First Home Buyer Guide: Loans, Grants & Schemes
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Buying your first home is a big milestone — Here's everything you need to know:
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Buying process - 10 Simple Steps to Your New Homeš”
1. Meet with a Mortgage Broker
We’ll chat about your goals and compare hundreds of loans to find the right fit, calculate your borrowing power, and answer your questions. This is a high level, 10-15 min call or Google meet catch up. Book a call at a time that suits you best via this link https://calendly.com/tzuri_mortgagechoice/pre-approval-discussion-30-min-call-clone?back=1&month=2025-05
2. Supporting Documents
Provide your details and documents to your broker. Typically, you'll need to provide copies of your ID's (Drivers Licence and Passport), Bank Statements where your income, savings and expense transact from, Credit Card/Loan/Hecs Statements, Tax Returns (if self employed), Notice of Assessment (if applying for Home Guarantee Scheme and/or self employed), Immigration documents, and any change of name certificates.
3. Choose a Loan & Apply
We’ll prepare a loan comparison of options, you'll choose the best one that suits you, and we'll submit your application.
4. Get Conditional Approval
The lender reviews your application, runs a credit check (don't over look this point), and arranges a valuation (if you've found a property). If you have not found a property yet, then the valuation gets done later in the process. There are 2 types of Conditional Approvals; Electronic and Full Approval. I always recommend going with a bank that does a full pre approval VS just an Electronic one since they actually look at your income details. Conditional or Pre-Approvals are typically valid for 90 days (subject to change).
5. Put in an Offer OR Bid at Auction
You sign a contract of sale and pay your deposit. I always recommend you negotiate to only pay 5% deposit. Happy to explain on a call why.
6. Valuation
As your broker I will instruct your bank to perform a valuation on the property you just bought. Valuations can vary from Electronic to Full valuations.
7. Receive Unconditional Approval
Your loan is officially approved — time to celebrate!
8. Sign Loan Documents
We’ll meet in person or online to go through the paperwork and make sure everything’s ready to go.
9. Loan Settlement
Your conveyancer or solicitor works with the lender to finalise settlement.
10. Ongoing Support
We’ll stay in touch to ensure your loan continues to suit your needs.
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Home Buying Costs: State & Federal Government Fees
Purchase Stamp Duty
Property Transfer Fee
Mortgage Registration Fee
Loan Application Costs
Loan Application Fee
Lender's Property Valuation
Lender’s Mortgage Insurance (LMI) - (if applicable)
Conveyancing / Solicitor’s Fees
Pest / Building Inspections
Construction Costs (If Applicable)
Construction Loans
Site Costs & Service Connection Fees
Insurance Costs
Home & Contents Insurance
Mortgage Protection Insurance
Income Protection Insurance
Building Insurance Costs
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Schemes and Grants
What most people don't know is that you can combine both of the below options inorder to maximize your grants and Schemes.
5% Deposit for First Home Buyers
The scheme is part of the federal government's suite of Home Guarantees which also includes the Family Home Guarantee for single parents, the Regional First Home Buyer Guarantee and previously included the New Home Guarantee.
As part of the 2025 Federal Election, Labor have promised changes to the First Home Guarantee. Find out more.
What is the First Home Guarantee and how does it work?
The First Home Guarantee is a Government incentive that allows first home buyers to purchase their first home with a deposit as low as 5%, without the need to pay Lenders’ Mortgage Insurance (LMI).
LMI is a one-insurance payment that protects the lender in the event that you default on your home loan repayments. It is usually applicable when borrowing over 80% of the value on the property, however, with the First Home Guarantee, the Government will underwrite your home loan and act as a guarantor to ensure you don’t have to pay LMI.
NSW - First Home Buyer Assitance Scheme
What's on offer
- Full or partial exemption on transfer duty.
Requirements
- Buying your first home in Australia.
- The value must be less than $1 million.
- You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.
Who can apply
To qualify as a first home buyer, you must be:
- purchasing the first home you or your spouse have owned or co-owned in Australia*
- an Australian citizen or a permanent resident of Australia
- at least 18 years old*.
*Some exceptions may apply.
Read more about the requirements for the First Home Buyer Assistance Scheme.
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I'm a first-time home buyer. What help can i get?
What do you need to prepare for a home loan application?
How much do I need to save to buy my first home?
What is a home loan pre-approval?
Do I need a home loan pre-approval?
As Your local Mortgage Brokers we're here to guide you every step of the way, offering expert advice and support to make the home loan process smooth and stress-free.
