Skip to main contentBuying your first home is the hardest purchase to get your head around, because everything is new at once: deposits, lenders mortgage insurance, government schemes, borrowing capacity and the costs nobody warned you about. The good news is that first home buyers also have access to more help than any other group, from low-deposit options to grants and concessions designed to get you in sooner.
At Loanworx, we guide first home buyers through the whole process. We work out the deposit you actually need, check which government schemes and grants you qualify for, compare lenders across the market, and match you to one that suits a first purchase. The aim is to remove the guesswork so you know what you can buy, what it will cost, and what to do next.
As an experienced finance broker, we work for you rather than for any single lender. That means explaining each step in plain language, making sure you don’t miss a scheme you’re entitled to, and presenting your application in its strongest form.
Ready to buy your first home, or just want to know where you stand? Call us on 1300 562 696 or get in touch and we’ll be back to you shortly.
Most of the first-home challenge comes down to three things: the deposit, the help available, and the cost of borrowing with a smaller deposit. Here’s how each one works.
A 20% deposit avoids lenders mortgage insurance, but it isn’t the minimum. Many lenders accept a deposit from 5%, and some schemes let you buy with less without the usual insurance cost. We work out the deposit you actually need for the homes you’re looking at, including the costs on top, so your target is real rather than a round number.
First home buyers can access support that other buyers can’t, including low-deposit guarantee schemes, grants for new builds, stamp duty concessions, and a scheme that lets you save for a deposit through super. These vary by state and change over time. We check which ones you qualify for and how they fit together.
Lenders mortgage insurance (LMI) is a one-off cost that applies when you borrow more than 80% of the property value. It can run to several thousand dollars. A larger deposit, an eligible government guarantee, or a guarantor can reduce or remove it entirely. We’ll show you which path leaves you better off overall.
The hardest part of a first purchase is not knowing what you don’t know. How much can you borrow? What’s the deposit really? Which scheme applies? What does it all cost at settlement? Getting clear answers early turns a daunting process into a series of manageable steps.
We start by working out your borrowing position and the schemes you qualify for, then compare lenders and map the full cost of buying. From there you can shop with confidence, knowing your price range and your finance are sorted before you fall for a property.
Your first home is the start of the journey, not the end of it. As your plans grow, our other home loan services, from investing to building to refinancing, are here for what comes next. Explore the options below to find the right fit.
Finance for your next move, with the buying and selling coordinated around you.
Finance for building rather than buying established, with funds released in stages as the build progresses.
Borrow inside your self-managed super fund to buy property under a limited recourse borrowing arrangement.
Secure a property before completion, with finance timed to a settlement that may be months or years away.
Loans structured around an investment property, your rental income and your wider tax position.
Switch to a sharper rate, unlock equity, consolidate debt or restructure your existing loan.
A first home loan is assessed on the same core factors as any other, but a few of them carry extra weight when you don’t have a borrowing history. These are the ones to focus on.
Beyond the size of your deposit, many lenders want to see genuine savings, money you’ve built up over time rather than a recent windfall, as evidence you can manage repayments.
Gifted deposits and government schemes can still work, but how the deposit is made up affects which lenders will say yes, so we structure it accordingly.
Lenders assess whether you can comfortably meet repayments at an assessment rate set above the actual rate. Credit cards, car loans, buy-now-pay-later facilities and study debt all reduce how much you can borrow.
Tidying up small debts before you apply can lift your borrowing capacity more than you’d expect, and we’ll show you where it counts.
Lenders review your credit file and how you’ve handled accounts, even simple ones like phone and utility bills. A clean record supports the best pricing and the widest lender choice.
If your file is thin or has a few blemishes, there are still lenders that will work with it; the key is approaching the right one rather than collecting knock-backs.
First home buyer schemes have their own rules around income, property price, whether you’ve owned before, and whether you’ll live in the home. Getting these right can save you thousands or open a low-deposit path.
We check your eligibility against the current schemes so nothing you’re entitled to slips through.
