What if I can’t afford the repayments?

This is one of the biggest concerns for first-time buyers, and it’s completely understandable. The thought of being tied to a mortgage for decades can be daunting. But here’s the thing: you’re not expected to jump into this blindfolded. Start by using online mortgage calculators to get a realistic idea of what your monthly repayments will look like. Factor in your current rent, other expenses, and any changes that might happen in your life—like a new job or starting a family. And remember, you don’t have to do this all by yourself. A good mortgage broker or financial advisor can help you see the bigger picture and find a loan that fits your lifestyle, not the other way around.

What if I don’t have enough savings?

Saving up for a home can feel like an uphill battle, especially with so many other financial obligations. But the good news is that many First Home Buyers Loans require as little as 5% of the purchase price. And don’t forget about government grants that can top up your savings. If you’re feeling stuck, try setting small, achievable savings goals. Even small amounts add up over time, and it’s motivating to see your savings grow, bit by bit.

What if my credit score isn’t great?

A less-than-perfect credit score can seem like a roadblock, but it doesn’t have to be the end of your home-buying journey. Lenders look at your overall financial picture, not just your credit score. If you’ve had a few bumps along the way, consider talking to a financial advisor about strategies to improve your score. Pay down small debts, avoid applying for new credit, and make sure you’re on top of your bills. It might take a bit of time, but it’s worth it when you’re signing the papers on your new home.

First Home Buyer Loan Melbourne: Expert Mortgage Guidance for Your First Home Loan

Embarking on your first homeownership journey can feel overwhelming, whether you’re moving out for the first time or transitioning from renting. Our expert mortgage brokers in Melbourne are dedicated to guiding you every step of the way, answering all your questions and making the process smoother. Let us help you turn your dream of owning a home in Australia into a reality

Get a Head Start on Your First Home Purchase.

Purchasing your first residential property should be an exciting journey, not a stressful one. At AxJ Finance Brokers Melbourne, we specialise in first home buyer loans in Melbourne and are here to guide you through the home buying process, including navigating the Victorian Homebuyer Fund.

Whether you’re a permanent resident, Australian citizen, or a couple applying as joint applicants, we’ll help you understand your borrowing power, explore eligible loan options, and maximize government grants and shared equity schemes like the Victorian Homebuyer Fund. We also assist you in understanding the processes and requirements of the State Revenue Office, ensuring that your purchased property meets all necessary criteria.

Get a Head Start on Your First Home Purchase.

Don’t let eligibility criteria and mortgage insurance jargon hold you back. As a trusted mortgage broker in Melbourne, we work with participating lenders to source competitive loans tailored to your situation.

Every first-time buyer’s path is different. This is why we offer personalised strategies. These strategies are designed to help you pay stamp duty smarter, access home owner grants, and even take advantage of exemptions where they apply.

Supporting You Every Step of the Way.

From your first conversation to receiving your keys, we’re here to simplify the process and help you feel confident at every turn. Our experienced mortgage brokers use powerful software to compare thousands of loan products across banks and lenders, ensuring you access options that match your goals, timeline, and budget. We’ll explain everything—deposit requirements, acquisition costs, capital gains implications, mortgage insurance, and how to qualify through the eligibility tool used by the Victorian Government and Australian Government initiatives. And if you’re a member of the Australian Army, Air Force, or Australian Public Service staff, we’ll help you explore additional benefits available to eligible participants. Read More

What is a First Home Buyers Loan?

A First Home Buyers Loan is a type of mortgage specifically designed to make the dream of owning your first home more achievable. These loans often come with perks like lower deposit requirements, competitive interest rates, or government incentives such as grants and stamp duty concessions. But let’s be honest, the real draw here is making that often-dreaded down payment a little less daunting. Saving up 20% for a home can seem impossible, especially when you’re already juggling rent, bills, and, you know, life. That’s why these special loans are so helpful. Imagine This Scenario… You’ve found a cozy little house that’s just perfect for you. The price tag reads $400,000. For a standard loan, you’d typically need a 20% down payment—that’s $80,000. That’s a lot, right? With a First Home Buyers Loan, you might only need a 5% deposit, or $20,000. That’s a game-changer for most people. Not only does this lower deposit requirement help you get into your home sooner, but it can also open up a range of other benefits. Depending on where you live, you might qualify for government grants or reduced fees that make the overall process less expensive. Who doesn’t love saving a bit of cash?

