First home buyer FAQs

As a first home buyer, it’s natural that you’ll have hundreds of questions to ask. We’ve compiled the top ones below, but don’t be afraid to ask your Mortgage Choice broker. Their wealth of knowledge is there ready for you to tap into.

How much money can I borrow?

The amount you can borrow, commonly known as your borrowing capacity or borrowing power, will 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 much can I borrow?

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

Mortgage Choice brokers, using our unique Loan Qualifier software, 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 our Choosing the Right Home Loan section to see which loan features are likely to be most important to you.

Choosing the right home loan

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. 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.

Achieve savings target calculator

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 $5,000 up to $25,000) to assist eligible first home owners with purchase or construction costs. Find out if you are eligible for the grant.

First Home Owner Grant

How do I know if I am eligible for the First Home Owner Grant?

As a basic rule, you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, with the intention of occupying it as your principle place of residence within 12 months of the settlement and living in it continuously for at least 6 months. If you’re buying the property in conjunction with others, they must also meet criteria for the grant to be applicable. Find out if you are eligible for the First Home Owners Grant.

First Home Owner Grant

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 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.

Stamp duty calculator

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