First Home Buyer Loans — Melbourne Mortgage Broker Since 2016
Understand your borrowing power, deposit options and government schemes like the 5% Deposit Scheme and stamp duty concessions — free, no-obligation advice comparing 40+ lenders.
5★ Google Rated | Mortgage Broker Since 2016 | Melbourne & Australia-wide
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Not Sure Where to Start?
You don't need to know everything about home loans before speaking to a mortgage broker.
We'll look at your individual circumstances, including your income, expenses, savings, debts and goals, to help you understand:
How much you may be able to borrow
How much deposit you may need
What your repayments could look like
Which lenders may be suitable
Whether you may qualify for government assistance
Whether pre-approval could be right for you
What costs you should allow for when buying
Our job is to make the process easier and help you make an informed decision.
Understand Your Borrowing Power
Before you start looking at properties, we'll help you understand how much you may be able to borrow and what repayments could look like.
Work Out Your Deposit
We'll help you understand how your savings, genuine savings, gifts and other available funds may be treated by different lenders.
Explore Government Assistance
There are government schemes and first-home-buyer benefits that may help eligible buyers get into their first home sooner.
Get Pre-Approval
A pre-approval can give you a clearer idea of your borrowing position before you start making offers.
Compare Suitable Lenders
Different lenders have different policies and lending criteria. We'll compare suitable options based on your circumstances.
From Application To Settlement
Once you've found your property, we'll help guide you through the loan application, approval and settlement process.
First Home Buyer Government Assistance
There are several forms of government assistance that may be available to eligible first-home buyers. Eligibility depends on your circumstances, property and location.
The Australian Government 5% Deposit Scheme, formerly known as the Home Guarantee Scheme, can allow eligible first-home buyers to purchase a home with a minimum 5% deposit and without paying Lenders Mortgage Insurance (LMI) under the scheme.
The scheme currently has no income caps, no waitlist and unlimited places, subject to meeting the eligibility requirements and the lender's own credit criteria.
The scheme can apply to eligible:
Houses
Townhouses
Apartments
House and land packages
Off-the-plan properties
Building on vacant land
Property price caps apply depending on where you are buying.
Single Parents
Eligible single parents or legal guardians may be able to purchase with a minimum 2% deposit under the relevant part of the scheme.
Government scheme eligibility is subject to the applicable rules, property price caps and participating lender requirements.
If you're buying your first home in Victoria, you may also be eligible for significant stamp duty savings.
First Home Buyer Duty Exemption
Eligible first-home buyers purchasing a Victorian property with a dutiable value of up to $600,000 may pay no land transfer duty.
For properties valued between $600,001 and $750,000, a reduced amount of duty may apply.
The benefit can apply to an established home, new home or vacant land intended for building your first home, subject to the relevant requirements.
First Home Owner Grant
Eligible first-home buyers may also be able to receive the $10,000 First Home Owner Grant when purchasing or building a new home in Victoria valued at up to $750,000.
The FHOG is generally for new homes, not established homes.
Your eligibility depends on factors including your previous property ownership, the property, residency requirements and other criteria.
Government rules and eligibility requirements can change. Always confirm your eligibility before relying on a government benefit.
What If I Don't Have a 20% Deposit?
You may have heard that you need a 20% deposit to buy a home.
That's not always the case.
There are lending options available to some buyers with smaller deposits, including eligible buyers who can access the Australian Government 5% Deposit Scheme.
However, having a smaller deposit doesn't automatically mean you'll qualify for a home loan.
Lenders will still assess your:
Income
Employment
Living expenses
Existing debts
Credit history
Deposit and available funds
Property
Overall financial position
We'll help you understand what's realistic for your circumstances.
Can I Buy My First Home If I'm Self-Employed?
Yes, being self-employed doesn't automatically prevent you from getting a home loan.
Different lenders assess self-employed income differently, and some may have more suitable policies depending on how long you've been in business and how your income is structured.