Differences Between First Home Buyers Loans and Standard Home Loans

When you’re new to the world of home loans, it can be easy to get overwhelmed by the terminology and the differences between various loan options. Here’s how First Home Buyers Loans stand out:

1. Lower Deposit Requirements

For many first-time buyers, coming up with a deposit is the hardest part. While regular loans often need a 20% deposit, a First Home Buyers Loan may only require 5%, making it much easier to save up.

2. Reduced or No Lenders Mortgage Insurance (LMI)

LMI can be a hefty additional cost, sometimes running into thousands of dollars. Some First Home Buyers Loans allow you to bypass LMI altogether, provided you meet specific criteria, like being eligible for the FHLDS.

3. Access to First Home Owner Grant (FHOG)

The FHOG can provide a substantial financial boost, helping cover costs like the deposit or even new furniture. In Melbourne, the grant is typically $10,000 for new homes but can be higher for homes in regional areas.

4. Stamp Duty Concessions or Exemptions

Stamp duty can really add to your home-buying costs. But in Victoria, if you’re buying a home under $600,000, you can avoid paying stamp duty altogether. For homes up to $750,000, you may still get a discount, which could save you thousands.

Eligibility Criteria

Understanding if you meet the requirements for a First Home Buyers Loan is the first step. Knowing what’s needed will help you see if you qualify and what you need to do to get ready.

General Requirements

1. First-Time Buyer

You and any co-buyer must not have previously owned a property, either in Australia or overseas. If you’ve ever been listed on a property title, even as a co-owner, you might not qualify. Feeling a bit unsure about whether you qualify? You’re not alone. Many first-time buyers worry they might not meet the criteria. If you’re uncertain, consider reaching out to us so we can assess your situation and clarify your eligibility.

2. Location

To benefit from state-specific grants like the FHOG or stamp duty concessions, the property must be in Melbourne or the broader Victoria region. Each state has its own set of rules and benefits, so ensure you’re familiar with those applicable to your purchase location.

3. Citizenship

You need to be either an Australian citizen or have permanent residency. If your partner doesn’t meet these requirements, speak to a lender to see how this could affect your application.

Income and Financial Requirements

1. Income Limits

Some financial assistance programs have strict income limits. For instance, the FHLDS is generally available to individuals earning up to $125,000 per year or couples with a combined income of $200,000. If your income exceeds these limits, you may not qualify for specific benefits, though you can still apply for a First Home Buyers Loan. Are you worried about meeting the income requirements? It’s a good idea to get a clear picture of your earnings, including any bonuses or overtime, and then have a chat with us who can guide you through the options that match your financial situation.

2. Savings/Deposit Requirements

While you might be able to secure a loan with a 5% deposit, demonstrating good savings habits is crucial. Lenders want to see that you’ve been able to save consistently, which shows financial responsibility and stability.

3. Credit Score

A good credit score can improve your chances of approval and help you secure a better interest rate. If your score isn’t great, try improving it by paying off debts, paying bills on time, and not taking on new debt.

Property Requirements

1. Maximum Property Value Limits

Each state has a cap on the maximum value of properties that qualify for first-home buyer incentives. In Victoria, this cap is currently set at $750,000 for the FHOG. Properties above this value won’t be eligible for the grant or stamp duty concessions. Not sure if the property you’re eyeing fits the bill? It’s always best to check with a real estate agent or your mortgage broker to ensure you don’t miss out on any benefits.

2. Eligible Property Types

The property must be a residential dwelling. This includes new homes, townhouses, or apartments but excludes commercial properties or land without a dwelling. Some lenders may have additional requirements, such as restrictions on the size or type of the property, especially for units or off-the-plan purchases.

Types of Loans Available for First Home Buyers

Choosing the right loan type is crucial for managing your finances effectively. Each loan type offers different advantages and risks, depending on your financial situation and future plans.

Fixed Rate Loans

With a fixed-rate loan, your interest rate stays the same for a set period, usually between 1 and 5 years. This means your repayments won’t change, making it easier to plan your budget. However, if market rates drop, you won’t benefit, and there could be fees if you leave the loan early.

Variable Rate Loans

A variable-rate loan means your interest rate can change with the market. This could lead to lower payments at first, but if rates go up, so will your repayments. It’s a good idea to prepare for these changes ahead of time. Feeling anxious about rate changes? A variable-rate loan can be a good option if you’re comfortable with some fluctuation in your repayments and if you think rates are likely to stay low in the near future.

Split Loans

A split loan lets you enjoy the stability of a fixed rate and the flexibility of a variable rate. For example, you might fix half of your loan and keep the other half variable. This option provides a good balance, giving you security and the opportunity to benefit if rates drop. Unsure about committing to a fixed or variable rate? A split loan gives you both stability and can help ease the stress of making a ‘wrong’ choice.

