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Buying Your First Home?
We’re Here to Help
Buying your first home can feel overwhelming, but with the right mortgage broker, it doesn’t have to be. Let us help you navigate the process and secure the best home loan tailored to your needs.
Buying your first home in Melbourne
Our promise to you
Buying your first home in Melbourne is an exciting achievement, but it comes with many decisions to navigate. That’s where we come in as your trusted mortgage broker. Here’s our commitment to making your journey smoother:
Expert
Guidance
A great mortgage broker should simplify the process, making the journey smoother and less stressful.
Access More Lenders
As your broker, we work with a wide range of lenders, giving you access to competitive rates and loan products tailored to your individual needs.
Time-Saving Support
We handle the paperwork, negotiate on your behalf, and streamline the loan approval process, saving you time and effort.
Knowledge of Grants
We ensure you don’t miss out on the latest government incentives like the First Home Owner Grant or stamp duty concessions.
Advice Tailored To You
We assess your financial situation and provide personalised recommendations to help you secure the right loan confidently.
A Real Human Touch
Beyond the numbers, our team provides support, understanding your unique situation and being there to help you realise your dream.
Are you located outside of Melbourne? Get in touch and we can help find the best solution for you, no matter where in Australia you’re located.
How it works
Our process for getting you your first home loan
Get in touch
Contact us for a discovery meeting so we can understand your financial situation, goals and objectives.
Plan your goals
We will formulate a plan to achieve your goals and objectives.
Choose your path
Once everything is in place, we will present you with the options that best suit your needs.
Pre-settlement support
Once you confirm which option best suits you, we will guide you through the process until settlement.
Get everything in order
We will connect you with any other financial professionals required to achieve your goal (eg conveyancers, accountants, financial advisors, buyers agents).
Post-settlement
Post settlement, we will monitor and ensure you are satisfied with the outcome.
First Home Buyers Grants available in Melbourne
Take advantage of the grants at your disposal
Victoria offers a range of schemes and grants designed to make buying your first home more affordable. Navigating these options can be confusing, but that’s where we come in. We’ll help you identify the programs you’re eligible for and guide you through the application process. Here are a number that might be applicable for you:
The First Home Owner Grant
The First Home Owner Grant (FHOG) provides $10,000 to eligible first-time buyers purchasing a new or substantially renovated home valued up to $750,000. This grant is a great way to ease the financial burden of buying your first home in Victoria. We’ll guide you through the eligibility and application process.
Stamp Duty Concessions or Exemptions
First home buyers in Victoria can benefit from significant stamp duty savings. Homes under $600,000 are fully exempt, while properties up to $750,000 receive concessions. These savings can reduce your upfront costs significantly, and we’ll ensure you understand and claim all the benefits available to you.
First Home Guarantee Scheme
The First Home Guarantee Scheme allows eligible buyers to purchase a home with as little as a 5% deposit, without needing Lenders Mortgage Insurance (LMI). This federal initiative can help you enter the property market sooner, and we’ll help you determine if this is the right option for you.
First Home Super Saver Scheme
The First Home Super Saver Scheme (FHSSS) lets first-time buyers save for a deposit using their superannuation, offering tax benefits and potentially faster savings growth. We’ll help you understand how to leverage this program to boost your deposit and achieve your homeownership goals.
Off-the-Plan Concessions
Off-the-Plan Concessions reduce stamp duty for first home buyers purchasing new properties before construction is complete. These savings can make buying off-the-plan an attractive option. We’ll guide you through the conditions and help you take advantage of this incentive to lower your costs.
Watch this space...
You might feel like each of these grants and opportunities available to you change every year. This is sometimes true..
But don't worry, we keep track of them all to make sure you're getting the best savings for your home.
But don't worry, we keep track of them all to make sure you're getting the best savings for your home.
Access the best lenders in Australia to help purchase your first home!
Support
Frequently asked questions
Everything you need to know about securing your first home loan in Melbourne.
What is a first home buyer mortgage broker, and how can they help me?
A first home buyer mortgage broker specialises in guiding first-time buyers through the home loan process. They compare lenders, explain options, and ensure you understand every step. Their goal is to find a loan tailored to your needs, making the process less stressful and more rewarding.
What are the benefits of using a mortgage broker over going directly to a bank?
Mortgage brokers work for you, not the banks. They offer access to multiple lenders, giving you more options and better rates. Brokers handle the paperwork, negotiate on your behalf, and provide expert advice, saving you time and helping you feel confident in your decisions.
Am I eligible for the First Home Owner Grant (FHOG) in Victoria?
