Specialist Mortgage Brokers for First Home Buyers
Everything you need in one place — government guarantees, step-by-step guidance, calculators and real-world examples. Whether you’re in Victoria or anywhere in Australia, we’ll compare options (including 5% and 2% deposit pathways) and build a clear plan to get you home sooner.
Government-Backed Options (Home Guarantee Scheme)
These programs can reduce the deposit you need. Eligibility and property price caps apply.
5% depositFirst Home Guarantee (FHBG)
Who it helps: Eligible first home buyers. How it works: Buy with as little as 5% deposit; the Guarantee may reduce/avoid LMI. Key checks: Income & price caps, owner-occupier, participating lender.
- Singles or joint applicants.
- New or existing homes (per rules).
- Pre-approval recommended before searching.
5% depositRegional First Home Buyer Guarantee (RFHBG)
Who it helps: First home buyers purchasing in eligible regional areas. How it works: Similar to FHBG; regional residency/location rules apply. Key checks: Suburb eligibility, income/price caps, participating lender.
- Use the regional checker to confirm your suburb.
- Owner-occupier only (no investment use).
2% depositFamily Home Guarantee (FHG)
Who it helps: Eligible single parents or single legal guardians with dependent children. How it works: Buy with a deposit from 2%; Guarantee may reduce/avoid LMI. Key checks: Income cap, dependant criteria, owner-occupier, participating lender.
- Existing or new homes (per rules).
- Must live in the home (no investment use).
Heads-up: The Home Guarantee Scheme settings can change (e.g., price caps/places). We’ll confirm the latest details with your chosen lender at application time.
See the official page.
The Guarantees protect the lender and don’t pay your deposit or purchase costs. Eligibility, lending criteria and credit approval apply.
Step-by-Step: Your Path to First Home Ownership
- Map your budget & buffers (emergency savings, moving costs, rate stress-test).
- Clean up credit (reduce limits, clear BNPL/overdrafts, stabilise account conduct).
- Estimate borrowing power & repayments (try our tools; we’ll validate with policy).
- Check eligibility for Guarantees and state duty concessions/grants.
- Get pre-approval with a lender whose policy fits your situation.
- Search & due diligence (B&P, contract review, valuation awareness).
- Unconditional approval → loan docs → settlement.
- First-year review (rates, offsets, cash-flow tune-ups).
Worked Example: 5% vs 20% Deposit (Illustrative)
| Scenario | Purchase Price | Deposit | LMI / Guarantee | Indicative Repayment Impact |
|---|
| 5% Deposit (with Guarantee) | $700,000 | $35,000 | Guarantee may reduce/avoid LMI | Higher vs 20%; enter market sooner |
| 20% Deposit (no LMI) | $700,000 | $140,000 | $0 LMI | Lower repayments; higher upfront cash |
Illustrative only. Actual pricing, LVR, LMI and rates depend on lender policy and your profile.
State & Territory Pointers
Victoria
Duty concessions & FHOG vary by property type/price. We’ll confirm current rules and caps for your suburb.
Ask for a VIC briefingNew South Wales
Different thresholds for concessions; contract timelines can be tight — pre-approval is key.
Ask for an NSW briefingQueensland
Check concessions and build options; align finance clauses with your offer strategy.
Ask for a QLD briefingWe’ll also cover SA, WA, TAS, ACT & NT on request.
First Home Buyer FAQs
- 1) Do I really need a 20% deposit?
- No. With the Home Guarantee Scheme, some eligible buyers can purchase from 5% (or 2% for the Family Home Guarantee). Repayments are higher than with a 20% deposit and lender criteria apply.
- 2) Will I pay LMI if I use a Guarantee?
- Often the Guarantee reduces or removes the need for LMI. It doesn’t pay your deposit or costs; the lender confirms this at assessment.
- 3) I’ve owned property before — can I still qualify?
- It depends on the Guarantee and your situation. Some programs consider buyers who haven’t owned in the last 10 years. We’ll check the current rules for you.
- 4) When should I get pre-approval?
- Before making offers. It validates borrowing power, confirms eligibility (including any Guarantee), and sets realistic price targets and timelines.
- 5) Fixed or variable — what suits first home buyers?
- There’s no one-size-fits-all. We’ll model repayments, buffers, and offset use to decide between variable, fixed, or a split strategy.
Compare lenders, policies and Government options in one conversation — then step into the market with clarity.
