Frequently Asked Questions - First Home Buyer Loans

With the First Home Guarantee scheme, just 5%. Without it, typically 10-20%. However, your specific deposit requirement depends on several factors: the lender you choose, your credit score, employment type, and the property value. Some specialty lenders accept 5-10% deposits with Lenders Mortgage Insurance, while guarantor loans can potentially require no deposit at all. We'll assess your situation and find the lowest deposit option that still gets you competitive rates and loan features.

There's no universal minimum, but most lenders want to see at least $45,000-$50,000 annual income for singles, or $60,000-$70,000 combined for couples. More importantly, lenders assess your debt-to-income ratio and living expenses. Someone earning $55,000 with no debt might qualify for more than someone earning $80,000 with significant credit card balances. We'll calculate your borrowing capacity based on your complete financial picture, not just your income.

Yes, absolutely. We work with specialist lenders who understand casual and contract work. You'll typically need 6-12 months employment history with the same employer, regular hours, and consistent income. Some lenders accept casual work after just 3 months if you're in high-demand industries like healthcare or education. We'll also help you present overtime, allowances, and regular bonuses in the strongest light to maximize your borrowing capacity.

It depends on your personal situation and priorities. Fixed rates (typically 1-5 years) offer payment certainty and protection against rate rises - ideal if you have a tight budget or expect rates to increase. Variable rates often start lower and include features like offset accounts and extra payment options - better if you have stable income and want flexibility. Many first home buyers choose a 50/50 split loan to get both certainty and flexibility. We'll compare options across 40+ lenders to find your perfect match.

Pre-approval: 3-5 business days once we submit your complete application. Full approval: 7-14 business days after you find a property and the lender completes their valuation. However, we can fast-track urgent applications for auction purchases or time-sensitive contracts. The key is having all your documents ready upfront - incomplete applications can take weeks longer.

Victoria offers several programs for first home buyers: the $10,000 First Home Owner Grant for new homes under $750,000 (or $20,000 if building in regional areas), full stamp duty exemption for properties up to $600,000 (with concessions up to $750,000), and access to the federal First Home Guarantee scheme. Additionally, you may qualify for the First Home Super Saver Scheme to boost your deposit. We'll check your eligibility for all available incentives and help you apply.

Same as Victoria-wide programs: $10,000 FHOG for new builds under $750,000, stamp duty savings (full exemption up to $600,000), and federal government schemes like the First Home Guarantee. Your specific Melbourne location doesn't affect eligibility - it's based on property price and type. However, choosing new builds in growth corridors might make you eligible for additional developer incentives.

NSW offers the $10,000 First Home Owner Grant for new homes under $750,000, full stamp duty exemption for properties up to $650,000 (with concessions up to $800,000), and access to federal schemes. With the October 2025 changes, the First Home Guarantee property cap increases from $900,000 to $1.5 million in NSW, dramatically expanding your options. Regional NSW buyers get even higher caps and may qualify for additional grants.

Not with the First Home Guarantee scheme - the government backs your loan instead. Otherwise, LMI applies for deposits under 20% and can cost $15,000-$80,000 depending on your loan size. Some lenders offer LMI waivers for certain professions (lawyers, doctors, accountants) or if you have pristine credit. Guarantor loans also avoid LMI. We'll help you structure your application to minimize or eliminate this cost.

Yes, through the First Home Super Saver Scheme. You can contribute up to $15,000 per year (total $50,000) into super, then withdraw it plus earnings for your deposit. Because super contributions are taxed at just 15%, you save faster than regular savings accounts. You need to make voluntary contributions (not employer super), and you must purchase within 12 months of your first withdrawal. We can coordinate the timing with your property purchase.