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First Home Buyers

While buying your first home is an exciting and emotional journey, it sometimes is very confusing.

Every buyer has their own perspective. Some look for a good area with good schools, while others look for a new house and growth potential. Every buyer’s needs, objectives and circumstances are different.

But what is common among the first home buyers? The amount of deposit. A lot of first home buyers are very tight on the budget with limited deposit.

If you are fortunate to have a 20% deposit, let’s help you find the best lenders with the best interest rates.

But if you are not fortunate enough to have a 20% deposit, don’t worry. We have lenders who would lend for your first home without charging you Lender Mortgage Insurance (LMI) in certain situations. To check if you are eligible, contact us at Oracle Ezy Finance.

We work for you, not the lenders.


  1. How much money can I borrow?

The first question that comes in a first home buyer mind is, how much can I borrow. While most of the first home buyers are aware that the borrowing capacity depends on income level of the borrowers, the fact is that getting finance is much more complex. Apart from income, lenders will often look at living expenses, number of dependants, other liabilities such as credit cards, personal loans, car loans and even HECS/HELP loans. Where you buy a house may also affect how much a lender is willing to lend you. For general guide on your borrowing capacity, you can use our borrowing capacity calculator. 

Borrowing Power Calculator

  1. Which is the best mortgage product for you?

There are multiple lenders, banks and financial institutions in the market who are looking to lend money to you to help you buy your first home. And these lenders have multiple home loan options. So, what is the best loan product for you? Which features are best suitable to you?

You are at the right place. We look at multiple loan options and then find a suitable loan product for you. We suggest multiple options to you to choose and work with all our due diligence and give you our honest and expert opinion. While you enjoy an exiting experience of buying your first home, we take all the stress away from you to make your first home buying an enjoyable experience as far as finance and mortgage is concerned.

  1. How much do I need for a deposit?

Normally, you will require a 5% to 10% deposit when buying your first home while signing the contract. Check with your solicitor / conveyancer if they can negotiate on your behalf.

From lending perspective, a deposit less than 20% attracts Lenders Mortgage Insurance commonly known as LMI. The lender or the bank which lends you money for your first home loan, insures the loan to secure themselves. They charge you this insurance known as LMI.

Even if you don’t have a 20% deposit, we may still have banks which will lend you to buy your first home without paying LMI. We look at factors such a percentage of deposit, property type i.e established property, building new home etc, occupation of the borrowers etc to determine the best lender to avoid paying Lenders Mortgage Insurance (LMI).

  1. Post Codes determining percentage of deposit:

Do you know that certain lenders will require a certain percentage of deposit when lending to you depending on the post code? This is much more relevant for regional areas. Contact us to find out to avoid getting caught out in this situation.

  1. How much will be my repayments?

Repayments will depend on the amount of home loan, the bank and product you choose. Although you can get an idea on our calculator, the exact repayment will be advised to you when the bank and the mortgage product has been finalised by you. We are very transparent and discuss all the product features, interest rates, repayments etc before proceeding to submit your loan application. Please use our repayment calculator as a guide to see your repayment. PLEASE INSERT THE LINK.

  1. How often do I need to make repayments?

Most lenders provide flexible options of making a repayment on your home loan. You will normally get an option of making repayments weekly, fortnightly, and monthly.

  1. Leave the legal contracts to professionals: At Oracle Ezy Finance we always recommend our clients to contact their solicitor or conveyancer before signing any contract while buying your first home. This saves you from unexpected and costly clauses in the contract.
  1. Keep allowance for fees and other expenses while buying your first home:

The following are the expenses and fees a first home buyer needs to be mindful of:

Moving Costs: If you are on a tight budget, be mindful of cost of moving such as removalists.

Building and Pest Inspection: If you are buying an establish home, we recommend you get a building and pest inspection to avoid any future costly repairs.

Stamp duty Calculator: While you may be exempt from stamp duty as a first home buyer depending upon the price of the property, we suggest you do your due diligence and contact your conveyancer and solicitor to check the stamp duty applicable. Buying a house under the price where you don’t pay stamp duty can sometimes be the biggest savings for a first home buyer, so keep this in mind.

Legal and Conveyancing costs: All first buyers should budget for at least $1000 for $1500 for legal and conveyancing costs.

Fencing, Landscaping, furniture Etc: You may require additional funds for fencing, driveways, landscaping, and furniture etc. So, always budget these as a first home buyer.

Costs after you have bought the house: Also factor in house and content insurance, Lenders Mortgage Insurance etc which will be required before the banks lend you the money for your first home.

  1. Due Diligence: Always keep in mind that your first home is your primary residence where you and your family will spend most of your time. Do your due diligence, weigh in all positives and negatives and don’t be rushed by real estate representatives.


  1. Getting a pre-approval: We also help you get a full pre-approval for your peace of mind so that you know your purchase limit.

Schemes for First Home buyers:

First home buyers are eligible for various schemes such as waivers on stamp duty etc. We will give you a brief on these schemes. For more information regarding your eligibility contact us or visit State Revenue Website, Victoria to determine your eligibility. We have included the state wise links to help you with further information on these grants.

For Queensland:

For Victoria:

For New South Wales:

For South Australia:

For Tasmania:

For Northern Territory:

For ACT:

First Home Loan deposit scheme:

First home buyers who do not have 20% deposit will generally need to pay lenders mortgage insurance commonly known as LMI.

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling a first home buyer to purchase their first home sooner with as little as a 5% deposit without paying LMI.

Any guarantee of first home buyer’s home loan is for up to a maximum amount of 15% of the value of their property as assessed by the lender. This guarantee is not a cash payment or a deposit for your home loan.

To avail this scheme first home buyers will need to satisfy different criteria’s such as income threshold and property price threshold etc. We have attached a link to the fact sheet from the National Housing Finance and Investment Corporation (NHFIC) for your convenience.

You can click on the link below to see the property price caps of the post code you are buying your first home in to avail this scheme.

Family Home Guarantee:

Are you a single parent with at least one dependent child?

Do you think it is impossible to buy a house to live in?

Are you paying off someone’s else mortgage?

Are you frustrated moving around to rent?

You think your savings are low for a deposit?

You dream to have your own house which you can call home?

Don’t get disappointed. We have lenders who will lend you to buy your dream home with only 2% deposit without paying Lender Mortgage Insurance (LMI) if you are eligible for Australian government scheme of Family Home Guarantee.

What is Family Home Guarantee?

The Family Home Guarantee is an Australian government initiative which aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous homeowner.


The buyer just needs to pay a deposit of 2% without paying Lender Mortgage Insurance (LMI) with NHFIC acting as a guarantor of 18% of the value of the property assessed by the lender / bank.

You may also be eligible for New Home Guarantee. To check your eligibility, you a contact the following link.

Contact us at Oracle Ezy Finance. Our experts will help you determine if you are eligible for any government schemes as a first home buyer. Our head office is in Bundoora right opposite to Uni hill DFO. You can visit us in Bundoora, Geelong, Wollert, and Saint Helena to discuss your home loans needs. Alternatively, we can organise a time on zoom and a phone call to discuss your needs.