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BUYING YOUR FIRST HOME

We make it simple to buy your first home sooner. Apply online or talk to one of our friendly finance specialists today.

2.60%

VARIABLE RATE P.A.*

*Terms & Conditions apply. Limited time only. Subject to approval.

PURCHASE WITH CONFIDENCE

Buying your first home or investment property will probably be one of the biggest decision and expense you will ever make. Getting the expertise of a professional mortgage broker can help you be on your way to a better mortgage.

Choose with confidence with industry leading mortgage brokers to help you make a well informed decision. We’ll guide you through the type of loans available, the loan process and the steps involved. They will be able to give you professional advice to match your needs with suitable loan products.

THE RIGHT LOAN AT A GREAT RATE

The lender and loan you choose for your next home loan should depend on your specific situation. In today’s market it pays to shop around, but there’s a few things to look out for to ensure you get started on the right track.

From comparing home loan options from a wide choice to lenders, to preparing the paperwork and negotiating a competitive rate. Your mortgage broker does all the legwork, supporting you through to settlement.

Streamlined, stress free, mortgage solutions

Great Rates

Low rates, flexible options and personalised service.

Expert Advice

Free, expert advice from a dedicated broker.

First Home Buyers Grant

Government grant eligibility and application assistance.

Apply Online

Hassle free, convenient online application process.

We negotiate better rates with more than 35 lenders

Thousands of home loans, multiple lenders. We’ll find the one that’s right for you.

READY TO TAKE THE NEXT STEP?

Our finance specialist are available to answer all your questions by calling 1300 090 298 or

Learn more about purchasing your first property

  • Millennials remain optimistic about home ownership despite the current array of risk and uncertainty, unwilling to let the pandemic interrupt their plans. A third say they want to buy a property in the next one to two years, new research shows.

  • From today, 10,000 more first-home buyers will be able to take out loans with as little as 5% deposit, without incurring lenders’ mortgage insurance.

  • With property prices rising across many of Australia's property markets, it is becoming increasingly difficult for some first home buyers to get their foot on the property ladder. Here's a breakdown of the various grants and discounts currently available to first home buyers in Australia.

  • Ever wondered what your lender is looking for when approving your loan. Here are the four C’s major banks will scrutinise during your application...

  • Here are five tips that will help you feel confident and knowledgeable - putting you in the best position to make a sensible and profitable home-buying decision.

  • Pre-approval is one of the most important steps you’ll take. Knowing the basics will boost your confidence come auction day and ensure you know exactly where you stand with your bank.

Frequently asked questions

How much money can I borrow?

The amount you can borrow, commonly known as your borrowing capacity or borrowing power will be determined based on your unique set of financial circumstances. Your income, assets, liabilities and credit history can all affect your borrowing power. How much money you can borrow will also differ from lender to lender.

Your mortgage broker will give you a complete individual assessment of your situation but in the meantime, our home loan calculators can give you initial idea.

How do I choose which loan is best for me?

We’ll help you find which of the hundreds of home loans offered by our panel of lenders will best suit your needs. Take a look at our article explaining the most common home loan features to see which are likely to be important to you.

How much do I need to save for a deposit?

The deposit required depends largely on the type of home loan and, of course, the lender you select. As a general rule, if you are an owner-occupier you’ll require 5-10% of the purchase price as a deposit. If you are an investor, you’ll ideally require 10% of the purchase price, although it’s possible to purchase with less.

Check out our Deposit Planning Calculator to help determine the amount you need to save each month and how long it will take to reach your desired deposit.

What is the First Home Owner Grant?

The First Home Owner Grant Scheme is funded by the Federal Government and administered by the Office of State Revenue (OSR). The scheme assists eligible first home owners to purchase or build their first home by offering a monetary grant. The grant applies to residential dwellings only.

In order to be eligible for the grant, you must be buying or building your first home and satisfy all the eligibility criteria. Click here to find out more.

How much is the First Home Owner Grant?

We all like free money, and that’s exactly what the First Home Owner Grant (FHOG) is – a lump sum of cash to help with the purchase of your first home.

The First Home Owner Grant is funded by state governments, so different amounts are available in each of state and territory. Exactly how much you will receive depends on where you are buying. In regional Victoria, for instance, the FHOG is worth $20,000.

Click here to find out more.

Can the First Home Owner Grant be used as a deposit?

Yes! The whole purpose of the First Home Owner Grant is to help you manage the costs of owning a home, though it may not be enough to form your whole deposit.

Your application for the First Home Owner Grant usually only takes a week or two to be processed, however exactly when you receive the Grant depends on whether you are buying or building.

Each state and territory has its own rules, but generally the grant’s paid out under the following conditions:

  • Established home: Payment will be made on settlement
  • Contract to build: Grant paid to the builder with the first progress payment
  • Owner builder: Payment on receipt of the Certificate of Occupancy
  • New home: Payment at settlement
  • Purchase off the plan: Payment at settlement

How can I apply for the First Home Owner Grant?

Applying for the First Home Owner Grant is easy, and your mortgage broker will help with the paperwork.

Basically, there are two ways to apply for the First Home Owner Grant. You can apply through your lender at the same time you apply for your home loan (this is where we can help), or you can apply directly to the state government body (usually the Revenue Office) that handles the First Home Owner Grant in your area.

My partner and I are both eligible for the the First Home Owner Grant. Will we receive it twice?

Unfortunately no.

During the application, only one person will be granted the the First Home Owner Grant (FHOG). However, before discussing your eligibility for the grant you must make sure that your partner or spouse has not previously received the grant in any Australian state or territory. Otherwise, you may not be permitted access.

Find out more by visiting the official Australian grant First Home Owner Grant page here.

Are first home buyers exempt for stamp duty?

That depends. Some states offer generous savings on stamp duty for first home owners, others do not offer concessions on stamp duty at all. In a number of states, saving on stamp duty are only available if you buy or build a new home.

This makes it important to know whether stamp savings are available to first home buyers in your part of Australia – stamp duty can be expensive, and you may need to add the cost to your home buying budget.

What is stamp duty?

Stamp duty is one of the upfront costs that apply when you buy a home or vacant land. It is a type of state government tax, so the rates of duty differ between states. The common thread is that stamp duty is calculated as a percentage of the price paid for your home.

Put simply, the amount of stamp duty you will pay depends on where you are buying, and how much you pay for your home or vacant land.

Use our stamp duty calculator to get an idea of what you will need to pay.

We’ve helped thousands of Australians finance their dreams

TLR Stars

“A simple coffee meeting has turned out to be a great relationship with The Loan Room. Their services and advice has been very beneficial and they were able to negotiate a far greater rate from the Major Banks. They showed us clearly the pros and cons of each Institution and gave us ample time to select our current lender. Give it a go, it’s well worth it!” – John Sanderson, Hawthorn VIC

TLR Stars

“My experience as a nervous first home buyer was extremely smooth due to my broker’s expert advice! She explained everything to me with exceptional patience, and provided honest answers to all my questions. She went above and beyond to assist me – from property advice, to loan comparisons, to settlement. I don’t think I could’ve done it without her! Thank you!” – Heather Stewart, VIC

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