Buying your first home is an exciting milestone — but it can also feel overwhelming. Between saving a deposit, understanding lending criteria, and navigating government incentives, there's a lot to consider. This guide breaks down the essentials to help you start your journey with confidence.
Saving Your Deposit
Most lenders require a minimum deposit of 5–20% of the property purchase price. A larger deposit generally means better interest rates and avoids Lenders Mortgage Insurance (LMI) on loans above 80% LVR.
Consider setting up a dedicated savings account, exploring the First Home Super Saver Scheme, and reviewing your budget to accelerate your deposit timeline.
Understanding Grants and Schemes
Australian first home buyers may be eligible for stamp duty concessions, grants, and other incentives depending on their state or territory. These programs change regularly, so it's worth speaking with a broker who stays up to date with current eligibility criteria.
Getting Pre-Approved
Pre-approval gives you a clear picture of your borrowing capacity before you start house hunting. It shows sellers and agents you're a serious buyer and helps you focus on properties within your budget.
A Haven Brokers adviser can assess your financial situation, compare lender options, and guide you through the pre-approval process.
This article is for general information only and does not constitute personal financial advice. Please speak with a qualified finance professional before making decisions based on this content.