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.

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

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What you need to know
First home buyer broker support
First home buyer videos
eGuide download
FAQs
Additional resources

What you need to know

First home buyers home loan support

The home buying process

Step by step guide to what's involved in buying your first home, including the home loan process.

Home buying costs

Buying a home will cost you more than what's written on the property price tag. Generally speaking, you will need to allow 5% of the property's purchase price to afford the additional buying costs.

Need a guarantor?

A guarantor loan can help first home buyers buy a place of their own even with a small deposit. Here's what you need to know about a guarantor home loan.

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

How a broker can help first home buyers

Explain the costs & process

Your broker can explain all the costs and steps involved in buying a home and give you a realistic picture of what you can borrow.
Help you get pre-approval

If you haven’t yet found the right home, your broker could help to organise pre-approval so you can shop for your new home with confidence, knowing exactly what you can afford.
Apply for incentives

In Australia, there are a number of government incentives available to first home buyers. We’ll let you know whether you’re eligible for assistance schemes such as the First Home Owners Grant (FHOG) and help with the paperwork.
Support you all the way to your first home

When you’re ready to move ahead with your first home loan, your broker will prepare all the paperwork and support you at every step to settlement.

First home buyer videos

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

If you're ready to buy your first home you may be wondering what government help is avaible.

In this video we explain the different Government Grants and incentives available to first home buyers, including the First Home Owner Grant, Stamp Duty Concessions and the First Home Loan Deposit Scheme.

Watch the rest of our First Home Buyer Video series here to make sure you're prepared for your first home and take advantage of all the support avaible.

Home loan calculators

More Calculators

I'm looking to borrow for

Just me Two of us

Dependants

Work status - are you self employed?

PAYG Self Employed

My monthly income before tax

Rental income

My monthly rental income before tax

Other income

My monthly other income before tax

My credit card limits

Other repayments

My other monthly repayments

2nd Applicant

2nd applicant monthly income before tax

Rental income

2nd applicant monthly rental income before tax

Other income

2nd applicant monthly other income before tax

2nd applicant credit card limits

2nd applicant other repayments

2nd applicant other monthly repayments

Calculate

You could borrow up to

Repayments
/ month
Expenses
Remaining

Based on standard variable rate over years.

Start the pre-approval process

The borrowing amount is a guide only. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Your borrowing estimate

Recalculate borrowing power

Monthly income

Expenses

You may borrow up to

Value of property

Borrowing

Over

Interest Rate Use the lowest rate from Mortgage Choice's lender panel Input rate

Repayment options

Extra monthly repayments

Your monthly repayments
Total loan repayments:
Total interest charged:

There's a lot to consider when choosing the right loan.

The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Rates and repayments are indicative and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

eGuide download

Eguide First Home Buyer New Cover 255X360

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.

Download now

Hear from our customers

Andrew Ross, Melbourne, VIC
First home buyer

I’d definitely recommend Mortgage Choice. If I had known it would be this easy to arrange a home loan and buy a place of my own I would have done it years ago!

Andrew Ross received expert help from Mortgage Choice in Melbourne

Ashleigh Dodds, Melbourne, VIC
First home buyer

The help our broker provided was amazing. I don’t know how many times we asked the same questions but he never made us feel like any questions were silly. He even took the time to explain our home loan to our parents. I have already recommended Mortgage Choice to my friends - I am just so happy with the way things turned out for us.

Gabriel Sciannimanica,
First home buyer

Prior to booking my first appointment with Mortgage Choice I knew entirely nothing about home loans and the housing market. My broker provided me with the knowledge, expertise and guidance to feel comfortable enough to take the plunge and buy my first home. I am very happy with the package that I ended up choosing and would return to Mortgage Choice again.

James Paul,
First home buyer

At the age of 29, with a $50,000 deposit and a six figure income, my bank was unable to give me a loan. After meeting with my Mortgage Choice broker, she clearly and effectively communicated my options and the process of purchasing my first home. Within 48 hours I had been pre-approved to almost double the amount approved by my bank.

Joanne Grady, North Lakes, QLD
First home buyer

I asked my broker thousands of questions, and she never made me feel like I was an imposition or that I was asking a stupid question – and that’s not something I could say about every service provider I encountered as a first home buyer. With the right help and support, buying a first home doesn’t have to be hard. My broker was lovely to deal with and she made the whole process so much easier for me.

Portia Jonasi, Perth, WA
First home buyer

Our broker did more than help us find a competitively priced loan. She was really interested in providing personal solutions and she provided good advice, explaining all the things we needed to consider as first home buyers. Mortgage Choice made it very easy to buy our block of land. The hard part is waiting for our first home to be built so we can begin living in it – that’s a day I’m really looking forward to!

Sarah Nayton,
First home buyer

I purchased my first home and to say it was a daunting experience is an understatement. It was a very confusing time. I have said to my friends multiple times that I don’t know how I would have actually navigated through it all without the support of my Mortgage Choice broker. She made everything clear and her customer service and knowledge of the industry was exceptional.

FAQs

First home buyer FAQs

How much money can I borrow?

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.

How do I choose which home loan is best for me?

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.

How much do I need to save for a deposit?

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. Some eligible first home buyers can get a deposit as low as 5% under the Government's First Home Loan Deposit Scheme, click here to learn more.

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.

What is the First Home Owner Grant?

The First Home Owner Grant scheme is a one-off payment which varies by state or territory (from $10,000 up to $30,000) to assist eligible first home owners with purchase or construction costs.

Find out more about the FHOG in your state:

How much money will I need to set aside for stamp duty?

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.

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

Additional resources

Ready to buy your first home? These grants may help you

2022 First Home Guarantee

Since January 2020, the Government has introduced the First Home Guarantee scheme (Previously known as the First Home Loan Deposit Scheme), for first time buyers, which allows approved applicants to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance. Spots are limited, find out if you're eligible today.

Family Home Guarantee Scheme

The federal government has launched an initiative to allow single parents to take out a home loan deposit with as little as 2% (subject to being able to service home loan repayments). Here we explore what's involved in this scheme and if you could be eligible!

Regional Home Guarantee

Make that tree-change a reality with the Government’s Regional Home Guarantee. First home buyers and others can buy a regional home with just a 5% deposit and save thousands by avoiding LMI.

New Home Guarantee

Announced in the 2021-21 Federal Budget, the Government has allocated an additional 10,000 places to the First Home Loan Deposit Scheme (FHLDS) to the new home guarantee until 30 June 2022. Find out more to see if you're eligible today!

Stamp duty concessions

Stamp duty is one of the upfront costs that apply when you buy a home. State Governments offer concessions and exemptions on stamp duty to first home buyers. See if you're eligible and what your stamp duty would be today.

What are the Proposed NSW Stamp Duty Changes?

Introduced in the 2020-21 Budget, the NSW Government announced a proposal to change the way the current tax system is set up when purchasing properties.

VIC: 25-50% discounts announced on stamp duty

As part of the Victorian Budget 2020/21 a number of measures aimed at making housing more accessible and affordable for Victorians have been announced. Read more to see how these changes could benefit you.

Victoria's $500M Homebuyer Fund

The Victorian Government has made it possible to receive a contribution of up to 25% of the purchase price of your home.

First Home Owner Grant

The First Home Owner Grant is a lump sum of cash available to help with the cost of buying your first home or vacant land to build on. Find out more and see if you're eligible.