Buying your first home is one of life's biggest milestones — and one of its biggest financial decisions. This guide breaks the process into simple steps so you know what to expect.
How much deposit do you need?
As a rule of thumb, a 20% deposit lets you avoid Lenders Mortgage Insurance (LMI). But you don't always need 20% — there are low-deposit loans and government schemes that can help you buy sooner. The trade-off is usually paying LMI or meeting scheme eligibility rules.
Use our deposit calculator to see how different deposit sizes change your loan amount and loan-to-value ratio.
Grants and schemes
Depending on your state and circumstances, you may be eligible for:
- A First Home Owner Grant
- Stamp duty concessions or exemptions
- A Home Guarantee Scheme place (buy with a smaller deposit, no LMI)
These change regularly and have eligibility rules, so it's worth checking what applies to you.
Don't forget the other costs
Beyond your deposit, budget for:
- Stamp duty (if it applies) — try our stamp duty calculator
- Legal and conveyancing fees
- Building and pest inspections
- Loan and government fees
The steps to buying
- Work out your budget and borrowing power
- Get pre-approval so you can shop with confidence
- Find a property and make an offer
- Finalise your loan and exchange contracts
- Settle — and get the keys
Talk to us
We help first home buyers every day. We'll explain your options in plain English and find a loan that fits. Get started — it's free and there's no obligation.