Interest-Only Loans

For a period, you’ll pay only the interest on the loan, not the principal. This can keep your repayments lower initially but won’t reduce your loan balance. These loans can be useful if you’re expecting your income to increase or plan to sell the property in the short term. For instance, if you’re buying a property as a stepping stone and expect your financial situation to improve in a few years, an interest-only loan might give you some breathing room. However, be cautious—because you’re not paying down the principal, your loan balance remains the same, and you won’t build equity in your home during the interest-only period. Feeling unsure about whether an interest-only loan is right for you? It’s important to think long-term. If you’re planning to stay in your home for many years, paying down the principal from the start might be a better option to build equity over time.

Steps to Secure a First Home Buyers Loan

Following a clear, structured plan can simplify the home-buying process and increase your chances of securing the right loan.

Step 1: Assess Your Financial Situation

Start by examining your income, savings, and existing debts. Use an online mortgage calculator to get an idea of how much you can borrow and what your repayments might look like. Aim to have a budget that allows for unexpected expenses, as home ownership can come with surprises.

Step 2: Check Your Eligibility

Verify that you meet the requirements for any grants or concessions. This includes checking your income, the property value, and your first-time buyer status. Checking your credit score now is a good idea because it impacts how much you can borrow and what interest rate you’ll get.

Step 3: Research and Compare Lenders

Different lenders offer various products tailored to eligible home buyers. Don’t just look at interest rates; consider fees, loan features, and the lender’s reputation. Use comparison websites and consider consulting a mortgage broker to help you navigate the options.

Step 4: Get Pre-Approval

Getting pre-approved means the lender has agreed, in principle, to lend you a certain amount. This can streamline the buying process and show sellers you’re a serious buyer. Pre-approval typically lasts for 3 to 6 months, giving you time to find the right property.

Step 5: Find Your Property

Research the Melbourne property market to find a home that suits your needs and budget. Attend open houses, inspect different properties, and get a feel for the market. Look beyond the initial asking purchase price to consider potential renovation costs or strata fees.

Step 6: Apply for the Loan

When you’re ready to buy, gather all the necessary documents, such as proof of income, savings history, and identification. Complete the loan application carefully to avoid delays or rejections. If you’re unsure about any part of the process, seek advice from a broker or financial advisor.

Step 7: Finalise the Purchase

After your loan is approved and you’ve found your home, the final steps include signing contracts, completing conveyancing, and undergoing a final property inspection. On settlement day, your lender will transfer the funds, and you’ll officially own your home!

Costs Associated with First Home Buyers Loan

Knowing all the costs upfront will help you budget better and avoid unexpected expenses.

Deposit

While you might secure a loan with a 5% deposit, aim to save as much as possible to reduce your LMI costs and improve your loan terms. Also, if your deposit is less than 20%, you’ll generally need to pay LMI unless you qualify for the FHLDS. LMI protects the lender, not you, so finding ways to reduce or avoid it can save you thousands.

Lenders Mortgage Insurance (LMI)

LMI protects the lender if you can’t repay your loan and is usually required for loans with deposits under 20%. Consider using a guarantor or increasing your deposit to 20% to avoid this cost. Some lenders also offer LMI discounts for professionals in specific industries.

Stamp Duty

Stamp duty depends on how much your home costs and varies by state. In Victoria, first home buyers can receive exemptions or concessions on properties up to $750,000, potentially saving tens of thousands of dollars. Work with your conveyancer to apply for any eligible concessions during the purchase process.

Other Fees

These costs might include things like application fees, valuation fees, and legal fees. Some lenders offer discounts for first-time buyers, so it’s worth asking. Also, remember to include regular expenses like council rates and property upkeep in your budget to make sure you can afford everything comfortably.

First Home Buyer Checklist

1 Determine Your Budget Understand your maximum borrowing capacity and what price range of properties you can afford. Consider your deposit amount, monthly repayments, and any additional costs like stamp duty or conveyancing fees. Use online calculators or consult with a mortgage broker for accurate figures. 2 Save for Upfront Costs Account for upfront expenses like the deposit, lenders mortgage insurance (LMI) (if applicable), inspection fees, and legal costs. Don’t forget ongoing costs such as council rates, utilities, and home insurance. 3 Check Your Credit Score Review your credit report and take steps to improve your credit score, if necessary. A good credit score may help you secure a better home loan rate. 4 Choose Your Suburb Research areas where you’d like to live, keeping in mind proximity to work, schools, public transport, and other amenities. If your dream suburb is out of budget, explore neighboring areas that offer similar benefits. 5 Research the Property’s Capital Growth Potential Look into the suburb’s past sales history and growth trends. Ask your mortgage broker for a property report or consult property data platforms for insights.

