How much deposit do I need as a first home buyer?

Technically, 5% is possible with the Home Guarantee Scheme or Lenders Mortgage Insurance. In practice, 10–20% gives you more lender options and reduces total cost. We'll model the different scenarios for you.

Do I qualify for the First Home Guarantee Scheme?

Eligibility depends on income, purchase price, citizenship/residency and availability of places in the current release. As a general guide, individual income under around $125,000 and couple income under around $200,000 are starting points, with state-based property price caps. We'll confirm current eligibility rules at your consultation.

What's LMI and do I need it?

Lenders Mortgage Insurance (LMI) protects the lender if you default; it's typically required when your deposit is under 20%. It can add several thousand to tens of thousands to your loan cost. Home Guarantee Scheme spots and some professional packages can waive LMI entirely.

Can I use a parent's equity as a guarantor?

Yes — a family guarantee (sometimes called a parental guarantee) allows a parent to secure part of your loan using equity in their own home, often removing the need for LMI. It carries real responsibilities for the guarantor, which we explain carefully before any application.

How long does the whole process take for a first home buyer?

From first call to settlement, typically 8–14 weeks, including property search. Pre-approval alone is usually 5–10 business days. We give you a realistic timeline upfront based on your specific situation.

First Home Buyer Loans

Buying your first home is one of the biggest decisions you'll make. Our job is to make it simpler — explaining your real borrowing capacity, helping you access every grant and scheme you qualify for, and finding a lender whose product fits the kind of place you actually want to buy.

Grants and schemes we help first home buyers access

First Home Guarantee (Home Guarantee Scheme) — buy with 5% deposit, no Lenders Mortgage Insurance, subject to income and price caps and availability of spots
Regional First Home Guarantee — similar to the above, designed for eligible regional buyers (including Geelong and surrounds)
Family Home Guarantee — 2% deposit for eligible single parents
First Home Owner Grant (Victoria) — cash grant for eligible new-build purchases
First home buyer stamp duty concession — full or partial exemption depending on purchase price

For a complete and up-to-date list of all federal and state schemes, see the Australian Government’s official resource: firsthomebuyers.gov.au. We’ll confirm your exact eligibility and walk you through what applies to your situation at your consultation.

How we walk you through it

We start with a 30-minute discovery call — no pressure, no commitment. You'll leave with a clear picture of: how much you can realistically borrow, which grants and schemes you qualify for, what your deposit needs to look like, and what total costs (stamp duty, LMI, conveyancing, building and pest) you should budget for.

From there, we move into pre-approval, then property search, then formal approval, then settlement. You have one point of contact the entire way.

Estimate your numbers before you call

Use our free calculators to get a sense of your repayments, upfront costs, and savings potential — no sign-up required.

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Home Loan Repayment See your estimated monthly repayments based on loan size and rate.

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Property Purchase Costs Calculate stamp duty, conveyancing and total upfront costs for your purchase price.

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Extra Repayments & Savings See how making extra repayments early can reduce your loan term and interest paid.

Common first home buyer questions

We put a lot of effort into helping first home buyers understand terms that banks and agents throw around too casually — LVR, LMI, offset, redraw, principal and interest, fixed vs variable. You can ask any question at all, and get a plain-English answer.

Frequently Asked Questions

How much deposit do I need as a first home buyer?: Technically, 5% is possible with the Home Guarantee Scheme or Lenders Mortgage Insurance. In practice, 10–20% gives you more lender options and reduces total cost. We'll model the different scenarios for you.
Do I qualify for the First Home Guarantee Scheme?: Eligibility depends on income, purchase price, citizenship/residency and availability of places in the current release. As a general guide, individual income under around $125,000 and couple income under around $200,000 are starting points, with state-based property price caps. We'll confirm current eligibility rules at your consultation.
What's LMI and do I need it?: Lenders Mortgage Insurance (LMI) protects the lender if you default; it's typically required when your deposit is under 20%. It can add several thousand to tens of thousands to your loan cost. Home Guarantee Scheme spots and some professional packages can waive LMI entirely.
Can I use a parent's equity as a guarantor?: Yes — a family guarantee (sometimes called a parental guarantee) allows a parent to secure part of your loan using equity in their own home, often removing the need for LMI. It carries real responsibilities for the guarantor, which we explain carefully before any application.
How long does the whole process take for a first home buyer?: From first call to settlement, typically 8–14 weeks, including property search. Pre-approval alone is usually 5–10 business days. We give you a realistic timeline upfront based on your specific situation.

Ready to chat about your options?

Book a free, no-obligation conversation with our team. We'll take the time to understand your goals and explain your options in plain English.

Book a free consultation or call 0401 333 636