Buying your first home is an exciting but totally non-trivial experience. It’s a massive financial commitment and there are a lot of things to consider. As an expert Australian mortgage broker, we understand that it can be overwhelming, so we’ve put together this guide to help you understand the facts about first home buyers in Australia.

First Home Buyers Grant

The Australian Government offers a First Home Buyers Grant (FHOG) to help eligible first home buyers get into the property market. The amount of the grant varies from state to state, but it’s generally around $10,000. To be eligible for the grant, you must be an Australian citizen or permanent resident, over 18 years of age, and you must be buying or building a new home. You must also meet certain income and asset tests.

Stamp Duty

Stamp duty is a tax that is paid when you purchase a property. The amount of stamp duty you pay will depend on the value of the property and the state or territory in which you are buying. In some states and territories, first home buyers may be eligible for a stamp duty concession or exemption.


When you buy a property, you will need to pay a deposit. The amount of the deposit will depend on the value of the property and the type of loan you are taking out. Generally, you will need to pay a deposit of at least 5% of the purchase price.

Home Loan Pre-Approval

Before you start looking for a property, it’s a good idea to get pre-approval for a loan. This will give you an idea of how much you can borrow and what your repayments will be. It’s also a good way to demonstrate to sellers that you are serious about buying a property.

Lender’s Mortgage Insurance

Mortgage insurance is a type of insurance that protects the lender if you default on your loan. It is usually required if you are borrowing more than 80% of the purchase price. The cost of mortgage insurance will depend on the amount you are borrowing and the type of loan you are taking out.

Interest Rates

Interest rates are the amount of interest you will pay on your loan. The interest rate you pay will depend on the type of loan you are taking out and the lender you choose. It’s important to shop around and compare interest rates to make sure you are getting the best deal.

Loan Repayments

Your loan repayments will depend on the amount you borrow, the interest rate, and the length of the loan. It’s important to make sure you can afford the loan repayments before you take out a loan.

At The Home Loan Partners, we understand that buying your first home can be a daunting experience. We are here to help you every step of the way. We can help you to understand the facts about first home buyers in Australia and guide you through the process of getting a home loan. We can also answer any questions you have and help you to find the best loan for your needs. Contact us today to find out more.

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