Buying your first home is one of the most exciting — and daunting — financial decisions you'll ever make. This guide walks you through everything you need to know.
How Much Deposit Do You Need?
Most lenders require a minimum 5% deposit, though putting down 20% or more means you can avoid Lenders Mortgage Insurance (LMI). For a $600,000 property, that's:
•5% deposit: $30,000 (plus LMI of ~$15,000–$20,000)
•10% deposit: $60,000 (plus LMI of ~$8,000–$12,000)
•20% deposit: $120,000 (no LMI)
Government Grants & Schemes
Several programs exist to help first home buyers:
•First Home Owner Grant (FHOG): Up to $10,000 for new homes in most states
•First Home Guarantee: Purchase with as little as 5% deposit without paying LMI (limited places)
•Stamp duty concessions: Reduced or waived stamp duty for first home buyers (varies by state)
The Process: Step by Step
Get pre-approved — Know your budget before you start looking
Find your property — Search, inspect, and make an offer
Formal approval — Submit the full application with property details
Settlement — Sign the paperwork and get the keys
Tips for Success
•Start saving early and demonstrate consistent savings habits
•Minimise other debts (credit cards, personal loans, BNPL)
•Keep your employment stable during the application process
•Get a building and pest inspection before committing
How a Broker Can Help
A licensed mortgage broker can guide first home buyers through every step — from finding competitive rates to accessing every grant available. Mazal Mortgages can introduce you to a broker who specialises in first home buyer lending.