First Home Buyers

How we help first home buyers


  • We guide first home buyers step by step through the entire loan process
  • We ensure you have the expert advice you need to make informed decisions
  • We explain all the terms & conditions so you feel confident and comfortable
  • We make sure you understand all the costs involved
  • We compare the loans of Australia’s leading lenders to find the right options for you
  • We ensure you receive all the first home buyer grants & exemptions you are entitled to
  • If you need a guarantor, we help them understand the conditions and do all the guarantor paperwork
  • We do all the paperwork for your loan application & liaise with the lender on your behalf
  • We work with your conveyancer to ensure you have a smooth property settlement and get the keys to your new home

    Have one of our team contact you for advice on your first home loan

    We are with you all the way

    Buying your first home can be both an exciting and daunting experience and all first home buyers need expert advice and support from someone they can trust. At Assured Lending, our Mortgage Brokers will guide you step by step though the entire process, providing you with all the information and support you need to feel confident and make informed decisions. We understand that purchasing your first property is an emotional and often scary process. We take the fear away and simplify the entire experience with expert advice and support.

    Step 1 - Understanding the costs and what you can afford

    How much can you afford to borrow?

    This is the most important thing you need to know before you start looking at property. How much you can afford to borrow will depend on your current income, your assets, your living expenses and the deposit you have saved. Your borrowing capacity will also differ from lender to lender. An Assured Lending Mortgage Broker can do a cost & obligation free calculation on your maximum borrowing capacity based on your specific circumstances.

    How much deposit will you need?

    The maximum amount most lenders are prepared to offer for an owner occupied home is 95% loan to property value ratio (LVR). This means your total loan amount, including all fees, cannot be more than 95% of the value of the property. If you are able to save a larger deposit,  you will be able to get a lower interest rate on your loan because there is less risk to the lender.

    If your loan is more than 80% loan to property value ratio (LVR), you will be required to pay lenders mortgage insurance which is a one off fee paid to the lender as insurance against your loan. This fee will be added to your total loan amount. Commencing 1 January 2020, the First Home Guarantee Scheme is an Australian Government initiative to assist eligible first home buyers get into the home ownership market with a deposit as low as 5% and avoid paying lenders mortgage insurance.

    If you need help to calculate the minimum deposit you require for a property purchase, call us today and we will have an experienced mortgage broker do the calculations for you.

    Home buying costs

    If your purchasing your first property, you need to take into consideration all the costs that will be involved, not just the cost of the property. Click here to see what costs you may be required to pay.

    Getting a home loan pre-approval

    A home loan pre-approval is a conditional approval by a lender to loan you up to a set amount, as long as the property you purchase meets the lenders requirements. A pre-approval will give you the confidence to start your property search, knowing you are eligible for a loan and providing you with a set budget to work to when looking for a property. It is essential if you are considering purchasing at Auction. Once you have found a property, having a preapproval already in place means you can get your loan approved much faster. Most pre-approvals are valid for 3 months and can be renewed if you don’t find a property in this time. A pre-approval has no cost or obligation and can be arranged by an Assured Lending Mortgage Broker with over 30 of Australia’s leading lenders.

    First Home Owners Grant & Stamp Duty Exemptions

    The First Home Owner Grant in NSW was established to assist eligible first home owners to purchase a new home. The grant provides $10,000 to eligible first home buyers towards the purchase of a new home with a purchase price up to $750,000 if you are entering into a contract to build or a purchase price up to $600,000 if you are purchasing a newly built home.

    The government pays the First Home Owners Grant directly to the lender to add to your deposit and this is usually paid at the time of property settlement or if your building, when the slab is poured.

    As well as the NSW First Home Owner’s Grant, first home buyers are also entitled to exemptions or concessions on stamp Duty.  This is the NSW First Home Buyers Assistance Scheme. Under the scheme, eligible first home buyers will not pay any stamp duty on existing homes valued up to $800,000 and reduced stamp duty for existing homes valued between $800,000 and $1,000,000. For newly built homes that have never been lived in, there will be no stamp duty on properties valued up to $800,000 and reduced stamp duty for homes valued between $800,000 and $1,000,000. For vacant land, there will be no stamp duty for land valued at up to $400,000 and reduced stamp duty for vacant land between $400,000 and $500,000.

