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🏠 First Home Buyer Guide 2026

Your Dream Home is Closer Than You Think

You've been saving, watching prices, wondering if you'll ever get there. The truth? Most first home buyers qualify for more than they expect — and there's help most people don't even know exists.

💭 67% of first home buyers say they wish they'd started the process sooner

💭 73% thought they couldn't afford to buy — until they actually checked

💭 Many first home buyers wait years longer than necessary before seeking professional advice

📊 Check What I Can Borrow 💬 Talk to a Broker
First home buyers celebrating with keys to their new home
🚫 Common Myths

Things People Get Wrong About Buying Their First Home

Don't let these misconceptions keep you from your first home for another year.

❌ Myth
"I need a 20% deposit to even apply"
✅ Reality
Many first home buyers get in with just 5% deposit. Government schemes can mean no LMI on top. You might be closer than you think.
❌ Myth
"Prices are too high — I'll never afford it"
✅ Reality
Hundreds of suburbs across Australia remain genuinely affordable for first home buyers. Your broker knows the markets and lender options that match your budget.
❌ Myth
"My credit isn't perfect, so I can't get approved"
✅ Reality
Minor blemishes rarely disqualify you. Lenders look at the full picture — income, savings, stability. Most people with a few late payments still get approved.
❌ Myth
"I'll just go straight to my bank — it's easier"
✅ Reality
Your bank offers 1 set of products. A broker compares 30+ lenders — and does all the work for you, for free. Who wins? You do.
❌ Myth
"There are no grants or schemes for first home buyers anymore"
✅ Reality
There are multiple federal and state schemes still active: First Home Guarantee, First Home Owner Grant, stamp duty concessions, Super Saver Scheme and more.
❌ Myth
"The whole process takes months — too hard right now"
✅ Reality
Pre-approval can take as little as 24–48 hours for straightforward applications. Knowing your limit is the first step — and it takes 30 minutes with a broker.
Young first home buyer planning on laptop
🗺️ Your Roadmap

Your First Home Journey — 3 Simple Steps

It doesn't have to be complicated. Here's the path from dream to keys in hand.

🏠
Set Your Goal

Start with what you actually want — not what you think you can afford yet. That comes next.


What suburb? How many bedrooms? House or apartment? New or established? Off the plan?


This step is purely about your dream and budget goal. Don't talk yourself out of it at this stage. Dream big — then let the numbers guide you.

💡 Write down your top 3 areas and ideal property type
💡
Find Out What You Can Borrow

This is where you talk to a mortgage broker — and yes, we know what you're thinking:


"Umm… what even IS a mortgage broker? Do I need one? Will they judge how much I earn?" 😄


A mortgage broker is simply someone who shops the home loan market for you — across 30+ lenders — to find what you actually qualify for. No judgment. No selling. Just options.


This step tells you exactly how much you can borrow, what grants you qualify for, and what you need to get there.

💡 No commitment needed — just information to guide your next move
🔑
Start Looking — or Start Planning

Now you have two paths — and both are completely fine:


Path A — You're ready: Get pre-approval and start house hunting with confidence. You know your budget, you know what grants apply, and you're a serious buyer.


Path B — Not quite yet: Your broker tells you exactly what the lender needs. More savings? Build that buffer. Higher income? You've got a target. Better credit? Simple fixes can help.


Either way, you leave with a clear plan instead of guessing.

💡 Most clients are in a better position than they thought after Step 2

Still wondering "What IS a mortgage broker?"

Think of us as your personal finance concierge — we do the homework, deal with the banks, and do all the work for you. Here's how it works:

☕ It costs you nothing. Maybe a coffee if you invite us to your place after hours. Maybe.

Seriously though — brokers are paid by the lender when your loan settles. There is no cost to you as the borrower.

🏦 Know Your Options

Mortgage Broker vs. Bank — Which Works for You?

Understanding the difference can save you thousands and years of frustration.

🏛️ Going Direct to a Bank

They work for the bank, not for you

❌

Limited to one lender's productsIf you don't fit their box, you're declined — full stop.

❌

The bank officer's job is to sell bank productsTheir loyalty is to their employer, not to finding you suitable options.

