First Home Buyer Loans — Know Your Numbers Before You Start Looking

Most lenders require a minimum 5% deposit. With less than 20% you'll typically pay Lenders Mortgage Insurance (LMI) unless you qualify for the First Home Guarantee Scheme, which lets eligible buyers purchase with 5% and no LMI. Places are limited each financial year — we'll check your eligibility and confirm what applies before you start looking.

The First Home Guarantee is a federal scheme that lets eligible first home buyers purchase with a 5% deposit without paying LMI. The government guarantees up to 15% of the loan value. Not every lender participates and places are capped — ask us if you qualify and which lenders currently have availability.

Mortgage brokers are paid an upfront commission and a trail commission by the lender when your loan settles. You pay nothing directly — there are no upfront fees for our service.

We have access to 40+ lenders including the major banks, regional banks, credit unions, and non-bank lenders. This gives us the breadth to find competitive rates across a wide range of borrower situations — including self-employed applicants, low-deposit buyers, and investors.

Conditional approval can often be issued within 24–48 hours on straightforward applications. Formal approval typically takes 3–7 business days depending on the lender and how quickly supporting documents are provided. We tell you upfront which lenders are moving quickly.

You'll typically need recent payslips (last 2), tax returns (last 2 years if self-employed), bank statements (last 3 months), photo ID, and details of any existing debts or assets. We'll give you a precise checklist once we understand your situation — most clients have everything ready within a day.

It depends on your lender's requirements and your loan-to-value ratio (LVR). Some lenders will refinance at up to 90% LVR, though you may need to pay Lenders Mortgage Insurance (LMI). We assess your equity position honestly and tell you whether switching makes financial sense before you commit.

In Queensland, eligible first home buyers may receive a $30,000 grant for new homes valued under $750,000. Stamp duty concessions are also available for first home buyers. Eligibility rules apply — we confirm exactly what you qualify for during your consultation so there are no surprises.

LMI is a one-off insurance premium charged when you borrow more than 80% of a property's value. It protects the lender — not you. The cost varies but can run into thousands of dollars. Some lenders and government schemes allow you to avoid or reduce LMI — ask us whether your situation qualifies.