    An Assured Lending Mortgage Broker can assess all the grants & exemptions you are eligible for and apply for them on your behalf.

    Click here to download a fact sheet with eligibility criteria

    First Home Guarantee Scheme

    The First Home Guarantee Scheme is an Australian Government initiative to assist eligible home buyers get into the home ownership market with a deposit as low as 5% and avoid paying lenders mortgage insurance.

    There are lenders who will allow customers to take out a loan with a 5% deposit however they do charge Lenders Mortgage Insurance (LMI) to the customer which can run into the tens of thousands of dollars. Usually the only way to avoid LMI is to have a minimum deposit of 20% which can be extremely difficult for first home buyers or to get a family guarantee which may not be an option for many people. This new scheme will guarantee the first home buyer’s loan for the outstanding 15% so no LMI is charged.

    An Assured Lending Mortgage Broker can apply for the scheme on behalf of eligible first home buyers with one of the approved panel of lenders. Not every Lender will be approved for the first home loan deposit scheme so it’s important to speak with your Mortgage Broker about eligible loan options that best suit your needs. Click here for more details

    First Home Super Saver Scheme

    First Home Super Saver Scheme is an Australian Government initiative that allows eligible first home buyers to voluntarily contribute up to $50,000 to your superannuation and withdraw this amount (plus earnings, less tax) to buy your first home. Voluntary contributions include before-tax contributions, such as salary sacrifice, and after-tax contributions. Because you’re saving through your superannuation, you pay less tax than saving outside of super, which means you can build a larger deposit in a shorter amount of time. If you’re a couple, you can both use the scheme so you could double the amount you save to $100,000.

    Step 2 - Finding a property

    Choosing a property

    Purchasing your first property can be an emotional experience for many buyers so it’s important to analyse what your needs are before you begin your search. Your property should meet as many of your needs as possible as well as being a good investment in your future. First home buyers are usually on a tight budget so think about which needs must be met and which ones you are prepared to be flexible on.

    Have a clear checklist of features that you want the property to have, things like;

    new or existing home

    type of property – house, unit, duplex

    age & condition of the property


    number and size of bedrooms

    entertaining areas

    gardens and external space



    proximity to local shops, entertainment, schools and transport


    quality of neighbouring houses

    Download and print a copy of our free Property Viewing Checklist to take with you when you look at potential houses to purchase.

    If you find a property you believe may be a good investment, Assured Lending would be happy to provide a free online property report if it is an existing residential property. Please note, we are unable to obtain property reports for newly built properties. Click here to order your free report today which will include an estimated valuation on the property, previous sales history, location highlights, comparative sales details for similar properties that have been sold in the same area, median property prices for the suburb, properties sold per year in the suburb, capital growth and more.

    Purchasing a property

    Once you’ve found a property, inspected it several times to make sure you are certain and obtained an online property report from Assured Lending, it’s time to make an offer.

    Get a copy of the Contract of Sale from the Real Estate Agent.
    You need to hire the services of a conveyancer or solicitor to look over the contract of sale to make sure everything is correct. Your contract of sale will include a zoning certificate from the local council, a copy of the title to the property from the Land Titles Office and copies of documents outlining other registered interests over the property.

    Making an offer
    Try not to appear too keen when making an offer on a property and be prepared to negotiate. Your initial offer should be lower than the actual price you are prepared to pay so you have some room to negotiate. You also need to ensure you advise the real estate agent of any terms you would like with your offer such as time frame to move in.

    Paying a Deposit
    Once you have agreed on a price, you will need to pay a deposit and sign the contract of sale. Until this is completed, the property can be sold to someone else.

