First Home Buyers

Buying your first home is an exciting milestone but it can also feel overwhelming. Every buyer is different: some focus on finding the right location or schools, while others prioritise a brand-new home or long-term growth potential.

What most first home buyers have in common, however, is the challenge of saving for a deposit. At Oracle Ezy Finance, we help you explore your options, whether you have a full 20% deposit or less.

Your Deposit Options

20% Deposit → If you’re fortunate enough to have a 20% deposit, we can help you access the most competitive lenders and interest rates
Less than 20% Deposit → Don’t worry. Many lenders will still finance your first home, and in some cases, we can even help you avoid Lender’s Mortgage Insurance (LMI). Contact our team to check your eligibility

1. How much can I borrow?

Your borrowing power depends on more than just income. Lenders also consider living expenses, dependants, existing loans (credit cards, personal or car loans, HECS/HELP) and even the property’s location.

2. Which home loan product is right for me?

There are hundreds of loan products available, each with different features. Instead of leaving you to compare them alone, we do the research for you. Our team reviews multiple options, shortlists the most suitable, and provides clear, honest advice so you can make the best choice.

3. How much deposit do I need?

Most first home buyers need a 5%–10% deposit
A deposit less than 20% usually attracts LMI
However, in certain cases, we can match you with lenders who allow you to borrow with a smaller deposit without paying LMI

Keep in mind: deposit requirements can vary by postcode especially in regional areas.

4. What will my repayments be?

Your repayments depend on the loan amount, lender, and product chosen. We provide full transparency before you apply.

5. How often can I make repayments?

Most lenders let you choose between weekly, fortnightly or monthly repayments, giving you flexibility to manage your budget.

Extra costs to budget for

Buying your first home comes with additional expenses beyond the deposit. Make sure you allow for:

Moving costs (removalists, truck hire, etc.)
Building & pest inspections (for established homes)
Stamp duty (check if you qualify for first home buyer exemptions)
Legal & conveyancing fees ($1,000–$1,500 approx.)
Fencing, landscaping, furniture & appliances
Insurance (house & contents, mandatory before settlement)

Government Schemes & Grants

First Home Loan Deposit Scheme (FHLDS):

Buy your first home with as little as 5% deposit without paying LMI
The government guarantees up to 15% of the property value
Eligibility depends on income limits and property price caps

Family Home Guarantee:

Designed for single parents with at least one dependent child
Buy a home with just a 2% deposit and no LMI
The government guarantees up to 18% of the property’s value

Other State-Based Schemes

Each state has its own grants, concessions, or stamp duty waivers for first home buyers. Check your eligibility here:

QLD – https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant
VIC – https://www.sro.vic.gov.au/first-home-owner
NSW – https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes
SA- https://www.revenuesa.sa.gov.au/
TAS- https://www.revenuesa.sa.gov.au/
NT- https://www.revenuesa.sa.gov.au/
ACT- https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme/first-home-owner-grant

Book a consultation with Oracle Ezy Finance today

Oracle Ezy Finance is your trusted mortgage broker in Epping and nearby suburbs helping individuals, families and businesses secure the right home loans, investment loans, commercial finance and personal loans with ease. We make lending simple, transparent and stress-free