*With First Home Guarantee scheme
Three Phases to Homeownership
Follow our structured guide through planning, searching, and settling your first home
Get Ready to Buy
Prepare your finances, understand your budget, and learn about the home buying process.
Guides & Articles
Checklist
- 1Check your credit score
- 2Calculate your borrowing power
- 3Set a savings goal for deposit
- 4Research government grants
- 5Get pre-approved for a loan
Find Your Home
Search for properties, attend inspections, and make an offer with confidence.
Guides & Articles
Checklist
- 1Get written pre-approval
- 2Research suburbs and prices
- 3Attend open inspections
- 4Get building and pest inspections
- 5Engage a conveyancer/solicitor
Complete Your Purchase
Navigate contracts, final approval, and settlement to get the keys to your new home.
Guides & Articles
Checklist
- 1Sign the contract of sale
- 2Pay the deposit (usually 10%)
- 3Wait for cooling-off period
- 4Get unconditional loan approval
- 5Complete final inspection
- 6Settlement day - get your keys!
Calculate Your Borrowing Power
Find out how much you could borrow based on your income and expenses
Borrowing Power Calculator
Industry-standard methodology — APRA serviceability buffer applied
Before-tax annual salary. Include base salary and guaranteed allowances only.
Gross annual rent. Lenders apply 80% shading.
Regular bonuses, dividends, government payments (80% assessed).
Car loans, personal loans, HECS/HELP, other mortgages.
Enter combined limit, not balance. Lenders assess 3.5% of limit p.a.
Buy now pay later, maintenance payments, investment margin loans, etc.
Enter your income to get started
Your result updates in real time as you fill in each section. The more detail you add, the more accurate your estimate.
This calculator uses industry-standard methodology: APRA 3% serviceability buffer, Australian tax rates 2025–26, and Household Expenditure Measure (HEM) benchmarks from the Melbourne Institute. Results are indicative only and not a credit assessment or loan approval. For an accurate borrowing capacity assessment speak with one of our brokers.
Government Help for First Home Buyers
Frequently Asked Questions
How much deposit do I need for my first home?
While 20% is ideal to avoid Lenders Mortgage Insurance (LMI), first home buyers can purchase with as little as 5% deposit through government schemes like the First Home Guarantee. Some lenders accept 10-15% deposits with LMI.
What is the First Home Owner Grant?
The First Home Owner Grant (FHOG) is a one-off payment from the government to help with purchasing costs. In NSW, it's $10,000 for new homes up to $600,000. Amounts vary by state and typically apply to new builds or substantially renovated properties.
How long does it take to buy a first home?
From starting your search to settlement typically takes 3-6 months. Pre-approval takes 1-5 days, finding a property varies, and settlement is usually 6-8 weeks after signing contracts. We can help streamline this process.
Should I use a mortgage broker or go direct to a bank?
A mortgage broker compares loans from 30+ lenders to find the best option for your needs. Our service is free for borrowers (lenders pay us), and we handle the paperwork and negotiations. Banks can only offer their own products.
What government help is available for first home buyers?
Key programs include: First Home Owner Grant (varies by state), First Home Guarantee (5% deposit, no LMI), stamp duty exemptions/concessions, and the Help to Buy shared equity scheme. Eligibility criteria apply to each.