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First Home Buyer Mortgage Broker

Free expert help to buy your first home. Selectabroker compares 50+ lenders, finds every grant you’re entitled to, and guides you through the whole process at no cost to you.

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Mortgage Broker for First Home Buyers

A first home buyer mortgage broker is the go-between who sits between you and lenders, comparing home loans across a panel, managing your application, and handling everything through to settlement. You don’t have to learn how the process works from scratch, chase lenders for updates, or figure out which paperwork a bank needs. Your broker handles all of it, and under ASIC’s best interests duty, they’re legally required to act in your interests throughout.

Having a specialist first home buyers broker in your corner is also helpful when banks have said no, offering an alternative route. Lender credit policies vary considerably, and the right broker already knows which ones to approach for your specific situation.

The service is 100% free to you as lenders pay brokers an upfront and trail commission when your loan settles. Any commissions must be disclosed before you proceed, and any direct broker fees must be confirmed in writing upfront.

Why Use a Broker as a First Home Buyer?

Going to your bank means seeing one lender’s products evaluated against one lender’s criteria. With a first home mortgage broker, you get:

  • Wide lender panel access: Instead of one bank’s range, you get a comparison across 50+ lenders. The difference between lenders on deposit requirements, income assessment, and grant scheme participation can be significant, and the right match isn’t always the most obvious one.
  • Grant and scheme experience: Grants and stamp duty concessions have eligibility conditions, application steps, and deadlines. A broker helps you maximise everything you qualify for and ensures nothing is missed, including combinations of schemes that stack together.
  • Comprehensive LMI management: Lenders Mortgage Insurance protects the lender if you default, not you, and can add $10,000–$25,000 to the cost of buying with a deposit under 20%. A specialist first home buyers broker knows which schemes waive it, which lenders offer profession-specific waivers, and how to structure the application to avoid it where possible.
  • Expertise with paperwork: A first home buyer who hasn’t been through this before doesn’t know what lenders want to see or when. A broker builds the application correctly from the start, reducing delays, re-requests, and the friction that comes with them.
  • Advocacy when it counts: When an application involves non-standard income (including low doc loans for self-employed buyers), a smaller deposit, or a property that requires specific lender appetite, a broker’s knowledge of the lending landscape matters more than anything else.

First Home Buyer Grants and Schemes We Help You Access

The grants and schemes available to first home buyers in Australia are valuable, but they vary by state, property type, and contract date, and combining them correctly takes acquired knowledge.

First Home Owner Grant (FHOG)

A one-off, tax-free payment for eligible buyers of new or never-occupied homes. The amount depends on where you’re buying. In VIC and NSW it’s $10,000, SA offers $15,000 with no property value cap for contracts from 6 June 2024, WA offers $10,000 on homes up to $800,000 from 7 May 2026, QLD reverted to $15,000 from 1 July 2026 on new homes up to $750,000, and the NT offers up to $50,000. In most states, the grant applies to new homes only, not established properties. 

Use Selectabroker’s FHOG calculator to check your state.

In NSW, eligible first home buyers pay no transfer duty on homes up to $800,000, with a concession applying to $1,000,000. Victoria provides a full exemption up to $600,000 and a concessional rate to $750,000 on both new and established homes. SA provides a full exemption on new homes and vacant land with no price cap, but no relief at all on established homes, which makes building new significantly more advantageous in that state. WA exempts duty on homes up to $600,000 with a concession to $800,000 from 7 May 2026. 

Use Selectabroker’s Stamp Duty Calculator to see what applies at your price point.

  • The Australian Government 5% Deposit Scheme: Eligible first home buyers can purchase with 5% deposit and no LMI, backed by the government. Income caps were removed in October 2025, opening the scheme to more buyers. Property price caps apply by location.
  • Single Parent Stream: Reduces the deposit requirement to 2% with no LMI for eligible single parents or legal guardians with at least one dependent. 5,000 places are available in 2025-26.
  • First Home Super Saver Scheme (FHSS): Eligible buyers can withdraw voluntary super contributions toward a deposit, up to a lifetime maximum of $50,000. Apply for an FHSS determination from the ATO before signing any property contract.
  • Help to Buy: Launched in December 2025, this federal shared equity scheme allows the government to contribute up to 40% of a new home’s purchase price (or 30% for an established home), requiring as little as a 2% deposit. Income and property price caps apply.

How Much Deposit Do First Home Buyers Need?

The 20% benchmark exists because it’s the threshold where most lenders will lend without charging LMI. But for most first home buyers, 20% isn’t a requirement, but a starting point.

Through the First Home Guarantee, eligible buyers can purchase with 5% deposit and pay no LMI, because the government guarantees the difference. The Single Parent Stream brings that to 2% for eligible single parents. A guarantor loan (where a family member uses equity in their own property to support your application) can reduce or eliminate the deposit needed without the buyer having to reach any particular savings threshold. Some lenders also waive LMI for certain professions, including healthcare, law, and accounting, regardless of deposit size.

LMI itself is worth understanding clearly. It’s a one-off premium charged when your deposit is below 20%, and it protects the lender (not you) if you default. On a $700,000 purchase with a 10% deposit, LMI can run to $15,000–$20,000 depending on the lender. Avoiding it, where possible, is something a first home loan broker actively works toward when structuring your application.

Use Selectabroker’s borrowing power calculator to get an estimate of what you can borrow before your first conversation.

Steps to Buying Your First Home

In today’s competitive housing market, securing your dream home can be challenging, especially for first-time buyers. Leveraging a 5% deposit guarantee can significantly ease the financial burden of home buying.