❌

No comparison shoppingYou'd need to apply to 5+ banks yourself to compare — each application affects your credit file.

❌

No advocacy if things get complicatedUnusual income? Self-employed? Overseas income? Banks have rigid policies with little flexibility.

❌

Will the bank ever call you to say "we found you a better rate"?Spoiler: No. They never will.

🤝 Using a Mortgage Broker

We work for you — always

✅

Access to 30+ lenders in one conversationWe know which lenders suit your situation before you apply — protecting your credit file.

✅

Legally obligated to act in your best interestUnder NCCP Best Interest Duty, we must recommend what's best for you — full stop.

✅

Free service to youBrokers receive commission from lenders when your loan settles. No fee, no catch.

✅

Handles everythingApplication, paperwork, lender negotiations, settlement coordination. You just live your life.

✅

We review your loan every 6-12 monthsWe proactively review your loan and reach out when we identify options that may better suit your situation.

📊 71% of all Australian mortgages are now written by mortgage brokers

That's because borrowers who use brokers typically get better rates, more suitable products, and smoother approvals. The market has voted.

How Your Broker Finds Your Ideal Loan
📋
Step 1
Understand your goals & finances
🔍
Step 2
Research 30+ lenders policies
✅
Step 3
Shortlist best-fit lenders
📝
Step 4
Submit your application
🏠
Step 5
Settlement & ongoing review
Mortgage broker explaining home loan options to young couple
📊 Free Calculator

How Much Can You Borrow?

Enter your details below for an estimate based on your income, debts, and savings — using real lender assessment criteria.

⚠️ Estimate Only: This calculator provides a general estimate using standard lender assessment methods and HEM household expenditure benchmarks. Actual borrowing capacity depends on full lender assessment, credit history, employment type, and individual lender policies. Always get a formal pre-approval from a broker before making any property decisions.
① About You
② Your Finances
③ Your Goal
④ Your Results

👋 Tell Us About You

Just the basics — this helps us estimate how much household income the lender will assess.

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💳 Your Existing Debts & Savings

Lenders assess ALL your current debts — even ones you're paying off fine. Enter 0 if you don't have them.

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🏠 Your Property Goal

This helps us calculate stamp duty and check if your savings are enough for your target purchase price.

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📊 Your Estimated Borrowing Capacity

Based on your inputs using standard lender assessment criteria

$0
Conservative lenders
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$0
More generous lenders
💰
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Minimum deposit needed (5%)
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Deposit Status
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LMI Situation
📋 How We Calculated This
Total monthly net income (after tax)-
Living expenses (HEM benchmark)-
Existing debt commitments-
Available monthly surplus-
Estimated max monthly repayment-
Assessment rate used9.25% p.a. (actual rate + buffer)
⚠️ Disclaimer: This is a general estimate only, not financial advice or a credit quote. Actual borrowing capacity varies significantly based on lender, employment type, full credit assessment, and individual circumstances. Contact a licensed mortgage broker for a formal assessment.

Ready to find out your exact borrowing capacity?

💬 Talk to a Broker — Free →

No obligation. Just real advice.

Whatever Your Result — The Next Step is a Conversation

Ready or almost ready, our brokers will tell you exactly where you stand and what to do next. No sales pressure. No obligations.

💬 Get My Assessment 📞 Call 0480 03 03 03
📋 Get Started

Ready to Find Out Where You Stand?

Fill in your details and one of our friendly brokers will get back to you within one business day. We'll review your situation, let you know what you qualify for, and answer every question you have — with zero pressure.

  • ✅ Complimentary initial consultation — no broker fee, ever
  • ✅ We come to you — home, office, or video call
  • ✅ After-hours and weekend appointments available
  • ✅ Access to 30+ lenders and all FHB grants/schemes
  • ✅ Bilingual service — English & Vietnamese
  • ✅ Ongoing loan review every 6-12 months
Or book a time directly:

🏠 First Home Buyer Enquiry

Takes 2 minutes. We'll do the rest.

🔒 Your information is kept 100% private. No spam, ever.

🎉 Message received! One of our brokers will be in touch within one business day. Check your email for a confirmation.
🤔 Still Deciding?

