First home buyer hub
can i buy with a 5% deposit?
Yes — in some cases, you can.
Thanks to government schemes and grants designed to support first home buyers, some eligible buyers may be able to purchase with as little as a 5% deposit. This can help make entering the property market feel a little more achievable sooner.
There are some criteria to meet though — both you and the property need to be eligible depending on the scheme, lender requirements, and your individual circumstances.
That’s why understanding your options early can help you figure out what path may be available to you and what works best for your goals.
Hidden costs when buying your first home
It’s not just the deposit.
When buying your first home, there can be extra costs people don’t always plan for. Things like legal fees, building and pest inspections, government charges, moving costs, and loan-related fees can all add up.
Knowing the full picture early can help you feel more prepared and avoid last-minute surprises.
pre-approval explained simply
Think of pre-approval as a financial head start.
Pre-approval is when a lender gives you an indication of how much you may be able to borrow before you officially purchase a property.
It can help you understand your budget, shop with confidence, and move quicker when you find the right home — but it’s not always a final guarantee, so understanding the next steps matters.
what affects your borrowing power?
It’s more than just your income.
Borrowing power is influenced by a mix of things like income, existing debts, living expenses, savings, credit history, dependants, and lender policies.
Small changes can sometimes make a big difference — which is why understanding your position early can help you plan smarter.
Borrowing amount vs purchase price
They’re connected — but they’re not the same thing.
Your borrowing power is how much a lender may be willing to lend you based on things like income, expenses, debts, savings, and overall financial position. Think of it as your potential loan amount.
Your purchase price is the total cost of the property you’re buying. This includes what you contribute (like your deposit) plus what you borrow from the lender.
For example:
If your borrowing power is $500,000 and you have a $50,000 deposit, your purchase price may be around $550,000 (not including extra costs like fees or charges).
So while borrowing power helps determine what you may be able to borrow, your deposit and upfront costs also play a big part in what you may actually be able to buy.
Understanding both early can help you set a realistic budget and shop with confidence
Genuine savings vs deposit
They’re related — but they’re not exactly the same thing.
Your deposit is the money you’re contributing toward the purchase of your property. This can come from different sources — like your own savings, gifted funds, certain grants, or other eligible funds depending on your situation. It doesn’t always have to be money that has been sitting in your account long-term.
Genuine savings, on the other hand, usually refers to money you’ve consistently saved and held over time. Some lenders may want to see this as part of their assessment, especially when using first home buyer schemes or grants. In many cases, they may want to see at least 3 months of savings history showing your ability to build and manage savings.
Not every lender assesses this the same way, which is why understanding your options early can help you plan with more confidence.
Grants and First Home Buyer Support
Think of grants and schemes as support designed to help make buying your first home a little more achievable. ✨
Depending on your situation, there may be government grants or schemes that can help reduce upfront costs or make entering the property market easier.
This can include things like:
Deposit support
Some schemes may allow eligible buyers to purchase with a lower deposit, helping you get into the market sooner.
Reduced upfront costs
Certain grants or concessions may help reduce costs like stamp duty or other purchase-related expenses.
Building grants
If you’re building a new home, there may be support available depending on the property type and eligibility criteria.
Lender support options
Some lenders may also have specific pathways or options for first home buyers depending on your financial position.
The important thing to know is that every grant or scheme has different rules — including eligibility around income, whether you’ve owned property before, and what type of property you’re buying.
That’s why understanding what support may be available early can help you plan smarter and feel more confident in your next steps.
Red flags before applying
A few small things can impact a loan application more than people realise.
Things like missed repayments, high credit card limits, large personal debts, unstable employment, frequent credit enquiries, or unclear spending habits can all affect how lenders assess your application.
The good news? Spotting these early can help you strengthen your position before applying.
rentvesting vs buying
Do you buy where you want to live… or where you can afford to invest?
Rentvesting is when you rent in an area that suits your lifestyle, while purchasing an investment property somewhere more affordable.
For some people, it can be a smart way to enter the property market sooner — but whether it’s the right path depends on your financial goals, lifestyle, and long-term plans.
Finance that feels a little less overwhelming
Your first home journey should feel exciting — not confusing. Whether you’re just starting to save, exploring your options, or preparing to buy, I’m here to help make finance feel simpler, clearer and a little less overwhelming.
From understanding borrowing power to navigating grants, deposits and pre-approval, I’ll guide you through each step with support that feels personal, straightforward and tailored to you.
Together, we can work through your next steps with confidence and make your home goals feel a little more achievable.