Here’s a step-by-step guide to help you navigate the process:

1. Research the Market

  • Determine your goals: Are you buying a home to live in or considering investment property loans as your first purchase?
  • Identify preferred locations: Research different areas to understand market trends, property types, and prices.
  • Assess affordability: Look at properties that fit within your estimated budget.
  • Evaluate your financial situation: Use a borrowing calculator to estimate how much you can borrow based on your income and expenses.
  • Set realistic expectations: Focus your property search on homes that align with your borrowing capacity.
  • Account for additional costs: Include expenses such as stamp duty, pest inspections, and legal fees in your budget.
  • Explore available grants and schemes: Check your eligibility for first home buyer grants or deposit schemes.
  • Consider mortgage insurance or guarantors: Understand the implications of lender’s mortgage insurance (LMI) and whether you might need a guarantor.
  • Prepare a detailed budget: Determine how much you can save each month towards your home deposit.
  • Use savings tools: Utilise tools to track your progress and ensure your goals are realistic.
  • Open a dedicated savings account: Separate your savings to minimise spending temptations and maximise interest benefits.
  • Explore different loan types: Decide whether a fixed, variable, or mixed interest rate suits you best.
  • Calculate affordability: Ensure mortgage repayments do not exceed 30% of your after-tax income.
  • Seek expert advice: Consult a lending specialist to help identify the most suitable loan options.
  • Obtain conditional pre-approval: This will enable you to act quickly when you find the right property.
  • Expert Guidance: Get help finding the best first home buyers loans.
  • Compare Loans: Access multiple lenders through one point of contact.
  • Personalised Advice: Tailor options to your situation.
  • Stay Informed: Regularly check listings and cross-check the property to ensure it meets the requirements of the loan application.
  • Inspect Properties: Attend open homes, ask plenty of questions.
  • Be Prepared: Have finances in order to make an offer quickly. If you’re buying before your current home sells, ask your broker about bridging loans.
  • Work with Your Broker: They’ll help ensure everything is done on time.
  • Meet Deadlines: Some schemes have limited availability.
  • Review Offers: Understand terms and fees.
  • Choose the Right Loan: Select what suits your needs best.
  • Ask Questions: Always clarify anything that’s unclear.
  • Legalities: A solicitor or conveyancer will handle this.
  • Plan Your Move: Notify utilities, organise moving services.

 

Connect with a first home buyer broker today – free, 7 days.

First Home Buyer Mortgage Brokers in Your Area

Selectabroker is a Victorian-based broker-matching service helping first home buyers across Australia, entirely by phone and online, with no office visit required at any stage. Wherever you’re buying, a matched broker navigates the local grant and stamp duty picture, compares lenders suited to your situation, and manages the full process to settlement.

Victoria

Drouin | Warragul | Bairnsdale | Swan Hill

New South Wales

Bathurst | Wagga Wagga | Nowra | Gosford

South Australia

Port Augusta | Clare | Berri

Western Australia

Kalgoorlie

Already own a home and thinking about your next move? Explore refinancing options through Selectabroker.

Just a few of our happy customers

Trusted by 1000's of Australians

When we found you guys we thought we had no hope. 3 Banks said no, and you were able find the right home for us. How you guys work for free amazes us

David & Clare

Castlemaine, Vic

The extensive documentation required seemed daunting, but Select a Mortgage Broker helped me organise everything efficiently. The process was smooth and stress-free

Mia

Surry Hills, NSW

Being self-employed, I was concerned about proving stable income, but Select a Mortgage Broker worked with me to find the best loan option. Their dedication finding me the right loan was exceptional! Highly recommend.

Jimmy K.

Busselton, WA

First Home Buyer Mortgage Broker FAQs

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How much deposit do I need to buy my first home?

With the First Home Guarantee, you can buy with as little as a 5% deposit and avoid Lenders Mortgage Insurance (LMI), because the government guarantees up to 15% of the property’s value. Single parents may be able to buy with just 2% under the Family Home Guarantee. Without a scheme, most lenders look for around 20% to avoid LMI.

It’s a federal government scheme where the government guarantees part of your loan, allowing you to buy with a 5% deposit and pay no LMI. Income caps were removed in October 2025. Property price caps still apply by location. A first home buyer broker can help confirm your eligibility and connect you with an approved participating lender.

Lenders Mortgage Insurance protects the lender if you default. It’s charged when your deposit is below 20% and can cost $10,000–$25,000 on a typical purchase, depending on the lender and deposit size. You can avoid it through the First Home Guarantee, a guarantor loan, or certain profession-specific lender waivers. A first home buyer’s broker identifies which option is realistic for your situation.

It depends on where you’re buying and what type of property. State FOHGs range from $10,000 in VIC, NSW and WA to $15,000 in SA. Stamp duty concessions vary significantly: NSW exempts duty on homes to $800,000 for eligible buyers, VIC exempts to $600,000, while SA only provides relief on new homes. Federal schemes include the First Home Guarantee, Single Parent Stream, FHSS, and Help to Buy. A first home mortgage broker works out the full picture for your specific purchase, because combining schemes correctly is where the real savings happen. All subject to eligibility.

A bank presents its own products. A first home loan broker compares 50+ lenders, handles grant and scheme identification, minimises LMI where possible, and manages the entire application on your behalf. Under ASIC’s best interests duty, a broker is legally required to act in your interests, which is a different obligation from that of a bank employee.

Nothing to you. Lenders pay upfront and trail commissions when your loan settles. Any commissions must be disclosed before you proceed, and any direct broker fees must be confirmed in writing upfront.

Not sure which loan type is right for you?

Connect with Craig and he can guide you through the various  loans and help you work out which is going to be the best fit. 

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