Key takeaways
- Getting pre-approved first means you shop with a clear budget and real confidence.
- First-home buyers may access grants and schemes that reduce the deposit and costs needed.
- Your deposit is only part of the upfront cash — plan for stamp duty, legals and inspections too.
- A broker handles the lender legwork so you can focus on finding the right home.
Your first home is likely the biggest purchase you’ll ever make, and nobody hands you a manual. The process can feel like a maze of jargon, paperwork and big numbers. So let’s lay it out simply, step by step.
Step 1: Understand your borrowing power
Before you fall in love with a listing, find out what you can realistically borrow and repay. This depends on your income, expenses, existing debts and deposit. Knowing your number early stops heartbreak later — and shapes where and what you look for.
Step 2: Sort your deposit (and know the schemes)
You don’t always need 20%. Many first-home buyers get in with 5–10%, and government schemes can let eligible buyers purchase with as little as 5% and no Lenders Mortgage Insurance. There may also be grants for new builds in some states. Eligibility and price caps change, so it’s worth checking what currently applies to you.
First-home buyer schemes and grants can be worth tens of thousands of dollars — but they have eligibility rules, price caps and limited places. Getting advice early means you don’t miss one you qualify for.
Step 3: Get pre-approved
Pre-approval is a lender’s conditional “yes” based on your finances. With it, you can bid or make offers with confidence, sellers take you seriously, and you know your ceiling. It’s the difference between shopping with a budget and guessing.
Step 4: Find your home and make an offer
Now the fun part. With pre-approval in hand, you can move quickly when the right place appears. Whether it’s private sale or auction, you’ll know exactly how far you can go — and we’re on hand if you need to check anything before you commit.
Step 5: From offer to settlement
Once your offer’s accepted, the lender does a full assessment (including valuing the property) to move from pre-approval to unconditional approval. Your conveyancer handles the legal transfer, and on settlement day the property — and the keys — become yours. We coordinate the lender side so it stays on track.
The costs to budget for
- Deposit — typically 5–20% of the price
- Stamp duty — often reduced or waived for first-home buyers
- Conveyancing / legal fees
- Building and pest inspections
- Loan and registration fees, plus moving costs and a buffer
Start your first-home journey — free
Book a free Game Plan Call. We’ll explain everything in plain English, check which grants and schemes you qualify for, and get you pre-approved so you can shop with confidence.
Book your free game plan callFrequently asked questions
What government help is available for first-home buyers?
Depending on your state and eligibility, this can include schemes that reduce the deposit needed and remove LMI, stamp duty concessions, and grants for new builds. The specifics change over time, so it’s best to check what currently applies to you.
How much deposit do I need as a first-home buyer?
Often as little as 5%, especially if you qualify for a government scheme. More deposit means a smaller loan and less interest, but you don’t necessarily need 20% to buy.
Should I get pre-approved before house hunting?
Yes. Pre-approval gives you a clear budget, lets you act fast when you find the right place, and signals to sellers that you’re a serious buyer.
This guide is general information only and does not take your personal circumstances into account. It is not financial or credit advice. Government schemes, lender policies and rates change over time and eligibility criteria apply. Speak with us for advice tailored to your situation.