Buying your first home is easier to plan when the deposit, LMI position, grants, concessions and lender approval steps are all checked together before you start making offers.
Plan the first move
First home buyers often have several possible pathways: a standard loan, a low-deposit guarantee, Help to Buy shared equity, state grants, stamp duty concessions or a family support option. The right pathway depends on the buyer, property, lender and timing.
The simple version
Most buyers start by asking how much they can borrow. That matters, but the better starting point is how the deposit, property costs and scheme eligibility work together.
A lower deposit can help you buy sooner, but it may also change the lender options, repayment buffer, valuation risk and what happens if your plans change after settlement.
Low-deposit options
The Australian Government 5% Deposit Scheme can help eligible first home buyers purchase with a smaller deposit and no lenders mortgage insurance under the scheme. The government guarantee supports the lender; it is not a cash payment into your bank account.
Shared equity
Help to Buy is a shared equity scheme where the Australian Government may contribute toward the purchase price. Official guidance says buyers need a minimum 2% deposit, a loan from a participating lender, and the government may contribute up to 30% for an existing home or up to 40% for a new home.
This can reduce the loan you need, but it also means understanding shared equity obligations, future income reviews, sale rules and how you may buy out the government share later.
Estimate
Use this as a rough planning guide only. A lender, scheme provider and conveyancer need to confirm the real figures before you rely on them.
Enter the purchase price, available deposit, expected grants and purchase costs.
Process
The smoothest pathway is usually scheme checks and lending checks moving together, so you know what type of property and contract timing you can safely work with.
Map savings, grants, duty, conveyancing, inspections, moving costs and emergency buffer.
Compare 5% Deposit Scheme, Help to Buy, grants, concessions and whether the property type can qualify.
Review income, debts, living expenses and lender policy before you rely on a purchase price.
Collect payslips, bank statements, ID, deposit evidence, employment details and any gift letter required.
Understand conditions, valuation risk, contract clauses and timing before making offers.
After settlement, review repayments, offset, redraw, insurance and a buffer for life as a homeowner.
Important traps
Broker support
We can help compare lender options, check borrowing capacity, map the deposit and scheme pathway, explain documents and help you prepare for pre-approval before you start making offers.
We cannot provide legal, tax, grant entitlement or transfer-duty advice. For those parts, check the official scheme provider, state revenue office or your conveyancer.
Official resources
Rules can change. These sources are included so borrowers can check the current official guidance.
Housing Australia scheme information and property price caps.
Open Housing AustraliaAustralian Government shared equity scheme information.
Open Help to BuyQueensland first home transfer duty concession guidance.
Open QRO concessionQueensland First Home Owner Grant information.
Open QRO grantQuestions
Helpful answers about deposits, schemes and approval steps.
Some eligible first home buyers may avoid LMI through a government guarantee pathway or specific lender policy, but eligibility and property rules need to be checked before relying on it.
No. Help to Buy is a shared equity scheme. The 5% Deposit Scheme is a government guarantee pathway. The best option depends on your deposit, income, property and long-term plan.
Some grants or contributions may help with funds to complete, but lenders still need to confirm acceptable deposit evidence, savings history and scheme rules.
Ready when you are
Book a call and we will help you map the deposit, scheme options, lender questions and next steps for your first purchase.