Take Advantage of First-Home Buyer Grants and Incentives

First Home Owner Grant (FHOG)

Eligible buyers can receive a one-time payment of $10,000 for new homes in Melbourne or $20,000 in regional Victoria. The property must be valued at $750,000 or less and must be new or never previously occupied.

Stamp Duty Exemptions and Concessions

Save up to $30,000 with a full exemption on stamp duty for homes valued at $600,000 or less. For properties valued between $600,001 and $750,000, discounted concessions apply.

First Home Buyer Guarantee Scheme (FHBG)

With this home guarantee scheme, eligible buyers can secure a loan with as little as a 5% deposit, avoiding the need for Lenders Mortgage Insurance (LMI) and saving up to $20,000.

Off-the-Plan Concession

Save on stamp duty by only paying duty on the property’s value at the contract date if you’re purchasing an off-the-plan package.

Maximize Your Savings with Expert Guidance

Our team at AXJ Finance Brokers is here to help you understand and apply for these grants and schemes, ensuring you maximize your savings. Let us guide you through the entire process, making your first-home buying experience smooth and stress-free.

Why Choose Us?

With years of expertise in the mortgage industry, we offer a comprehensive solution for all your home loan needs. From refinancing to investment loans, our team is committed to delivering personalised service and expert advice.

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We help you manage and consolidate your tax debts, offering a solution that eases financial strain and improves cash flow.

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If you’re struggling to save a large deposit, our low-deposit home loan options can help you secure a property with less upfront cost.

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How We Work

Consultation

We start by getting to know you—your financial goals, current situation, and what you’re looking to achieve.

Loan Comparison

We compare loan options from more than 40 lenders to make sure you get the best deal possible.

Application Process

Once you’ve chosen the right loan, we handle all the paperwork and guide you through the application process step by step.

Approval & Settlement

We stay by your side throughout approval and settlement, working closely with solicitors and agents to make sure everything runs smoothly.

Consultation

Even after settlement, we keep working for you by reviewing your loan regularly, ensuring you’re always on the best possible terms.

Is a First Home Buyers Loan Right for You?

So, is this type of loan a good fit for you? It could be, but it depends on your unique situation. Think about your financial stability, how long you plan to stay in the home, and what your future goals are. Are you ready to commit to a mortgage? Can you handle the additional costs of homeownership, such as maintenance and insurance? If you’re unsure, talk to our Melbourne mortgage brokers, who specialise in first-time home buying. They can help you weigh your options and find the best path forward. Buying your first home is a milestone, and it’s normal to feel a bit overwhelmed. But remember, you’re not alone. First Home Buyers Loans are designed to help people just like you take that first step. Take your time, gather information, ask plenty of questions, and don’t hurry to make any decisions. With the right preparation, you’ll be holding those keys in no time. Ready to explore your options? Your dream home might be closer than you think. Read Less

First Home Buyer Checklist

Determine Your Budget

Understand your maximum borrowing capacity and what price range of properties you can afford. Consider your deposit amount, monthly repayments, and any additional costs like stamp duty or conveyancing fees. Use online calculators or consult with a mortgage broker for accurate figures.

Save for Upfront Costs

Account for upfront expenses like the deposit, lenders mortgage insurance (LMI) (if applicable), inspection fees, and legal costs. Don’t forget ongoing costs such as council rates, utilities, and home insurance.

Check Your Credit Score

Review your credit report and take steps to improve your credit score, if necessary. A good credit score may help you secure a better home loan rate.

Choose Your Suburb

Research areas where you’d like to live, keeping in mind proximity to work, schools, public transport, and other amenities. If your dream suburb is out of budget, explore neighboring areas that offer similar benefits.

Research the Property’s Capital Growth Potential

Look into the suburb’s past sales history and growth trends. Ask your mortgage broker for a property report or consult property data platforms for insights.

Take Advantage of First-Home Buyer Grants and Incentives

First Home Owner Grant (FHOG)

Stamp Duty Exemptions and Concessions

Save up to $30,000 with a full exemption on stamp duty for homes valued at $600,000 or less. For properties valued between $600,001 and $750,000, discounted concessions apply.

First Home Buyer Guarantee Scheme (FHBG)

With the FHBG, eligible buyers can secure a loan with as little as a 5% deposit, avoiding the need for Lenders Mortgage Insurance (LMI) and saving up to $20,000.

