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Home Loans for First Home Buyers
The Australian Government is making home ownership more achievable for more people with new and expanded programs that make it easier to get started. These programs provide essential financial assistance, helping buyers navigate challenges such as high property prices and significant deposit requirements.
These schemes offer financial relief and provide access to various home loan products through partnerships with numerous lenders.
As a first home buyer you may also be eligible for state specific schemes and grants, such as:
- Transfer duty concessions/exemptions
- Grants for purchasing brand new properties
It is essential to partner with an experienced first home buyer mortgage broker like Zenith to ensure you are getting the most suitable solution.
We’ll Help Turn Your Dream Home a Reality
With over 1000+ loans approved and with access to over 50 different lenders, our first home buyer brokers can help you pick the best home loan to maximise your options. From choosing the lender that works with you or leverages government incentives and tax concessions, you can make well-informed decisions when financing your first home purchase.
We will evaluate your financial status and provide insights into your borrowing capacity, mortgage options, and eligibility criteria. Additionally, we’ll compare mortgage products from a wide array of lenders to ensure you find the best fit for your needs.
How Much Deposit Do I Need?
Traditionally most banks and non-bank lenders require a minimum of 20% deposit for you to avoid the need to pay Lenders Mortgage Insurance (LMI). As a first home buyer you may be able to put down as little as 2-5% deposit and avoid paying LMI by utilising home guarantee schemes.
In addition, you can further reduce the amount of funds required for your first home purchase through various state specific schemes and grants. Your eligibility depends on the property location, property price and type of property, so it is important to speak to one of our first home buyer mortgage brokers to understand what schemes may be applicable to you.
Contact us today on 1300 312 712 to understand your eligibility.
Australian Government 5% Deposit Scheme
The Australian Government 5% Deposit Scheme is a government-backed initiative designed to help eligible first-time homebuyers step onto the property ladder with ease. The 5% Deposit Scheme allows you to secure your first home with just a 5% deposit, without the added cost of LMI. This means you can buy sooner and with less upfront deposit.
To be eligible, you’ll need to apply through an approved lender that is part of the program, which can be conveniently arranged through a first home buyer mortgage broker like Zenith.
Single Parents
The Scheme is also available to assist single parents with at least one dependent child in buying a home with a deposit as low as just 2%. Available for both new and existing homes across Australia, the scheme makes homeownership more accessible for those who need it most.
What sets this guarantee apart is that it’s open to both first home buyers and previous homeowners who are currently without a property. The property value limits vary from $400,000 to $1,500,000, depending on the location.
Stamp Duty Exemptions
Stamp duty, also known as transfer duty or land transfer duty, is a one-time tax applied when you purchase an asset, such as a property, or transfer a property title into your name. The total amount varies based on your location and specific circumstances.
The amount of stamp duty depends on the property’s value. First home buyers purchasing a property under the relevant price cap often qualify for a full exemption or concession.
Each state and territory in Australia have their own stamp duty concessions and eligibility requirements. Generally, the following guidelines apply for stamp duty exemptions:
- You must be an Australian citizen or permanent resident.
- You must be at least 18 years old (with some exceptions, such as in Queensland).
- You must move into the property within 12 months and occupy it as your principal place of residence for at least 6-12 months.
- Your total household income must be below the state-specific threshold.
- You must not dispose of (sell, transfer, lease, or otherwise grant exclusive possession of) all or part of the property before you move in.
Most states offer other tax concessions, such as the off-the-plan concession available in Victoria. It’s important to familiarise yourself with the specific concessions and exemptions in your state, as they can significantly reduce your out-of-pocket costs.
First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme allows you to withdraw voluntary contributions from your superannuation to use for your home deposit, provided you meet the eligibility criteria. You can apply to release up to $15,000 from one financial year, with a maximum of $50,000 across all years (for contributions made from July 1, 2017), plus any associated earnings.
It’s important to note that these must be voluntary contributions, separate from the Super Guarantee contributions made by your employer. Voluntary contributions include salary sacrifice and personal contributions.
What are the eligibility criteria?
- You have not owned property in Australia before
- You are 18 or older when making a FHSSS release request
- You have not previously made a FHSSS release request
- You reside in the property for at least six months within the first 12 months
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Lenders Mortgage Insurance is required by lenders when a borrower provides a deposit of less than 20% of the property’s value.
- Purpose: LMI protects the lender if the borrower defaults on the loan and the sale of the property doesn’t cover the outstanding loan balance.
- When Required: This insurance is usually mandated when the loan amount exceeds 80% of the property’s value.
- Cost: The cost of LMI varies depending on the loan amount, property value, and deposit size. It can be paid as a lump sum at settlement or added to the loan amount, increasing the total interest paid.
- Benefits: LMI allows borrowers to purchase a property sooner by lowering the deposit requirement.
Essential documents that you need to prepare when applying for a home loan include:
- Identification (licence, passport and Medicare etc.)
