First Home Buyer Guide

A practical overview of the main steps and decisions when buying your first home, wherever in Australia you’re buying. General information only.

1. Understand what you can borrow — income, existing debts, HEM benchmarks, serviceability rules; pre-qualification/pre-approval gives a clearer picture.
2. Deposit and Lenders Mortgage Insurance — many lenders from 5% deposit (usually with LMI); a larger deposit reduces or removes LMI; family guarantees can change the effective deposit.
3. Grants and stamp duty — First Home Owner Grants and stamp duty concessions or exemptions vary by state and depend on property value and whether it’s new or established; rules change, so confirm the current position for your state.
4. Pre-approval before you buy — lets you make offers with confidence; it’s not final approval, and the property is still assessed later.
5. Choosing the right loan structure — rate, offset, redraw, fixed vs variable; the right package features depend on how you’ll use the property.

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This guide is general information only and does not constitute financial advice. Rules and lender policies change.