First Home Buyers Guide to Getting a Home Loan in Australia

First Home Buyers Guide to Getting a Home Loan

Buying your first home is exciting, but the finance side can feel overwhelming. This guide breaks it down simply.

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What Lenders Assess

  • Your income and employment stability
  • Existing debts (credit cards, car loans, HECS)
  • Your living expenses
  • Your deposit size
  • Genuine savings history
  • Your credit score
  • Property type

Two borrowers on the same income can get very different results.

Strong strategy = getting approved comfortably.

5%Possible deposit
10%Better flexibility
20%+Lower costs
24–48hPre-approval

Common Mistakes

  • Getting pre-approval too late
  • Choosing wrong lender
  • Underestimating costs
  • Not reducing credit cards
  • Focusing only on rate

Costs to Budget

  • Stamp duty
  • Legal fees
  • Inspections
  • LMI
  • Moving costs
  • Emergency buffer

FAQs

Do I need 20% deposit?
Not always. Some buyers can purchase with less depending on their situation.
What is LMI?
Insurance that may apply if deposit is below 20%.
Why pre-approval matters?
It gives you clarity on budget and helps you move faster.

Ready to Make Your First Move?

Start Application

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