Tailored – Strategic – Personal
First Home Buyer Home Loans
Buying your first home is an exciting milestone, but it can also feel overwhelming.
With so many loan options, government incentives, and lender requirements to consider, it’s not always clear where to start or what you can realistically afford.
As experienced mortgage brokers, we help first home buyers navigate the process with clarity and confidence so you can focus on finding the right property, not worrying about the finance.
Clarity – Confidence – Direction
Helping First Home Buyers Secure the Right Home Loan
At MJ Financial Chiefs, we work with first home buyers across Melbourne and surrounding suburbs to help them understand their borrowing power, compare home loan options, and secure finance that suits their situation.
Understanding Your Borrowing Power
Before you start looking at properties, it’s important to understand what you can realistically afford.
Your borrowing capacity is influenced by factors such as:
We help you break this down clearly so you know where you stand before you start house hunting. This can help avoid disappointment and ensure you’re focusing on the right price range from the beginning.
Government Grants and First Home Buyer Incentives
There are a range of government schemes and concessions available to eligible first home buyers, which can make a significant difference to your upfront costs.
These may include:
We help you understand what you may be eligible for and ensure these are factored into your overall home loan strategy.
Deposits, Lenders Mortgage Insurance and Saving Strategies
One of the most common questions we hear from first home buyers is, “How much deposit do I need?” The answer depends on your circumstances, your goals and any government initiatives you may be eligible for.
We can help you understand:
Every first home buyer’s situation is different. We’ll help you understand your options and develop a strategy that aligns with your financial goals and timeline.
Getting Pre-Approval
Pre-approval is a key step in the home buying process. It gives you a clear understanding of your budget and shows real estate agents that you’re a serious buyer.
The process generally involves:
Having pre-approval in place can give you confidence when making offers and help speed up the buying process once you find the right property.
Choosing the Right First Home Loan
Not all home loans are the same, and the structure you choose can have a long-term impact on your finances.
We help first home buyers compare options such as:
Our goal is to match you with a loan that not only gets approved, but also works for you both now and in the future.
Understanding – Support – Guidance
From First Enquiry to First Home
Plan – Progress – Achieve
Why Work With a Mortgage Broker as a First Home Buyer?
Buying your first home often involves more than simply choosing a lender.
Understanding borrowing capacity, government incentives, lender policies and loan features can be challenging when you’re navigating the process for the first time.
A mortgage broker can help you compare loan options from multiple lenders, explain the application process, and guide you through each stage of securing finance.
Our goal is to help you make informed decisions and move forward with confidence.
Want to learn more about how mortgage brokers work, the services we provide and the cost?
Frequently Asked Questions (FAQ)
Still have questions? Get in touch if you need to know more.
There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:
- Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our Stamp Duty Calculator.
- Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
- Building inspection — This should be carried out by a qualified expert, such as a structural engineer before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
- Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance.
- Ongoing costs — If you buy a strata title, regular strata fees are payable. You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.
This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. Contact us directly to find out more about eligibility requirements in your state and how much grant money you could receive.
Most lenders offer flexible repayment options to suit your pay cycle. If you aim to make weekly or fortnightly repayments, instead of monthly, you will make more payments in a year, which can potentially shave dollars and time off your loan.
Go to our Repayment Calculator for an estimate. Because there are so many different loan products, some with lower introductory rates, talk to us today about the deals currently available, and we’ll work with you to find a loan setup that’s right for you.
Usually between 5% – 10% of the value of a property. Speak with us to discuss your options for a deposit.
Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.
We’re all unique when it comes to our finances and borrowing needs. Contact us today, we can help with calculations based on your circumstances.
