Buying your first home is one of life’s milestones, and it can be overwhelming to navigate the maze of information on the internet. Therefore, I decided to write this article as a comprehensive guide for all First-Home Buyers in Australia. Here we go…
To begin with, I must say, it is a must-do thing to talk to a mortgage broker before you even start to search for a property.
What do mortgage brokers do for first home buyers?
A mortgage broker acts as a personal loan expert, guiding you through each step of the way from getting you a pre-approval to settlement, all at no cost to you. Here’s how it works:
Firstly, let me share my own story: a very long time ago, when I was buying my first property in Melbourne, two days before settlement, my mortgage broker informed me that I needed $1,700 more to cover the strata costs and council rates. At that time, this was a big deal for me. Anyways, somehow managed to arrange the money, but it was a very stressful situation for me. Who is to blame for this situation? No one, because after all, the client needs to do everything.
As an experienced mortgage broker, I have been assisting first-home buyers in Australia. I ensure that my clients have all the information upfront, so they don’t face a stressful situation like I did.
1. Loan Comparison Across 30+ lenders: We shop around for you, comparing the lowest interest rates, maximum borrowing, and flexibility that suits your needs
2. Explain Government Grants and Schemes: We will guide you with all the relevant information so you can make an informed decision on your investment.
- First Home Guarantee (FHBG)
- First Home Owner Grant (FHOG)
- Stamp Duty Concessions
3. Help you get fast Pre-approval: We assist you in gathering all your paperwork and matching it with the lender’s policies and eligibility to get you pre-approval, so you can negotiate with confidence.
4. Personalised Guidance for Your Situation: We work with all types of first home buyers, single, couples, and self-employed buyers, offering guidance based on your current income and goals.
5. We strive to build lifelong professional relationships: our goal is to provide you with relevant and appropriate financial knowledge, enabling you to make informed decisions about your investments. We are driven by excellence and take pride in being a partner in your wealth creation journey.
Key First Home Buyer Announcements – Australian Federal Budget 2025
1. Expansion of the First Home Guarantee
- The FHBG now supports up to 50,000 places in 2025–26, allowing eligible first home buyers to purchase with just 5% deposit and no LMI (Lenders Mortgage Insurance).
- Eligibility extended to permanent residents (previously only citizens).
2. Super Saver Scheme Enhancements
- The First Home Super Saver Scheme (FHSSS) cap increased to $60,000 (up from $50,000), allowing first home buyers to save faster using their superannuation.
3. New Regional Home Buyer Support Fund
- New $1.2 billion fund to help regional buyers access low-deposit loans via partnerships with lenders.
Ready to buy your First Home?
At VOXFIN, we are passionate about helping Australians achieve their first home ownership – you will work with the best mortgage brokers for First Home buyers in Melbourne, Australia, providing the guidance you rely on.
Book a free first-home buyer strategy session today at https://voxfin.com.au/contact-us/ or simply call us at 03 7065 2000.