First Home Buyers
The first purchase has the steepest learning curve. We take it one piece at a time — what you can borrow, what you'll need saved, and what actually happens at each stage.
Where to start
Before looking at properties it helps to understand three numbers: what you can borrow, what you need saved beyond the deposit, and what the repayments would actually feel like month to month.
Costs beyond the deposit
Buyers also need funds for government duties, conveyancing, building and pest inspections, and lender fees. Where the deposit is below a lender's threshold, lenders mortgage insurance may also apply — it protects the lender, not you.
Government schemes
Eligibility criteria, income tests, property price caps and availability differ between states and territories and change from time to time. Not every buyer is eligible. Always confirm the current rules with the relevant government authority before relying on them.
Questions
Frequently asked questions
How much deposit do I need as a first home buyer?
Deposit requirements depend on the lender, the loan amount, the property and whether a government scheme applies. Beyond the deposit itself, buyers also need funds for costs such as government duties, conveyancing, inspections and lender fees.
Am I eligible for a government scheme?
Eligibility depends on criteria such as income, residency, property price and type, whether you have previously owned property, and the state or territory you are buying in. These rules change from time to time and not every buyer is eligible. Always check the current criteria on the relevant government website.
Get in touch
Talk it through with us
Sending an enquiry doesn’t start an application for credit, and there’s no obligation.