Make buying your first home sweeter

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Apply for your first home loan with Mortgage Choice for your chance to win the cash. Check how much you could borrow and let a Mortgage Choice broker take care of the rest.

Eligibility and terms and conditions apply.

Learn more about buying your first home

How much do I need to save to buy my first home?

Is there a magic number when it comes to how much deposit you need to buy your first home? There are options, from reduced deposit loans to Government grants and schemes that may help you move into your first home faster. An experienced broker will guide you to the right solution for you.

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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 $20,000) 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.