Buying your first home in Australia.
Everything you need to know about getting onto the Australian property ladder — from saving your deposit to signing on settlement day.
Getting started.
Buying your first home is one of life's biggest milestones. Understanding each step makes the journey far less stressful.
Save your deposit
Aim for 20% or explore low-deposit options from 5%.
Check your budget
Use our calculators to understand what you can afford.
Get pre-approved
Conditional loan pre-approval from a lender or broker.
Find your home
Search, inspect, and make an offer with confidence.
Settlement day
Sign, exchange contracts, and collect your keys!
Help that's available to first home buyers.
The Australian government and state governments offer a range of grants, stamp duty concessions, and loan guarantee schemes specifically designed to help first home buyers get onto the property ladder sooner.
- First Home Owner Grant (FHOG) — up to $30,000 depending on your state and property type
- First Home Guarantee (FHBG) — buy with as little as 5% deposit, no LMI
- Stamp duty concessions or exemptions for first home buyers in most states
- First Home Super Saver Scheme — save your deposit inside super at concessional tax rates
- Family Home Guarantee — single parents can buy with 2% deposit
Tips for getting pre-approved faster
Lenders look at your credit history, savings pattern, employment stability, and existing debts. A mortgage broker can present your application in the best light.
- Clear or reduce credit card limits — they affect your borrowing capacity even if unused
- Avoid buy-now-pay-later services (Afterpay, Zip) in the 3 months before applying
- Show genuine savings — 3–6 months of consistent deposits into a savings account
- Have 2 payslips, 3 months bank statements, and ID ready before approaching a lender
Common questions.
You may be eligible for the First Home Guarantee (FHBG), which allows you to buy with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI). The government acts as guarantor for the remaining 15%. Alternatively, some lenders offer low-deposit loans (under 80% LVR) but LMI will apply — typically 1–4% of the loan amount capitalised into the loan.
Working with a mortgage broker, conditional pre-approval can often be obtained in 24–72 hours for straightforward applications. Full formal approval typically takes 3–10 business days once you've found a property and have a signed contract. Turnaround times vary significantly by lender.
Yes — the 'Bank of Mum and Dad' is increasingly common. Options include: gifting deposit funds, acting as guarantor (using their property as additional security), co-borrowing, or providing a family pledge loan. Each option has different risk and tax implications. A broker can help structure an arrangement that works for your whole family.
Incentives change regularly. As of 2025, Queensland offers the highest FHOG at $30,000 for new builds. All states offer some form of stamp duty concession or exemption for first home buyers. The best strategy depends on your property type, price point, and location — speak to a broker or your state revenue office for the latest.
There's no universal right answer — it depends on the rate environment and your personal preference for certainty vs flexibility. Fixed rates give you budget certainty for 1–5 years. Variable rates move with the RBA cash rate and typically allow extra repayments and offset accounts. Many first home buyers choose a split loan (part fixed, part variable) for the best of both worlds.
Ready to take your first step?
Connect with a licensed Australian mortgage broker who specialises in first home buyers.
Get connected — it's free