- Latest credit card and bank statements
- Latest two (2) consecutive payslips for PAYG applicants
- Latest statement of assets and/or liabilities
- Income tax returns for the last 2 years (for self-employed individuals)
- Notice of Assessment & Financial Statements (self-employed individuals)
Lenders will assess your financial position to ensure that you can comfortably manage the loan repayments. Every lender’s formula for calculating borrowing power may be slightly different. Usually, they’ll take the following into consideration:
- Your income, which can include bonuses, commissions and overtime
- The number of dependents in your family
- The secured and unsecured debts you hold (e.g. credit cards, personal loans or car loans)
- Your living expenses.
As a first home buyer, there are several key things you should know to make the process smoother and more successful:
- Budgeting: Understand your financial situation and set a realistic budget. This includes your income, expenses, and savings.
- Government Incentives: Research available grants and incentives for first home buyers, such as the First Home Guarantee and stamp duty concessions.
- Loan Pre-Approval: Getting pre-approved for a home loan can give you a clear idea of your borrowing capacity and show sellers that you are a serious buyer.
- Credit Score: Maintain a good credit score by making repayments on time. This can improve your chances of loan approval.
- Research: Familiarise yourself with the local property market, including property prices, trends, and areas of interest. Contact us to obtain a free property report.
- Professional Advice: Consider seeking advice from a mortgage broker, financial advisor, or real estate agent to guide you through the process.
- Property Inspection: Always have a professional inspection done on the property to identify any potential issues.
- Legal and Financial Checks: Ensure all legal and financial checks are completed before finalising the purchase.
We can get you in touch with our trusted accountants, financial advisors, conveyancers and building inspectors.
Zenith is the #1 first home buyer mortgage broker in Australia. We are a team of mortgage brokers with decades of lending experience. We love learning about your ambitions and goals and are passionate about arranging the finances to help you make them a reality.
We are here to simplify the whole mortgage process for you. We do all the heavy lifting to match you with the right mortgage solutions. If finance is not quite possible for you yet, we will be upfront and honest, providing you with tailored advice to help set you on the right track.
Whether you’re buying your first home, refinancing your existing property, or building your property portfolio, our team will be with you every step of the way.
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We believe everyone deserves access to a simple and transparent process for securing a home loan that aligns with their unique needs and goals.
We know how overwhelming the home loan process can be, and we’re here to make it easier.
With years of experience and a strong track record of helping hundreds of Australians secure the best home loans, we’re committed to making the process as simple and stress-free as possible.
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We understand everyone’s circumstances are different and we take the time to understand you and your goals. We value forming lifelong relationships with all our clients and we are fully committed to adding value every step of the way.
We know that mortgages can sometimes be complex and hard to understand. We focus on simplifying the process for you and we treat your loan as if it were our very own. Let us do what we do best so there’s one less thing for you to worry about.
Frequently Asked Questions
Partnering with a mortgage broker like Zenith can significantly streamline your home loan journey. We provide expert advice on loan products carefully tailored to your unique financial situation. By handling the legwork, comparing multiple options, managing paperwork, and negotiating better terms, we save you valuable time and help identify potential hidden fees. As we are not tied to any single lender, we can select the best loan for your needs, ensuring you secure the most suitable deal. Additionally, we proactively review your interest rate multiple times per year to ensure you remain on the most competitive rate available, maximising your savings and giving you long-term peace of mind.
Our services are provided at no cost to you. We receive compensation directly from the lender you choose once your loan is settled, ensuring that you can explore your options without incurring any upfront fees.
Each lender has unique criteria and requirements that must be met before they approve a loan. Our team takes the time to thoroughly analyse your credit history, income situation, and the specific strengths and weaknesses of your financial circumstances. This allows us to match you with the most suitable lender and loan package tailored to your needs. Our experienced professionals will provide you with comprehensive information, ensuring you have everything necessary to make an informed decision.
To begin, we’ll work closely with you to understand your goals and objectives. We’ll then gather and review all necessary supporting documents to ensure we have a comprehensive understanding of your situation. Once we have sufficient information to make a personalised recommendation, the next step will depend on the chosen lender’s processing timeline. This can vary from several weeks to a few months, which is why we strongly advise initiating the process as early as possible, especially when it comes to property purchases, where timing can be crucial.
You may not always qualify for financing from a specific bank. After assessing your unique situation, we’ll work to find you the lowest possible interest rate from eligible lenders. While interest rates are important, they’re just one piece of the puzzle. We’ll also help you consider all other fees and features associated with each loan option, ensuring you have a complete understanding of your choices and can make an informed decision that best suits your needs.
Typically, lenders require a minimum deposit of 5% of the property’s purchase price to secure a home loan. However, in some cases, it may be possible to proceed with a lower deposit. Keep in mind that if your deposit is less than 20% of the property’s price, you may need to pay Lenders Mortgage Insurance (LMI), unless you qualify for an LMI waiver or apply for a family guarantee. Contact us to explore your options and determine the best approach for your situation.
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