First Home Buyers

First Home Buyer Loans Melbourne — Your Step-by-Step Guide

Buying your first home in Melbourne is exciting and overwhelming in equal measure. Finseek breaks it down step by step — from understanding your borrowing power to settlement day.

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First home buyers in Australia may be able to purchase with as little as 5% deposit and no Lenders Mortgage Insurance through the Home Guarantee Scheme. Additional support includes the First Home Owner Grant (FHOG) and stamp duty exemptions and concessions. A mortgage broker can help you understand which you qualify for and find the best loan from 60+ lenders — at no cost to you.

How Finseek Helps Melbourne First Home Buyers

We specialise in helping first-timers navigate the home buying process with confidence. From understanding how much you can borrow, to accessing every grant and scheme you're eligible for, to settlement day — we're with you the whole way.

What to Expect in Your Free Consultation

In your free 30-minute consultation, we'll assess your borrowing capacity, explain what grants and schemes you may qualify for, and outline a clear path to your first home. We handle all the paperwork and keep you updated at every stage. There's no obligation to proceed.

Common First Home Buyer Mistakes to Avoid

Many first home buyers only speak to their bank — which means they only see one lender's products. Others underestimate the additional costs of buying (stamp duty, legal fees, building inspections) or rush into a purchase without pre-approval. Working with a Melbourne mortgage broker helps you avoid these pitfalls and make informed decisions.

Frequently Asked Questions

How much deposit do I need as a first home buyer in Melbourne?
Most lenders require a minimum 5% deposit. If you have less than 20%, you'll typically need to pay Lenders Mortgage Insurance (LMI). However, eligible first home buyers may access the Home Guarantee Scheme, which allows purchases with 5% deposit and no LMI — subject to eligibility criteria and property price caps.
What is the First Home Owner Grant (FHOG)?
The First Home Owner Grant is a government payment for eligible first home buyers purchasing or building a new home. The amount and eligibility criteria vary by state. We can help you understand what you may qualify for during your free consultation.
Do first home buyers pay stamp duty?
Stamp duty exemptions and concessions may be available for eligible first home buyers, depending on the property value and your state or territory. We can explain what may apply in your situation during your consultation.
Should I get pre-approval before house hunting?
Yes. Pre-approval gives you a clear idea of your borrowing capacity and shows sellers and agents that you're a serious buyer. It typically lasts 3 to 6 months and can usually be arranged within a few business days.
Can I use a guarantor to buy my first home?
Yes. Some lenders allow a family member to use their property as additional security for your loan, which can help you avoid LMI or borrow more than you could alone. Not all lenders offer guarantor loans, so it's important to compare options.
How much can I borrow as a first home buyer?
Your borrowing capacity depends on your income, expenses, debts, and the lender's assessment criteria. As a guide, most lenders will consider lending between 5 and 7 times your annual income. A free consultation with Finseek gives you a personalised estimate.

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