Straight Answers
First Home Buyers
Everything you need to go from saving to settlement, explained without jargon. Start with the checklist, then work through deposits, government schemes and LMI.
First Home Buyer Checklist
Before buying your first home, you need four things in place: a deposit plus enough cash for upfront costs, clean and well-organised finances, a pre-approval from a lender, and a clear idea of what you can comfortably afford. From there, check which government schemes or concessions you may qualify for, line up a conveyancer and building and pest inspector, and keep a cash buffer for after you move in. Working through it in order saves stress and money.
7 min readFirst Home Buyer Timeline
Buying a first home usually takes anywhere from a few months to a couple of years, and most of that time is spent saving. Once you have a deposit, pre-approval often takes one to two weeks, house hunting can take weeks or months, and from an accepted offer to settlement is typically 30 to 60 days. Knowing the stages ahead of time helps you avoid delays and last-minute stress.
7 min readHow Much Deposit Do I Need?
Most lenders prefer a 20% deposit, which lets you avoid lenders mortgage insurance (LMI), but many people buy with 5% to 10%. With a smaller deposit you will usually pay LMI unless you qualify for an exemption or a government scheme such as the federal 5% Deposit Scheme. On top of the deposit, budget for stamp duty (if it applies), legal fees, inspections and loan costs. The right deposit balances getting into the market sooner against borrowing more.
6 min readUnderstanding Government Grants and Schemes
First home buyers in Australia may be able to use three main types of help: the federal Home Guarantee Scheme (including the 5% Deposit Scheme, which lets eligible buyers purchase with a 5% deposit and no LMI), state First Home Owner Grants (usually for new homes), and state stamp duty concessions. Each has its own eligibility rules, price caps and conditions, and they change often, so check the current rules before you plan around them.
7 min readWhat Is LMI?
Lenders mortgage insurance (LMI) is a one-off insurance premium that protects the lender, not you, if you cannot repay your loan and the property sells for less than you owe. You usually pay it when you borrow more than 80% of the property's value. The cost depends on your loan size and loan to value ratio, and it is often added to the loan. You may avoid it with a 20% deposit, a government scheme, a family guarantee or a professional LMI waiver.
6 min readBook a discovery call
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