Helping Melbourne First Home Buyers Get Into the Market
Buying your first home comes with plenty of questions. How much can you borrow? How much deposit do you need? Which lenders will consider your application? What first home buyer support could you use?
Our Melbourne first home buyer mortgage brokers help you answer those questions before you start making offers. We can assess your borrowing options, compare suitable lenders, help you understand available grants and schemes and manage your home loan from pre-approval through to settlement.
Book a free Clarity Call with our Melbourne mortgage broking team or find Out exactly how ready you are to buy your first home with our First Home Buyer Questionnaire.
First Home Buyer Loans in Melbourne
The right first home loan starts with understanding what you can realistically afford. Your income, expenses, existing debts, deposit and the lender you choose can all affect your borrowing capacity and the properties within reach.
Our mortgage brokers help you understand how lenders may assess your application and compare suitable home loan options based on your circumstances.
We can help you understand:
- How much you may be able to borrow
- What repayments could look like at different loan amounts
- How your deposit affects your lender options and loan-to-value ratio
- Whether existing debts or credit limits could affect your borrowing capacity
- The difference between fixed, variable and split-rate home loans
- Which loan features may actually be useful to you
- What price range to consider before you start house hunting seriously
The goal is to give you a realistic buying position before you find a property, rather than trying to work everything out once you are ready to make an offer.
How Our First Home Buyer Mortgage Brokers Can Help
Buying your first property means dealing with lenders, applications, government schemes, contracts and deadlines you may never have encountered before. Our mortgage broking team helps bring those pieces together and gives you a clear next step at each stage.
Find Out Exactly How Ready You Are to Buy Your First Home with our First Home Buyer Questionnaire.
Work Out Your Borrowing Position
We review your income, expenses, deposit, debts and financial commitments to help you understand how much you may be able to borrow and what loan repayments could mean for your budget.
Compare Home Loans and Lenders
Different lenders have different interest rates, lending policies, deposit requirements and ways of assessing borrowers. We compare suitable options across a broad panel of lenders rather than limiting your choice to one bank.
Check Your First Home Buyer Support
We help you understand which first home buyer schemes, grants and concessions may apply to your circumstances and how they could affect the deposit, property price and loan structure you work towards.
Arrange Your Home Loan Pre-Approval
Once you are ready to start seriously looking, we can prepare and submit your pre-approval application. This gives you a clearer understanding of your borrowing position before you make an offer or bid at auction.
Manage Your Loan Through to Settlement
Found the one? We help prepare the full application, organise lender requirements and keep the finance process moving through approval and settlement. You have a mortgage broking team you can come back to when questions come up rather than dealing with the process alone.
First Home Buyer Grants and Government Schemes in Victoria
First home buyer support can affect how much you need to save, what properties you can consider and how your home loan is structured. There are both Victorian and Australian Government programs that may help eligible Melbourne buyers.
Depending on your circumstances, this may include:
- Victorian First Home Buyer Duty Exemption or Concession: Eligible first home buyers may pay no land transfer duty on Victorian homes valued up to $600,000, with a concession available from $600,001 to $750,000.
- Victorian First Home Owner Grant: Eligible buyers purchasing or building a new home in Victoria may receive a $10,000 grant where the property meets the applicable requirements.
- Australian Government 5% Deposit Scheme: Eligible first home buyers may be able to purchase with a deposit from 5% without paying Lenders Mortgage Insurance. The scheme currently has no income caps, with property price limits applying.
- First Home Super Saver Scheme: You may be able to use eligible voluntary super contributions to help save for your first home.
- Other Government Home Buying Programs: Depending on your circumstances, other support such as shared-equity programs may also be worth considering.
Eligibility rules differ between programs and can change. Our mortgage brokers can help you understand what may apply to you and how it fits into your lending options before you base your buying strategy around a particular scheme.
Your Deposit, Lenders Mortgage Insurance and When to Buy
Do You Need to Wait Until You Have a 20% Deposit?
Not necessarily.
A 20% deposit can give you access to a broader range of lending options and may help you avoid Lenders Mortgage Insurance, but waiting until you have saved that amount is not the only path into your first home.
Depending on your circumstances, you may be able to purchase with a smaller deposit. Government-backed options may also allow eligible buyers to avoid lenders mortgage insurance without having a traditional 20% deposit.
We can compare what different deposit sizes mean for your:
- Loan amount
- Lenders available to you
- Lenders Mortgage Insurance
- Interest rate and loan options
- Cash required for settlement
- Ongoing repayments
- Eligibility for first home buyer schemes
Rather than assuming you need to keep saving or rushing into a purchase because you technically qualify, we help you compare the numbers and understand which approach makes sense for your position.
Why First Home Buyers Choose 360 Financial Strategists
Your first home loan is probably the largest financial commitment you have made so far. You want to know the person helping you understands the lending process, can explain it clearly and will still be there once an application has been submitted.
- Melbourne-Based Mortgage Broking Team: Work with a local team that helps first home buyers across Melbourne and understands the Victorian grants, concessions and lending considerations that can affect your purchase.