If you're a:
Sole trader
Company director
Business owner
Contractor
we can help identify lenders that may be suitable for your circumstances.
What About Gifts From Family?
If your parents or family members are helping you with your deposit, there may be lenders that can accept a genuine gift towards your purchase.
The way lenders assess gifted funds can vary, so it's important to understand the requirements before relying on the funds for your purchase.
We'll help you understand what your chosen lender requires.
Your First Home Journey
01 — Tell Us About Your Situation
We'll discuss your income, savings, expenses, debts and what you're hoping to achieve.
02 — Understand Your Borrowing Power
We'll help you understand your potential borrowing capacity and what your repayments may look like.
03 — Compare Suitable Loans
We'll compare suitable lenders and explain the key differences between the options.
04 — Get Pre-Approval
Where appropriate, we'll help you apply for pre-approval so you can search for your new home with greater confidence.
05 — Find Your Home
Once you know your approximate budget, you can start searching for a property that fits your circumstances.
06 — Apply, Approve & Settle
When you've found your property, we'll help manage the finance process through to settlement.
What Costs Should First Home Buyers Budget For?
Your deposit isn't the only cost involved in buying a home.
Depending on your circumstances, you may need to consider:
Deposit
Stamp duty / land transfer duty
Conveyancing or solicitor fees
Building and pest inspections
Loan and lender fees
Valuation costs
Registration fees
Moving costs
Insurance
Other property-related costs
Some first-home-buyer benefits can reduce certain upfront costs, but the amount you need will depend on your individual circumstances and the property you're buying.
We'll help you understand the costs you need to allow for before you commit to a purchase.
Why Choose AK Home Loans?
Personal Service
You'll deal directly with your mortgage broker rather than being passed between different departments.
5★ Google Rated
Our clients have rated us 5 stars on Google, with 60+ reviews.
Mortgage Broker Since 2016
We've been helping Australians with their lending needs since 2016.
Multiple Lenders
We can compare suitable loan options across our lender panel rather than being tied to one bank.
Plain-English Advice
No confusing bank jargon. We'll explain your options and help you understand the loan you're considering.
Support Through Settlement
Our job doesn't finish when your application is submitted. We'll help guide you through the process until settlement.
First Home Buyer FAQs
There isn't one deposit amount that applies to everyone. Some eligible first-home buyers may be able to purchase with a deposit of 5% under the Australian Government 5% Deposit Scheme. Other lending options may have different deposit requirements.
Your lender will also consider your overall financial position and the property you're buying.
Eligible first-home buyers may be able to purchase with a minimum 5% deposit through the Australian Government 5% Deposit Scheme, subject to the scheme's eligibility requirements, property price caps and participating lender criteria.
Your borrowing capacity depends on factors such as your income, living expenses, debts, dependants, credit history and the lender's assessment policies.
We'll assess your circumstances and give you a clearer indication of what may be achievable.
Pre-approval can help you understand your borrowing position before you start making offers.
It isn't the same as unconditional loan approval, and the lender will still need to assess the property and complete the final approval process.
The timeframe varies depending on your circumstances, lender, documentation and the property.
We'll explain the expected process and keep you updated as your application progresses.
Yes. Self-employed borrowers can obtain home loans, although lenders may assess business income differently.
We'll look at your circumstances and identify lenders whose policies may be suitable.
Let's Work Out Your Options
You don't need to have everything figured out before you speak to us.
Tell us about your situation and we'll help you understand your borrowing options and the next steps.
Free, no-obligation consultation.
AK Home Loans and this website is owned and managed by Ali Kawser Pty Ltd. Ali Kawser Pty Ltd (490618) and MD Ali Kawser (490619) are credit representatives of National Lending Group Pty Ltd, Australian Credit Licence 412778 FBAA Accredited Member M-347951, serving Melbourne, Western Suburbs, Victoria, and Australia-wide.