Not Sure Whether to Use a Broker or Go Direct to a Bank?

Let us ask you a few honest questions — and you answer honestly.

Who genuinely has a shared interest in you getting the best possible loan deal?
(Think carefully. Follow the money.)
The Answer
🤝 A mortgage broker — because our success depends on your satisfaction. We only get paid when your loan settles, so our incentive is always to find options suited to your circumstances, not the most profitable one for a bank.
Has a bank ever called you out of the blue to say "Hey, we found you a better rate — want us to move you?"
(Think about it. Has it ever happened?)
The Answer
📵 No — and they never will. Banks profit from you staying on your current rate. We actively review your loan every 6-12 months and reach out when you could save money. That's not marketing — it's our commitment.
If you had to buy a car and could either: visit one dealership OR have an expert shop every dealership in Australia for you — for free — which would you choose?
(That's literally what using a broker vs a bank is like.)
The Answer
🚗 The expert shopper, obviously. That's what a mortgage broker is. We do the shopping, the paperwork, the negotiation — while you get on with life. And it costs you nothing.
Would you use the same doctor who works for a pharmaceutical company to prescribe your medication?
(Or would you prefer a specialist who works for you?)
The Answer
👩‍⚕️ A specialist who works for you — always. A bank's mortgage officer works for the bank. Under the Best Interest Duty regulation, a licensed mortgage broker is legally required to act in YOUR best interest. It's the law.
Young couple inspecting their first home
🌟 Why Finance Hub

Why First Home Buyers Choose Finance Hub

We've helped hundreds of first home buyers through the process. Here's what sets us apart.

🏦
30+ Lender Panel
We don't work for one bank. We compare across the major banks, regional lenders, credit unions and specialist lenders to find what genuinely suits you best.
🎓
First Home Specialist Knowledge
Grants, schemes, concessions, FHSS, FHBG — we know every program available and maximise what you're entitled to. Most first home buyers leave money on the table without expert guidance.
💰
Zero Broker Fees
Our service is completely free to you. We receive a commission from the lender when your loan settles — you pay nothing out of pocket for expert advice.
🏠
We Come to You
Too busy to visit an office? We'll come to your home, your workplace, or meet you over video call. We work around your schedule, including evenings and weekends.
🌏
Bilingual Service
We offer service in English and Vietnamese, making the process clearer and more comfortable for multicultural families navigating the Australian property market.
⭐
353+ Five-Star ReviewsGoogle Rating
Over 353 five-star reviews from real clients. Our reputation is built on doing right by our clients — not just settling their loan, but staying with them for the long haul.

🔄 We Don't Disappear After Settlement

Unlike banks that set-and-forget, we actively review your loan every 6-12 months and reach out when there's an opportunity to save. Think of us as your long-term financial partner, not a one-time transaction.

📅

6-Month Check-In

We review market rates and your current loan position to see if refinancing makes sense.

📊

Rate & Product Review

As your circumstances change — pay rises, growing equity, new goals — we reassess your loan structure.

📞

We Call You

If we find a better deal, we contact you proactively. You don't need to chase us — we do the chasing for you.

💡

Investment Planning

As your equity grows, we help you think about your next property purchase or investment strategy.

🔄

Your Loan Never Sits Idle

While banks profit from your inaction, we're actively working on your behalf — even after your loan settles.

$18,000+
Average savings found on review
6-12 mo
Regular review cycle
❓ FAQ

Frequently Asked Questions

How much deposit do I really need to buy my first home?

+
You need a minimum of 5% genuine savings deposit — money you've saved yourself over at least 3 months. On top of that, you'll need funds for stamp duty, legal costs, and other purchase expenses. With less than 20% deposit, Lenders Mortgage Insurance (LMI) typically applies. However, the First Home Guarantee Scheme allows eligible buyers to purchase with just 5% deposit and zero LMI — saving thousands. Your broker will check if you qualify.

What is the First Home Owner Grant and do I qualify?

