Everything you need to know about getting your first home loan in Australia. From government grants to getting pre-approved.
Take advantage of these programs to make your first home more affordable
What it is: A one-off payment to help first home buyers (varies by state).
NSW: $10,000 for new homes up to $600k (regional) or $800k (Sydney)
What it is: Government guarantees up to 15% of your loan, so you only need 5% deposit.
Property caps: $950k (Sydney/Melbourne), $650k (other capitals)
What it is: Save for your deposit inside your super and get tax benefits.
Benefit: Save faster with up to 30% tax savings
What it is: Reduced or no stamp duty for first home buyers (varies by state).
NSW: No stamp duty on properties up to $800k
What to expect from start to finish
Tip: Save at least 3-6 months of expenses as buffer
Tip: Use our borrowing calculator to see what you can afford
Our service: Compare 20+ lenders and get matched in 2 minutes
Tip: Don't rush - the right property is worth waiting for
Important: Get everything in writing
Congrats! Time to move into your first home
Calculate exactly how much you need (deposit + stamp duty + moving costs) and set a deadline. Break it into monthly savings targets.
Put your savings in a high-interest account (4-5% p.a.). Some banks offer bonus interest for regular deposits and no withdrawals.
First Home Super Saver Scheme lets you save inside super with tax benefits. You can save up to $50,000 per person.
Review subscriptions, reduce dining out, skip the daily coffee. Small changes add up to thousands per year.
Freelancing, gig economy, or part-time work can accelerate your savings. Even an extra $500/month = $6,000/year.
Parents or family can use their property as security, helping you avoid LMI and buy sooner (if they're willing and able).
Going to auctions or making offers without pre-approval wastes everyone's time. Get pre-approved first so you know your budget and show sellers you're serious.
Stamp duty, legal fees, building inspections, moving costs, and renovations add up. Budget at least 5% of purchase price for these extra costs.
Just because a bank will lend you $800k doesn't mean you should borrow that much. Leave room for rate rises, emergencies, and lifestyle.
A $500 inspection can save you $50,000 in hidden repairs. Never skip building and pest inspections, even for new properties.
Going with your current bank without comparing can cost you thousands. Different lenders offer different rates and features - compare them all.
Don't just buy the cheapest property. Research growth suburbs, transport, schools, and amenities. Location determines future value.
Falling in love with a property and overpaying happens often. Stick to your budget and criteria - there's always another property.
Compare 20+ lenders and get pre-approved in 2 minutes. Our algorithm matches you with the best lenders for your situation.