Home Loans for First Home Buyers

Buying your first home and taking out a home loan is probably the biggest financial commitment that you will have made or maybe ever make. For first home buyers getting the right home loan can be as daunting as finding the right home.


The first step when buying your first home is organizing your finances.


Professional mortgage brokers can assist you throughout the entire process so that you have a trouble-free and stress-free experience.


They can help you:


      • Compare your home loan options
      • Find the loan with the low rate, low fees and features that meet your needs
      • Select the correct home loan features and structure your home loan correctly (i.e. fixed rate vs variable rate, splits, interest-only vs principal and interest, offset account)
      • Understand the deposit and security requirements
      • Apply for government grants such as the First Home Owners Grant
      • Complete the home loan application and loan contracts once your loan is approved

How much deposit will first home buyers need?

It is important that you know how much deposit you need and how much you can borrow before you purchase a property. You can find information about how much deposit you need here:

If your family are willing to help you financially you may not need a deposit if you use a guarantor home loan. Find out more about guarantor home loans here:

Finding and buying your first home

Once you know how much deposit you need and how much you can borrow, you can then start your search for a home that you can afford to buy. You can search online to find properties for sale. You can also check the prices of sold properties and compare the price to properties for sale so that you can estimate how much they will sell for.


Some useful websites to assist you in your search for a home include www.realestate.com.au and www.domain.com.au.

Which first home buyer home loan is right for me?

The type of home loan that suits first home buyers will depend on their individual situation. This is why a mortgage broker will spend time going through your financial situation (your income, your budget, your other loans, and commitments); how much you want to borrow and any future plans. Your home loan specialist will then use this information when comparing the available home loan options.

Oak Laurel – Home loans made easy!

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