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The First Home Owner Grant (FHOG) is a one-off state government payment to eligible first home buyers. Current amounts: QLD $30,000, TAS $30,000, SA $15,000, NSW $10,000, VIC $10,000, WA $10,000. The grant is generally only available on new homes or substantially renovated properties. Eligibility depends on property value, income (in some states), and whether you've ever owned property before. Your broker confirms eligibility and handles the grant application as part of the loan process.

What is the First Home Guarantee Scheme (5% deposit, no LMI)?

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The First Home Guarantee (FHBG) allows eligible buyers to purchase with just 5% deposit without paying LMI, because the federal government guarantees up to 15% of the property value to the lender. From 1 October 2025, the scheme was significantly expanded: there are now unlimited places (previously capped at 35,000 per year), income caps have been removed (previously $125k single / $200k couples), and property price caps have been raised — for example, Sydney $1.5M, Melbourne $950k, Brisbane $1M, Adelaide $900k, Perth $900k, Hobart $750k, ACT $1M. Eligibility: Australian citizen or permanent resident, first home buyer, minimum 5% genuine deposit. Your broker will check eligibility and apply through the right lender.

Can I use my superannuation to buy my first home?

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Yes — through the First Home Super Saver (FHSS) Scheme. You can make voluntary contributions to your superannuation (on top of your employer's compulsory contributions) and then withdraw up to $50,000 of those voluntary contributions plus associated earnings to use as a deposit. Because super contributions are taxed at a lower rate (15%), this can be significantly more tax-effective than saving in a bank account. Not all super funds support this, and there are specific rules — your broker or financial adviser can guide you.

How does the mortgage broker get paid if it's free for me?

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When your home loan settles, the lender pays your broker an upfront commission (typically around 0.65% of the loan amount) and an ongoing trail commission (typically 0.15% per year) for as long as you keep the loan. This is fully disclosed to you in writing. You pay absolutely nothing. The only scenario where you might pay anything is if you repay the loan within 18-24 months (clawback), but this rarely happens with first home buyers. A broker is legally required to disclose all commissions in their Credit Guide.

How long does getting a first home loan take?

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Pre-approval typically takes 24-72 hours for straightforward PAYG applications with a clean credit file. More complex cases (self-employed, multiple income streams) may take 5-7 business days. Full formal approval after you've found a property and exchanged contracts usually takes 5-10 business days. Having all your documents ready upfront is the biggest time-saver — your broker will give you a specific checklist.

What does stamp duty cost and can I get a concession?

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Stamp duty varies by state and property value. NSW: Full exemption for first home buyers on properties up to $800,000. VIC: Full exemption up to $600,000, partial to $750,000. QLD: Full concession up to $700,000 (new homes) or $550,000 (established). SA: Full exemption on new homes up to $650,000. WA: Full concession up to $430,000. Use our stamp duty calculator on this page for a specific estimate. Note: NSW also offers a property tax alternative to stamp duty for eligible buyers.

Will applying for pre-approval hurt my credit score?

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Each formal credit application creates a "hard enquiry" on your credit file which slightly reduces your score temporarily. This is why it's important to NOT apply to multiple lenders yourself. Your mortgage broker conducts a thorough assessment of your situation first, then applies to the most suitable lender in one shot — protecting your credit file. We know which lenders will likely approve you before we apply.

I'm self-employed — can I still get a first home loan?

+
Absolutely, yes. Self-employed borrowers typically need 2 years of tax returns and business financials. Some lenders accept 1 year in certain circumstances. "Low doc" loan options exist for those who can't provide full documentation. The key is matching you with the right lender — some are much more accommodating of self-employed income than others, and a broker knows exactly which ones to approach. Self-employed first home buyers successfully get approved every day.

What documents do I need to apply for a first home loan?

+
Standard documents include: 2 most recent payslips, last 2-3 years tax returns (self-employed), 3-6 months bank statements, photo ID (passport or driver's licence), evidence of savings / deposit (bank statements), any existing loan statements, rental history if applicable. Your broker will provide a personalised document checklist for your specific situation and make the collection process as painless as possible.
★★★★★
353+ Five-Star Reviews
Google Rating
353+
5-Star Reviews
40+
Lenders on Panel
1,000+
Loans Settled
$0
Broker Fee to You

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