- More Than a Decade of Experience: 360 Financial Strategists brings over a decade of experience helping Australians make major lending and financial decisions.
- Access to a Broad Panel of Lenders: We compare suitable options across multiple lenders rather than sending you back to whichever bank you already use.
- 400+ Five-Star Google Reviews and Counting: Hundreds of clients have chosen 360 for clear advice, responsive support and help through major financial decisions.
- Support From Pre-Approval to Settlement: We stay involved as your purchase progresses, helping manage lender requirements and keeping you informed about what happens next.
Plan Your First Home Purchase With the Right Support
You do not need to have found a property before speaking with a mortgage broker.
Whether you are still building your deposit, ready for pre-approval or already attending inspections, we can help you understand where you stand and what needs to happen next.
With mortgage broking and financial planning under one roof, 360 can also help you consider how your first home fits alongside your future wealth creation, insurance and property goals.
Book a free Clarity Call with our Melbourne mortgage broking team and find out what your next step towards your first home could be.
Frequently Asked Questions
Is it worth using a mortgage broker as a first home buyer?
A mortgage broker can help you understand your borrowing capacity, compare suitable loans across multiple lenders, identify first home buyer support you may qualify for and manage the lending process through to settlement.
This can be particularly useful for first home buyers because you are making decisions around deposits, pre-approval, lender requirements and loan structures for the first time. Our role is to explain what matters, compare your options and keep the finance side of your purchase moving.
When should I speak to a mortgage broker before buying my first home?
You can speak to a mortgage broker well before you are ready to make an offer.
Starting early can help you understand your borrowing capacity, deposit requirements, potential repayments and whether there are changes you could make before applying for finance. It also gives you time to understand any first home buyer schemes or concessions that may affect your buying strategy.
If you are already house hunting, a broker can also help you work towards pre-approval so you have a clearer buying range.
How much deposit do I need to buy my first home in Melbourne?
There is no single deposit amount that applies to every first home buyer. Your required deposit depends on the lender, property, loan amount and whether you qualify for a government-backed scheme.
While a 20% deposit can help you avoid Lenders Mortgage Insurance in many circumstances, eligible buyers may have options to purchase with substantially less. We can compare the lending options available at different deposit levels and show you what they mean for your repayments and upfront costs.
What first home buyer schemes are available in Victoria?
Eligible Victorian first home buyers may have access to several forms of support, including the Victorian First Home Buyer Duty Exemption or Concession, the Victorian First Home Owner Grant for qualifying new homes, the Australian Government 5% Deposit Scheme and the First Home Super Saver Scheme.
Do first home buyers pay stamp duty in Victoria?
Eligible first home buyers in Victoria currently pay no land transfer duty on qualifying properties valued up to $600,000. A reduced amount may apply to properties valued between $600,001 and $750,000.
Your eligibility and the amount payable depend on your purchase, so make sure the applicable concession is confirmed when working out the total funds you will need.
What is Lenders Mortgage Insurance, and can first home buyers avoid it?
Lenders Mortgage Insurance is insurance that protects the lender and may apply when you borrow a high percentage of the property’s value.
You may be able to avoid lenders mortgage insurance` by contributing a larger deposit or, if eligible, purchasing through a government-backed scheme such as the Australian Government 5% Deposit Scheme. We can compare these options and show you how they affect the overall loan.
Do I need pre-approval before house hunting in Melbourne?
Pre-approval is not mandatory, but it can give you a much clearer idea of your borrowing position before you make an offer or bid at auction.
It can help establish your likely price range and identify lending issues earlier in the process. Pre-approval remains conditional and is not the same as unconditional or final loan approval.
How long does home loan pre-approval take?
The timeframe depends on the lender, the completeness of your application and the complexity of your financial circumstances. Some applications can move quickly, while others require further documents or assessment.
We help prepare the application properly, identify the information the lender requires and keep you updated as it progresses.
Can I use my super to help buy my first home?
The First Home Super Saver Scheme allows eligible buyers to access certain voluntary contributions they have made to super, plus associated earnings, to help purchase a first home.
There are contribution and release limits, so you should understand the scheme before making contributions specifically for this purpose. We can help you consider how it may fit into your broader first home strategy.
Can I buy my first home with a 5% deposit?
Eligible first home buyers may be able to purchase with a deposit from 5% through the Australian Government 5% Deposit Scheme without paying Lenders Mortgage Insurance.
Lender requirements and property price limits still apply, so qualifying for the scheme does not automatically mean a particular loan or property will be affordable for you. We can assess the lending side and help you understand what a 5% deposit would mean for your repayments and overall budget.
What happens after my offer on a property is accepted?
Once your offer is accepted, the finance process usually moves from pre-approval towards formal assessment of your application and the property.
Your lender may require updated documents, complete a valuation and assess the property before issuing unconditional approval. We work with you throughout this stage and help coordinate the finance requirements through to settlement.
We’re Here to Help with Your Questions and Enquiries
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