• Save up to $50,000 plus associated earnings towards your first home

• Lower tax rates help your savings grow faster

• Flexible contributions - choose how and when you contribute

• Use with other government home buying schemes

• Buy your first home with a partner, sibling or friend

Australian Government 5% Deposit Scheme

Imagine unlocking the door to your very own home, sooner than you ever thought possible. Own your first home sooner with the Australian Government 5% Deposit Scheme.

The Scheme is for aspiring home buyers just like you – first home buyers with a minimum 5% deposit, or single parents or legal guardians with a minimum 2% deposit.

No income caps, no waitlists and no Lenders Mortgage Insurance, reduces your upfront costs and gets you on the path to home ownership sooner. Whether you're eyeing a cosy apartment, family house or building on vacant land – the Australian Government can help you into a home that suits your lifestyle, location and budget, right across the country.

Key features:

• Buy with a lower home deposit

• No income caps

• Save on upfront fees

• Buy a house, townhouse or unit, existing or new build

• Unlimited Scheme places and no waiting list

Australian Government Help to Buy Scheme

The Help to Buy Scheme is an initiative designed to support more Australians to buy a home. 

If you’ve saved what you can but are still a little short of being able to buy a home that meets your needs, Help to Buy may be able to bridge the gap.

Whether you're a first-time buyer or someone returning to home ownership, Help to Buy will offer support to secure a place to call home. With 10,000 places set to be available each year, Help to Buy will help thousands of Australians make the step into home ownership.

Key features:

• Buy with as low as a 2% deposit

• Government contributes up to 30% or 40% towards your home purchase

• The home is yours to live in and enjoy

• No regular ongoing payments, repay when you can or when you sell

• Open to both first and previous homeowners

Stamp Duty Concessions

As a first home buyer, you may be eligible for stamp duty concessions or exemptions, which can significantly reduce the upfront costs of purchasing your new home. These concessions vary depending on the state or territory in which you are buying, and they can make a substantial difference to your overall budget. It's essential to understand the specific eligibility criteria and how these concessions can benefit you. To help you calculate the potential savings, use our Property Transfer Cost Calculator and see how much you could save on your property purchase.

First Home Owner Grants

As a first home buyer, you may be eligible for a government grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home as their principal place of residence within 12 months of settlement. The First Home Owner Grant (FHOG) is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to eligible first home owners. Click here to see if you are eligible or to obtain more information.

Comprehensive support

We can provide individual assessments to help determine your borrowing capacity and translate this into a purchase price. We also offer clear insights into various First Home Buyer incentives, grants, and schemes applicable to you. With so many loans and lenders, finding the right one can be daunting. Our team has access to a wide range of loans and the expertise to narrow these down to options tailored to you. We’ll manage the entire application process, from initial decision to settlement, ensuring you don’t miss any critical steps in the process. Let's buy a home together!

Why choose My Finance Consultants?

We do all of the legwork

We compare hundreds of home loan options from a wide choice of lenders, including the big banks and specialist lenders. We handle every step, having a thorough process in place to qualify you with our lender panel to find the most suitable lending options for you. We organise all of the required paperwork, order lender valuations, liaise with your real estate agent and conveyancer for a smooth transition to settlement.

We provide a convenient service

Mortgage Brokers save you the time and hassle involved in applying for a home loan - from application through to settlement. We'll meet at a time and place that best suits you, to establish your needs and preferences. We then do all the research and running around to manage every step of the application process. This saves you shopping around - as we do it all on your behalf.

We provide professional advice

We are fully trained, and accredited with every lender we represent. We are full members of the Mortgage & Finance Association of Australia and we have many years of industry experience. We also have a number of consumer protection initiatives in place to protect you - our valued clients. As mortgage professionals, we seek to guide you through the lending process to help you make better financial decisions.

We help you select the right home loan

Our first priority is helping you select the home loan that’s right for you, now and into the future. Your Mortgage Broker will save you the time and hassle associated with shopping around for a home loan, they will also guide you through the home lending process to help you make better choices with your personal finances.

We will always try to save you money

We use comprehensive software which helps us pinpoint the most suitable and competitive home loan for you. Typically, our service can help cut the current interest rate you are paying as well as reduce your fees and monthly repayments. Using a Mortgage Broker is also a great way to figure out a strategy to maximise your borrowing power.

We don’t charge you a fee for our service

There is no charge to you for our services because the lender pays us a commission once your loan has settled. We do charge a commitment fee for home loan pre-approval applications, however we will refund this to you upon settlement of your home loan. We will always aim to provide a trusted, friendly and professional mortgage broking service.

Our clients have been saying some great things about us!

Whatever your goals, a competitive home loan will get you there faster!

Whether you're a first home buyer, upgrading to your next home, getting into property investment, or wanting to refinance and pay off your existing home loan sooner, we can help you make the right decisions and stay on top - whatever your home loan needs.

We'll compare more than 40 leading banks and lenders, as well as hundreds of home loan options to find one that's right for you. No matter what kind of mortgage you're interested in, you'll enjoy expert home buying and lending advice from a Mortgage Broker you can trust.

Our industry knowledge and sophisticated mortgage software allows us to assess and compare the hundreds of home loans that are available in the marketplace, we will calculate your borrowing capacity and identify which lenders you will qualify with.

If you're ready to start your home loan journey, give our friendly team a call on 1300 381 955 or visit the Book Appointment section on our website.

FAQs