The property is the lender’s security, so its type, location and condition feed into the decision, and some first home schemes also set property price caps or favour new builds. Standard houses and apartments in established areas are straightforward, while very small apartments, rural properties and unusual builds can attract tighter loan-to-value ratios or a narrower lender panel. We flag any property that may complicate the finance or affect scheme eligibility before you commit.
A first home loan isn’t only about the headline rate. It’s about understanding your options, not missing the help you’re entitled to, and having someone guide you through a process you’ve never done before. Here’s what working with us looks like.
We compare home loans across a broad panel of banks, second-tier lenders and non-bank funders, so you see a genuine spread of options rather than one lender’s offering. We match you to the lender most likely to approve a first purchase at a competitive rate, which often isn’t the bank you already use.
First home support is scattered across federal and state programs, each with its own rules. We check your eligibility against the current schemes and grants so you claim everything you’re entitled to, rather than finding out later you qualified for help you missed.
You deal with experienced brokers who explain each step in plain language, from deposit to pre-approval to settlement. We answer the questions you didn’t know to ask, so a daunting first purchase becomes a clear sequence of steps.
For most home loans, Loanworx is paid an upfront and trail commission by the lender after settlement, and that commission typically does not change the rate or fees you pay. Where a fee for service applies to a more complex scenario, we disclose it in writing before any work begins. No surprises.
A 20% deposit avoids lenders mortgage insurance, but it isn’t the minimum. Many lenders accept a deposit from 5%, with the insurance cost factored in, and some government schemes let eligible first home buyers purchase with a low deposit without paying that insurance. The right target depends on your savings, your income and the homes you’re looking at. We’ll work out the real number, including the costs on top of the deposit, before you start.
First home buyers can access several forms of support, including low-deposit guarantee schemes that waive lenders mortgage insurance, grants for new or newly built homes, stamp duty concessions or exemptions, and a scheme that lets you save toward a deposit through your super. These are a mix of federal and state programs, and the details, amounts and eligibility change over time and vary by state. We check which ones apply to you and confirm the current rules before you rely on them.
It’s a government-supported scheme that lets eligible first home buyers purchase with a smaller deposit without paying lenders mortgage insurance, by having part of the loan guaranteed. Places are usually limited and come with income and property price caps that vary by location and change over time. We can check your eligibility, confirm whether places are available, and line up a participating lender if it suits your situation.
Only if you borrow more than 80% of the property value and you’re not covered by an eligible guarantee or guarantor. Lenders mortgage insurance (LMI) is a one-off cost that protects the lender, not you, and it can run to several thousand dollars. You can avoid or reduce it with a larger deposit, an eligible government guarantee, or a family guarantor. We’ll show you which path leaves you better off once everything is added up.
A guarantor loan lets a family member, usually a parent, use the equity in their own property as additional security for part of your loan. This can reduce or remove your deposit requirement and help you avoid lenders mortgage insurance. The guarantor is liable only for the guaranteed portion, and the guarantee can often be released once you’ve built enough equity. It’s a powerful option, and we’ll walk both you and your guarantor through exactly what’s involved.
There’s a scheme that lets first home buyers save toward a deposit inside super and later withdraw those voluntary contributions, plus associated earnings, to put toward a first home. It has annual and total limits and specific rules, and it changes over time. It can be a tax-effective way to build a deposit for some buyers. We can flag whether it’s worth exploring for you and suggest you confirm the current rules with the relevant authority or your adviser.
Your borrowing capacity depends on your income, your living expenses, your existing debts and the lender’s assessment rate, which sits above the actual loan rate as a buffer. As a first home buyer without a borrowing history, lenders look closely at your savings record and how you manage existing commitments. Two lenders can return very different limits on the same income, so we compare your capacity across the market before you start house-hunting.
Beyond the deposit, budget for stamp duty (unless a concession applies), conveyancing or legal fees, building and pest inspections, loan establishment fees, lenders mortgage insurance if your deposit is under 20%, and moving costs. First home concessions can reduce some of these. We give you a clear, itemised picture of the full cost of buying upfront, so nothing catches you out at settlement.
We’ll work out your deposit and borrowing power, line up the schemes you qualify for, and match you to a lender that suits a first purchase, so you can shop with confidence and settle without surprises.
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