    Get pest and building inspections done
    Inspections will cost around $500 – $600, but they are essential to have done prior to making an offer and signing contracts. These inspections will let you know if there are any termites or other pests within the property or if there are structural issues that could cost you a lot of money to repair. These need to be taken into consideration when negotiating a purchase price for the property.


    Get your loan unconditionally approved
    Once contracts are signed, you will need to get your loan unconditionally approved. Your lender will need to have a valuation done on the property and you will need to have the property insured. Your personal Mortgage Broker at Assured Lending will help you with this process to make sure all the paperwork is done and the loan is approved and ready for settlement.

    The duration of the Settlement will be advised in your contract and can be negotiated. In NSW this is usually around 6 weeks. Prior to settlement, you are entitled to have one last inspection of the property to ensure it is still in the same condition. The balance of the property purchase is paid by your Lender on the last day of settlement and keys are exchanged.


    The Process of Getting a Loan for First Home Buyers


    1. Save as much as you can for a deposit. Minimum should be 5% of your intended purchase price
    2. Speak with a Mortgage Broker to go over your finances and your needs
    3. If you have a guarantor, the Broker will explain their obligations & commitments
    4. Your Broker will give you the details for any first home buyer grants & exemptions that you are eligible for
    5. Your Broker will go through all the available loans from Australia’s leading lenders to find the right option for you
    6. We will assemble your application for a loan pre-approval so you can start looking for a home with confidence
    7. Once you have selected a property and signed a contract of sale, we will submit all the details to the lender for an unconditional loan approval.
    8. When your loan documents arrive, we will help you complete the documents
    9. Your solicitor or conveyancer will arrange settlement with the lender and the funds will be transferred on the day of settlement

    First Home Buyers Tools

    Home Loan Guide

    Download our free comprehensive Home Loan Guide packed with valuable information, checklists, resources and home buying tips to help you navigate the process of getting a loan and buying property in Australia.

    First Home Buyer Grants & Exemptions

    As a first home buyer you may be entitled to multiple grants & exemptions on your property purchase. Download the below summary of the current grants & exemptions available.

    Property Valuation Report

    Would you like a free report on a property you are considering purchasing? Your property valuation report will include an estimated valuation on the property, previous sales history, location highlights, comparative sales details for similar properties that have been sold in the same area, median property prices for the suburb, properties sold per year in the suburb, capital growth and more.

    Housing Market Update

    Download this free report which has all the latest news & statistics for the housing market in Australia. Includes average home values by state, capital gains, housing supply & demand, auction clearance rates & much more.

    Property Inspection Checklist

    Print our property inspection checklist so you can ensure you are considering all aspects of a potential property during a viewing. This checklist could save you a lot of time and money making sure the property is in good condition.

    Suburb Profile Report

    Order your free suburb profile report to see how any Australian suburb is performing in the property market. Make informed choices on future property purchases with a detailed knowledge of the local area. This report features a suburb profile, median monthly sale prices, total number of properties for sale, median capital growth, housing structure, occupancy, resident statistics, and more

    Stamp Duty Calculator

    Calculate what the stamp duty will be for a property you are considering purchasing. Stamp duty is a tax required to be paid when purchasing land or property and is calculated on the value of your investment. Stamp duty varies between the different states in Australia.

    Mortgage Affordability Calculator

    Access our obligation free mortgage affordability calculator to get an instant estimate on how much you can afford to borrow. This calculator will also tell you what the monthly repayments may be on the loan amount and how much interest you might pay over the life of the loan.

    Income/Expenses Calculator

    Get a clear understanding of your current finances with our personal budget planner. Use this calculator to see if your finances are in surplus or shortfall and get a better idea of how your budget may look once you have purchased a property.

    Savings Calculator

    Calculate how much you will need to save each week to reach a set savings target. This calculator will also tell you how much interest you could generate on your saving and the amount of time it will take to reach your goal.

    Have one of our team contact you

    for advice on your first home loan

    We take uncertainty out of buying your first home with expert advice and support from start to finish.