Off-the-Plan Concession

Save on stamp duty by only paying duty on the property’s value at the contract date if you’re purchasing an off-the-plan package.

Maximize Your Savings with Expert Guidance

Why Choose Us?

Learn More →

How We Work

Consultation

We start by getting to know you—your financial goals, current situation, and what you’re looking to achieve.

Loan Comparison

We compare loan options from more than 40 lenders to make sure you get the best deal possible.

Application Process

Once you’ve chosen the right loan, we handle all the paperwork and guide you through the application process step by step.

Approval & Settlement

We stay by your side throughout approval and settlement, working closely with solicitors and agents to make sure everything runs smoothly.

Consultation

Even after settlement, we keep working for you by reviewing your loan regularly, ensuring you’re always on the best possible terms.

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Your First Home, Made Easy

Buying your first home should be exciting—not overwhelming. At AxJ Finance Brokers, we specialise in helping first home buyers navigate the process with confidence. From explaining your options to securing the right loan, we guide you every step of the way. With access to over 40 lenders and award-winning brokers in your corner, we’ll find a competitive, structured loan that suits your needs—so you can focus on the joy of owning your first home while we handle the paperwork and details.

Meet The Team

Jason Kuan

Founder & Mortgage Broker

Jason is the principal finance broker at AxJ Finance Brokers. Prior to joining the mortgage industry in 2013, he worked with several real estate agencies and developers in sales and real estate market research.

Outside of the financial world Jason loves spending time with his family and walking the beautiful green areas Melbourne has to offer.

Audrey

Operations Director

Audrey looks after our people and the culture of our company. She keeps everyone sane and ensures that our organisation is operating effectively.

Kate

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Kate has been an integral contributor of Jason & Audrey’s team since 2017. She oversees all loan submissions, ensuring all bases are covered for our lenders to make a timely and informed decision on our submissions.

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Is a First Home Buyers Loan Right for You?

If you’re unsure, talk to our Melbourne mortgage brokers, who specialise in first-time home buying. They can help you weigh your options and find the best path forward.

Buying your first home is a milestone, and it’s normal to feel a bit overwhelmed. But remember, you’re not alone. First Home Buyers Loans are designed to help people just like you take that first step. Take your time, gather information, ask plenty of questions, and don’t hurry to make any decisions. With the right preparation, you’ll be holding those keys in no time.

Ready to explore your options? Your dream home might be closer than you think.

FAQs

Home loans can be confusing, but as mortgage brokers, we make it simpler for you. We know the ins and outs of different lenders and loan options, so we can find the best one that fits your needs. We’ll help you understand the details, negotiate better deals, and guide you through the process, saving you time, money, and stress.

You can use a First Home Buyers Loan to buy an off-the-plan property, but there are some extra things to think about, like longer waiting periods and possible changes in property value. As your mortgage broker, we’ll help you find the right lender and make sure you’re aware of all the pros and cons so you can make the best choice.

Both guarantor loans and First Home Buyers Loans have their advantages, but the right choice depends on your specific circumstances. A guarantor loan can help you avoid Lenders Mortgage Insurance (LMI) by using a family member’s property as security, while a First Home Buyers Loan may offer benefits like government grants and stamp duty concessions. As your mortgage broker, we’ll help you weigh the options based on your finances and goals so you can pick the best path without any added pressure.

It’s possible to combine different grants and concessions to save more. We’ll help you figure out which ones you qualify for and guide you through the application process, making sure everything is done right and on time. This way, you can make the most of the benefits available and save as much as possible on your new home.

If your financial situation changes after receiving pre-approval, it’s important to let us know as soon as possible. As your mortgage broker, we act as your advocate, communicating with the lender on your behalf and exploring solutions that keep your homeownership plans on track. Whether it’s adjusting your loan amount, finding a different lender, or providing advice on improving your financial position, we’re here to support you through any changes and ensure that you’re still able to move forward with confidence.

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AxJ Finance Brokers, a trusted mortgage broker in Melbourne, specialises in providing personalised loan solutions to help you navigate the dynamic property market with ease. Led by principal broker Jason, our team is dedicated to delivering tailored, responsive, and proactive mortgage services, ensuring your financial journey is smooth and successful.

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This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.

All finance applications and variations are subject to lenders terms and conditions. Fees and charges and eligibility criteria apply.

Mortgage brokers in Melbourne and surrounding areas, guiding your financial journey seamlessly.

Australian Credit Licence 550893