First Home Buyer Loans

Your first home is a big step and the right loan can make it a lot easier.

Buying your first place is exciting, but it can also feel overwhelming: deposits, approvals, grants, and lender rules can get confusing fast. That’s where Loanworx comes in. We help first home buyers across Melbourne and Australia secure a home loan that fits their budget now, and their plans for the future.

We work with more than 40 lenders and compare a wide range of loan options to find the best match for your situation with clear advice and no jargon.

Why Choose Loanworx?

The biggest mistake first-time buyers make is assuming every lender will assess them the same way. They don’t. Borrowing power, deposit requirements, and approval speed vary a lot from bank to bank.

At Loanworx, we make the process simple and strategic. We’ll take the time to understand your income, savings, lifestyle, and goals, then recommend a structure that works long term not just what gets you approved quickly.

You’ll get support from start to finish, and we handle the paperwork and lender back-and-forth for you.

How We Help First Home Buyers

We’re here to guide you through every moving piece, including:

Borrowing power and deposit planning

We help you understand what you can comfortably afford, and how to strengthen your borrowing position if needed.

Grants and low-deposit schemes

We assess your eligibility for current Victorian and federal first home buyer incentives, including:

First Home Owner Grant (for eligible new builds
Stamp duty exemptions or concessions (where eligible)
First Home Guarantee Scheme (buy with a low deposit, no LMI for eligible buyers)
Help to Buy shared-equity scheme (government co-ownership support for eligible buyers)

Loan structure and features

We compare fixed, variable, split, and offset options so your loan suits your future plans — not just today.

What Sets Loanworx Apart

Access to a broad lender panel, including major banks and specialist first-home-buyer lenders
Personal loan comparisons based on your real budget and goals
Clear guidance on deposits, LMI, guarantor options, and eligibility rules
Fast and efficient approvals where your situation allows
Support right through to settlement, and beyond

Why This Could Be the Right Time to Buy

Many first home buyers wait because they think they’re not ready yet. The most common reasons people finally take the step are:

They’ve built some savings but don’t want to wait years for a 20% deposit
They want to use available government incentives while they’re still open
They’d rather build equity than keep paying rent
They’re looking for stability and a place they can call their own

If you’re even thinking about buying in the next 6–12 months, it’s worth checking what you could do now. A short conversation can give you clarity quickly.

Pre-approval timeframes depend on your documents and the lender, but many buyers receive an answer within a few days, and formal approval typically follows your property choice.

Speak to a First Home Buyer Specialist

Why Act Now?

Many first home buyers wait because they think they’re not ready yet. In reality, buying often becomes possible sooner than expected once you understand deposit options, government incentives, and how different lenders assess applications.

Even if you’re planning to buy in the next 6–12 months, checking your position now can give you clarity, confidence, and time to plan without pressure.

Pre-approval timeframes vary depending on your documents and lender choice, but many buyers receive an initial outcome within a few days, with formal approval following once a property is selected.

Take the first step with confidence.

Speak to a First Home Buyer Specialist

Things You Should Know Before You Apply

Your first home loan is a long-term decision, so it’s important to understand both the upside and what to plan for.

Potential Benefits:

Access to first-home-buyer grants and stamp duty concessions (where eligible)
Low-deposit pathways through federal or state schemes
The chance to start building equity sooner
Loan structures that can support future upgrades or investing

Things to Watch:

Most lenders want genuine savings (often around 5% saved over time)
LMI may apply for smaller deposits unless a scheme removes it
Your credit file matters more than you think
Choosing the right features now can save you a lot later
Rate changes can affect borrowing power over time

We’ll walk you through these clearly so you know what’s realistic before you commit.

Banks and Lenders We Work With

We compare loans from a wide mix of major banks, second-tier lenders, and specialist first-home-buyer providers. This gives you real choice, not just one bank’s rules.

Depending on your situation, we may work with lenders such as Commonwealth Bank, ANZ, NAB, Westpac, Macquarie, ING, Bank of Melbourne, Firstmac, Pepper Money, Bendigo Bank and other specialist lenders.

How to Get Your First Home Loan with Loanworx

Our process is simple:

Step 1: Book a Free Consultation

We talk through your goals, income, deposit, and timeline.

Step 2: Compare the Right Options

We look across the market and shortlist the loans that genuinely fit your needs.

Step 3: Get Pre-Approval

We organise pre-approval so you can house-hunt with confidence.

Step 4: Buy & Settle

We manage valuation, formal approval, and settlement while you focus on your move.

Frequently Asked Questions

How much deposit do I need as a first home buyer?

Many buyers aim for 5–10%. If you’re eligible for a government scheme or family guarantee, the required deposit may be lower.

Can I avoid paying LMI?

Possibly. Schemes like the First Home Guarantee allow eligible buyers to purchase with a low deposit without paying LMI, subject to caps and criteria.

What first home buyer grants are available in Victoria?

Eligibility depends on the property type and price. We’ll check whether you qualify for the First Home Owner Grant, stamp duty concessions, or other support available at the time you apply.

How long does pre-approval last?

Usually around 3–6 months, depending on the lender.

I’m self-employed — can I still get approved?

Yes. We work with lenders who accept alternative income verification and shorter financial histories, depending on your situation.

Ready to Take the First Step?

Loanworx has helped thousands of first home buyers move from “not sure where to start” to holding the keys.

Call us on 1300 562 696 or or send an enquiry and we’ll get back to you within one business day.

Talk to Us

Ready to talk finance?

It’s what we do best. Call us now on 1300 562 696 or fill in the below form to speak to one of our highly skilled brokers.