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

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.

Your local Mortgage Choice expert

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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.

Play Video

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

eGuide download

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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.


Download now

Hear from our customers


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. 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.

The First Home Owner Grant scheme is a one-off payment which varies by state or territory (from $10,000 up to $260,000) to assist eligible first home owners with purchase or construction costs.

Find out more about the FHOG in your state:

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.

Additional resources

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

  • 2021 First Home Loan Deposit Scheme

    The new government scheme for first time buyers 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.

  • The 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!

  • 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.

  • NSW: Stamp duty scrapped for eligible first home buyers

    The NSW Government has announced it will temporarily axe stamp duty on newly build homes under $800,000 until August 2021. Find out if you're eligible today.

  • 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.

  • 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.