Guy Weerarathne

First Home Buyers | Mortgage Broker Dingley Village, Keysborough, Dandenong and right across Victoria

Buying your first home is a big step, and finding the right loan can feel like one of the hardest parts. With so many options and complex terms, it’s easy to feel lost. As your local Dingley Village Mortgage Broker with over 15 years of finance experience, I’ll guide you through the process step-by-step, helping you make sense of it all and find the best loan for your needs.

You don't have to do it alone

Facing your first home loan journey is daunting. The good news is: you don't have to do it alone. As your local Mortgage Broker in Dingley Village, I offer a free home loan service to guide you through your first home loan process and match you with a competitive first loan. I love helping first home buyers stretch their budget, make the most of Government grants and realise their dream of owning their first property.

How to secure a home loan as a first home buyer

Are you getting ready to take that first step into home ownership? As a first home buyer, there are some ways we may be able to help you get into your own home sooner.

Government Grants and Schemes

Government incentives for first home buyers

In Australia, there are some government incentives available to help first home buyers. Most of these incentives are run by the state governments, so your eligibility and the amount you may receive will depend on where you live and where you want to buy.

First Home Owner Grant (FHOG)

This is a one-off, tax-free payment to people buying their first home in Australia. It’s only available for new dwellings that no one has lived in before. It’s paid on the settlement of your property or on the first progress payment if you’re building a property. The amount varies between states and territories. Click here for more details

Home Guarantee / First Home Guarantee Scheme

Part of the government’s Home Guarantee Scheme, the First Home Guarantee allows you to buy a home with a deposit as low as 5% without having to pay Lender’s Mortgage Insurance (LMI). To be eligible, you must earn less than $125,000 per year if you’re an individual, or less than $200,000 for couples. There’s a limit to how many people can participate in the scheme each financial year and maximum purchase prices are applicable and can vary per state. Click here for more details.

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme allows you to save your home deposit inside your super fund so you can take advantage of the concessional tax treatment of super. You can then apply to release your voluntary super contributions (up to a total of $50,000), along with associated earnings, to help you purchase your first home. Click here for Fact Sheet. For detailed information about the scheme from Australian Taxation Office (ATO) click here.

Stamp duty waiver/discount

Stamp duty is a state government tax paid for transferring the title of a property, calculated on the purchase price. As a first home buyer, you may be eligible for a significant rebate on stamp duty if the price of the property you’re purchasing is under the threshold. Or, depending on where you live, you may be exempt from paying it entirely. Each state and territory has its own rules and they change them frequently.

For Victoria (Vic), click here.

For New South Wales (NSW), click here.

For Australian Capital Territory (ACT), click here.

For Queensland (QLD), click here.

For Northern Territory (NT), click here.

For Western Australia (WA), click here.

For South Australia (SA), click here.

For Tasmania (Tas), click here.

Using a guarantor to buy your first home

By securing a guarantor you may be able to buy your first home with a smaller deposit – without having to pay Lender’s Mortgage Insurance (LMI).

If You borrow more than 80% of the property price, your lender will charge you Lenders Mortgage Insurance (LMI) – a one-off, non-refundable insurance premium that will be added to your loan.

Guarantors are usually limited to immediate family members. Normally, this would be a parent, but it can include siblings and grandparents.

Here's what my service includes:

An experienced guide by your side: With over 15 years in financial planning before becoming a Mortgage Broker, I take a holistic view of your finances before recommending a home loan. That means, I look at what you want to achieve now, as well as in the future! I’ll walk you through everything you need to know - terms like Loan to Value Ratio (LVR), fixed vs. variable interest rates, and loan features like offset accounts. No question is too big or too small; I’m here to simplify the process and help you make informed decisions.

Access to a wide range of loan options: Many first home buyers go directly to their bank for pre-approval on their home loan. But doing that limits your access to interest rates and suitable features. As part of my free home loan service, I compare your needs to loans from over 35 lenders - including all the major banks and some specialist lenders. And as your local Mortgage Broker, I'll handle the comparisons and negotiations, so you can rest assured I'm recommending the best of the best available.

Strategies for buying with a small deposit: A small deposit isn't a problem nowadays. As your local Dingley Village Mortgage Broker, I'll talk you through how much you need to have saved for what you want to spend, and how to stretch your deposit using various Governemnt grants and incentives. The Home Guarantee Scheme allows you to purchase with just 5% and avoid Lenders Mortgage Insurance (LMI) fees, while stamp duty discounts can cut down on your costs. You could even consider getting your parents to go guarantor for your loan or even buy with a friend, sibling or partner (there's incentives for that too!).

Our Easy Loan Calculators

An experienced guide for your first home

Buying your first home can feel overwhelming, but I’m here to guide you. As your local Mortgage Broker, I'll help you navigate the loan process, find the right loan and make the most of Government incentives - so you can confidently make your first ever purchase.

Find out more about Guy

My home loan service is free

As a Mortgage Choice Broker, my home loan service is free. We are paid by the lender when your new loan settles with them. It means that we can offer transparent advice to everyday buyers who simply want to know they're getting a good deal on their home loan.

Find out more about home ownership

Start your home loan journey today

Let's find you the right first loan

I'm passionate about helping my clients access first loan options that truly make a difference to their finances. I offer mobile Mortgage Broking services throughout Dingley Village, Keysborough, Dandenong and right across Victoria. Otherwise, I'm available to chat by phone and video.