First Home Buyers

The first step towards owning your own home is exciting and overwhelming. It's natural you'll have plenty of questions - that's where we can help. Your local Mortgage Choice broker can take the stress out of the process of your first home loan with expert advice and support.

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Ready to buy your first home? Get your free home loan quote today.


What you need to know

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Your local broker can organise a home loan pre-approval now to help you move quickly when you’ve found “the one”.

First home buyer broker support

First home buyer videos

Is now a good time for first home buyers? With Joel Gibson

If you're looking at getting into the property market, it's important to check that you're ready.

Hear from Joel Gibson as he answers all the common questions for first home buyers to make sure you're ready for your first home and if now is the right time to enter the property market.

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More videos and tips

I'm a first home buyer, what help can I get?

How much deposit do I need to save?

Do I need home loan pre-approval?

What grants and schemes are available for first home buyers? With Joel Gibson

Help me work out... Calculators

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First home buyer's guide

Purchasing your first property can be an overwhelming process and there may be steps you are unsure or unaware aware of. This guide will walk you through all of the steps involved in the buying process.


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FAQs

First home buyer FAQs

The amount you can borrow, commonly known as your borrowing capacity or borrowing power will be determined based on your unique set of financial circumstances. Your income, assets, liabilities and credit history can all affect your borrowing power. How much money you can borrow will also differ from lender to lender.

Our home loan calculator will give you an initial idea of how much you can borrow. Your local Mortgage Choice broker can give you a complete individual assessment of your situation.

Mortgage Choice brokers can help you find which of the hundreds of home loans offered by our panel of lenders will best suit your needs. Consider the questions in  Choosing the Right Home Loan to see which loan features are likely to be most important to you.

The deposit required depends largely on the type of home loan and, of course, the lender you select. As a general rule, if you are an owner-occupier you’ll require 5-10% of the purchase price as a deposit. If you are an investor, you’ll ideally require 10% of the purchase price, although it's possible to purchase with less.

Mortgage Choice has a savings calculator you can use to help you determine the amount you need to save each month and how long it will take to reach your desired deposit.

The First Home Owner Grant scheme is a one-off payment which varies by state or territory (from $7,000 up to $26,000) to assist eligible first home owners with purchase or construction costs. Find out if you are eligible for the grant.

Stamp duty is a state government tax based on a property's selling price. Each state or territory has different rules and calculations; some states offer discounts or exemptions to first home buyers. Stamp duty can be a significant additional cost when buying property.

Use our stamp duty calculator to get an idea of what you will need to pay.

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Have another question? Contact us today and we'll see how we can help.