Buying your first home is an exciting step, but it can also feel overwhelming. Between saving a deposit, understanding lender requirements, checking eligibility for government support, and getting pre-approved, there are many moving parts.
At Nine Fincap, we help first home buyers understand their borrowing power and structure their loan correctly before they start making offers.
How much deposit do first home buyers need?
Traditionally, many lenders prefer a 20% deposit to avoid Lenders Mortgage Insurance. However, many first home buyers may be able to purchase with a smaller deposit depending on their income, savings history, credit profile, property type and lender policy.
The Australian Government 5% Deposit Scheme may allow eligible first home buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance. Some eligible single parents or legal guardians may have access to lower deposit options under specific scheme streams.
What grants and concessions may be available?
Depending on your state or territory, first home buyers may be eligible for stamp duty concessions, exemptions or first home owner grants. These rules can change, so it is important to confirm eligibility before signing a contract.
Why pre-approval matters
Pre-approval gives you a clearer idea of your borrowing capacity before you start searching for a property. It can help you:
- Understand your price range
- Avoid overcommitting financially
- Identify issues early
- Move faster when you find the right property
- Negotiate with more confidence
What lenders usually assess
Lenders generally review your income, employment stability, living expenses, debts, credit history, savings conduct and deposit source. They also assess the property you are buying and whether it meets lender and scheme requirements.
How Nine Fincap can help
Nine Fincap provides professional credit assistance under ACL 562348. We help first home buyers compare lender options, understand low deposit pathways, and prepare a strong finance application from the beginning.
Ready to buy your first home? Check Your Borrowing Power with Nine Fincap today.
Disclaimer
This information is general only and does not take into account your personal objectives, financial situation or needs. Approval is subject to lender assessment, eligibility criteria, terms, conditions, fees and charges.