Eligibility for the FHOG in Victoria depends on criteria like being a first-time buyer, purchasing a new or substantially renovated home, and meeting residency requirements. Your mortgage broker can help assess your eligibility and guide you through the application process.
How much deposit do I need to buy my first home in Melbourne?
The ideal deposit is 20% of the property's price to avoid lenders mortgage insurance (LMI). However, many lenders accept deposits as low as 5%. A broker can help you understand your options and how different deposit amounts impact your loan.
There is also the option of a guarantor, which allows you to potentially borrow up to 100% of the purchase price plus upfront costs (eg. stamp duty if applicable).
There is also the option of a guarantor, which allows you to potentially borrow up to 100% of the purchase price plus upfront costs (eg. stamp duty if applicable).
What is lenders mortgage insurance (LMI), and do I need it?
Lenders Mortgage Insurance (LMI) protects the lender if you default on your loan. It’s required if your deposit is less than 20% of the property’s value. While it adds to your upfront costs or loan balance, it enables you to buy a home sooner with a smaller deposit. Your broker can explain ways to minimise or avoid LMI.
What types of loans are best for first home buyers?
Loans with flexible terms, low interest rates, and features like offset accounts are often ideal for first home buyers. Fixed or variable rate loans both have pros and cons, and a broker can help match the best option to your financial situation.
What is lenders mortgage insurance (LMI), and do I need it?
Lenders Mortgage Insurance (LMI) protects the lender if you default on your loan. It’s required if your deposit is less than 20% of the property’s value. While it adds to your upfront costs or loan balance, it enables you to buy a home sooner with a smaller deposit. Your broker can explain ways to minimise or avoid LMI.
What documents do I need to apply for my first home loan?
Typically, you’ll need proof of income (like payslips), bank statements, identification, and details about your savings and expenses. If you’re self-employed, additional financial documents may be required. Your broker can guide you through gathering the right paperwork.
What fees should I expect when buying my first home?
Expect costs like stamp duty, loan application fees, conveyancing, and building inspections. Some of these, like stamp duty, may be reduced or waived for first home buyers. A broker can help you budget for these expenses and identify potential savings.
What happens if my financial circumstances change after I secure a loan?
If your financial situation changes, communicate with your lender or broker immediately. They can explore options like restructuring your loan or adjusting repayment plans. The key is to act early and seek professional advice to protect your home and financial wellbeing.
What should I consider when choosing the right property as a first home buyer?
Think about your lifestyle, future plans, and budget. Consider location, proximity to work, schools, and amenities, and whether the property suits your needs long-term. A broker can also help you assess the financial impact of different property choices.
Can a mortgage broker help me with budgeting for my first home?
Absolutely! A broker can analyse your financial situation, help you understand your borrowing power, and outline realistic repayment plans. They’ll work with you to ensure your budget supports your homeownership goals while maintaining your lifestyle.
Are there any government incentives or grants available for first home buyers in Melbourne?
Yes, there are several government incentives for first home buyers in Melbourne! The First Home Owner Grant (FHOG) offers $10,000 for eligible buyers purchasing a new home valued up to $750,000. Additionally, stamp duty concessions or exemptions may apply for homes under certain price thresholds. Your mortgage broker can help you understand and apply for these benefits.
Still looking for more advice?
Can’t find the answer you’re looking for? Please chat to our friendly team.
Browse our other services
Can't find exactly what you're looking for? Here are some other services that we provide that might be more suitable to your situation:
Investment Loans
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Commercial Loans
If you need help to refinance or purchase commercial property, just contact us today to find a solution.
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Variable & Fixed Rate Loans
Let us help you navigate the complexity around loans and find the best rate type for your goals.
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SMSF Loans
An SMSF loan enables a Self-Managed Super Fund to borrow funds for acquiring investment properties or refinance existing SMSF debt.
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Bridging Loans
A bridging loan may be necessary to cover the financial gap when buying one property before your existing one is sold.
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Asset Finance
Need finance for another large purchase besides your home like a private car or commercial vehicle and equipment?
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Restructuring Finances
Have you recently assessed your overall financial situation, or are you among those who simply set and forget?
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Development Funding
Development funding offers a range of financial options tailored to help you successfully complete your project.
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Not sure what kind of loan you need?
The major benefit of using a broker to finance other large purchases besides property is obtaining finance that is tailored to fit your current financial circumstances and needs. With depreciating assets, the right finance can also potentially save you money on interest and fees, or potentially help you maximise your tax benefits. AND MORE – Not sure what kind of loan you need for your current financial circumstances? That’s our job. We deliver tailored finance solutions chosen from a panel of leading lenders, and give you peace of mind that your loan is working for you. Contact us today to find out all the ways we can help you.
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