Home Sweet Home
Your first home is an exciting step.
Finding your first home is a big milestone. We guide first-time buyers through each stage — from understanding what you may be able to borrow to settlement — with support from lenders on our panel.
Buying your first home, explained
Your first home is one of the biggest financial steps you'll take, and the language around it can feel like a wall of jargon. Our job is to translate it, line up a loan that suits your situation, and stay with you from the first conversation through to the day you collect the keys.
Here are the pieces that matter most, in plain English.
The words you'll hear, in plain English
You don't need to be an expert — but a few terms come up again and again:
- Deposit — the cash you put in up front. A larger deposit generally means more lender options and lower ongoing costs, but it isn't the only way in.
- LVR (loan-to-value ratio) — your loan as a percentage of the property's value. A $400,000 loan on a $500,000 home is an 80% LVR. Lower LVRs usually open up more choices.
- LMI (lenders mortgage insurance) — a one-off cost some lenders charge when your deposit is below a certain level. It protects the lender, not you, and can often be added to the loan rather than paid up front.
- Pre-approval — a lender's conditional indication of what it may lend, so you can house-hunt with a realistic budget. It isn't a guarantee, but it tells agents you're serious.
- Settlement — the day the property legally becomes yours and the loan funds are paid to the seller. We coordinate with your conveyancer or solicitor to keep it on track.
You may not need a 20% deposit
Plenty of buyers purchase with a smaller deposit, usually with LMI. There are also government-backed schemes designed to help eligible first-home buyers get in sooner.
Schemes like the First Home Guarantee may help some buyers — eligibility, caps and availability change regularly, so we'll check what you might qualify for during your free chat rather than quote figures that could be out of date.
What a broker does for you
A broker works for you, not for one bank. We compare loans across the lenders on our panel, explain the trade-offs, prepare the paperwork, and chase the lender so you don't have to.
In most cases there's no cost to you for our service — we're paid by the lender. We don't consider every lender in the market, and we'll always tell you when something falls outside what we can arrange.
Common questions
How much deposit do I need?
It depends on the lender and your situation, but you don't always need 20%. Many lenders will consider a smaller deposit, usually with lenders mortgage insurance (LMI), and some government-backed schemes are designed to help eligible first-home buyers buy sooner. We'll work out what's realistic for you in a free chat.
What is LMI?
Lenders mortgage insurance is a one-off cost some lenders charge when your deposit is below a certain level. It protects the lender if the loan isn't repaid — not you — and can often be added to the loan rather than paid up front. Whether it applies depends on your deposit and the lender.
Can I buy with less than a 20% deposit?
Often, yes. Plenty of buyers purchase with a smaller deposit, typically with LMI, and some are eligible for schemes that reduce or remove that cost. The trade-off is usually fewer lender options or higher ongoing costs, which we'll explain clearly so you can decide.
Are there government schemes for first-home buyers?
There are schemes — such as the First Home Guarantee — that may help eligible buyers, but the rules, caps and availability change regularly. Rather than quote figures that might be out of date, we'll check what you may qualify for as part of your assessment.
What is pre-approval?
Pre-approval is a lender's conditional indication of how much it may lend, based on a preliminary look at your finances. It helps you house-hunt with a realistic budget and shows agents you're serious. It isn't a final guarantee — full approval comes once you've found a property and the lender assesses it.
Can my family gift part of my deposit?
Many first-home buyers receive help from family towards their deposit. Lenders will usually want to confirm the gift is genuine and not a loan you'll need to repay — often with a signed gift letter and supporting bank statements. We'll tell you exactly what your chosen lender needs before you apply.
Can a parent guarantee my loan?
Some lenders allow a parent to use equity in their own home as security to help you buy sooner. It's a significant commitment for everyone involved, and the terms differ by lender. We'll explain the options on our panel and make sure your family understands what's being signed up for.
Run your numbers first
Indicative borrowing and repayment tools — not an offer. Useful before a proper assessment with a broker.
Know your number before you house-hunt
A free 15-minute borrowing check with Nathan Chow. No paperwork to start.