LendChat/First home buyers

For first-time buyers

First home buyer
made simple.

The deposit. The schemes. The jargon nobody explained. Get straight answers from a licensed broker, free, with no phone number and no pressure to proceed.

Ask about your first home

Free. No credit check needed to chat.

Australian Credit Licence 558418·We work for you, not the lenders

Deposit snapshot

How much you'd need to get in.

Target home price$650,000

5% deposit

$32,500

with First Home Guarantee

20% deposit

$130,000

no LMI to pay

See the full breakdown

The basics

First home buyer terms explained.

Six terms you'll meet on day one. No dictionary required, and no question is too basic to ask a broker in the chat.

Deposit

The cash you put in upfront. Most first-timers aim for 20% of the price to avoid extra insurance, but schemes can get you in with as little as 5%.

Loan-to-value ratioLVR

How much you're borrowing versus what the place is worth. Borrow $600k on a $750k home and your LVR is 80%. Lower is safer in a lender's eyes.

Lenders' Mortgage InsuranceLMI

A one-off premium lenders charge when your deposit is under 20%. It protects them, not you, and on a smaller deposit it can run into the tens of thousands.

Genuine savings

Money you've saved yourself over time (usually 3+ months), rather than a sudden gift or windfall. Lenders like to see it as proof you can manage repayments.

Pre-approval

A lender's conditional “yes” to a loan amount before you bid. It tells you your budget and shows agents you're serious. Free and worth getting early.

Settlement

The day the money changes hands and the place is legally yours. Typically 4–6 weeks after your offer is accepted.

Grants & schemes

Government schemes for
first home buyers.

Four programs that exist specifically to get first-home buyers in the door. Most people qualify for at least one, and miss it because nobody told them.

5% deposit

First Home Guarantee

The government guarantees the gap between your deposit and 20%, so you can buy with as little as 5% down and skip LMI entirely. Since October 2025 there are no income caps and no place limits — property price caps by area still apply.

Skipping LMI can save $15k–$30k+ on a typical purchase.

Read the guide 2% deposit

Help to Buy

A shared-equity scheme where the government contributes up to 30% (existing) or 40% (new) of the price and takes an equity share, so you borrow less and can buy with a 2% deposit and no LMI. Income limits and price caps apply.

A smaller loan and no LMI — from just a 2% deposit.

Read the guide state-based

Stamp duty concession

Most states waive or heavily discount stamp duty for first-home buyers under a price threshold. In several states a modest first home attracts no stamp duty at all.

A full exemption is worth $10k–$40k depending on price and state.

Open the calculator new builds

First Home Owner Grant

A one-off cash grant for buying or building a brand-new home (existing homes usually don't qualify). The amount and rules vary by state.

Typically $10k–$30k toward a newly built first home.

Read the guide

Eligibility, caps and amounts change regularly and vary by state. A broker can tell you in one chat exactly which of these you qualify for, and stack them where allowed.

Deposit calculator

How much deposit do
you need?

Not just the deposit, the stamp duty, the insurance, the fees. Here's the honest total to get the keys, and how the First Home Guarantee changes it.

Where are you buying?

Home price$680,000

Saved so far$45,000

Likely under the First Home Guarantee cap

New South Wales cap is around $900,000 for this scheme. A broker confirms the live figure.

To get the keys, you'd need about

$36,500

You're already there. Time to talk to a broker.

5% deposit· no LMI via FHG

$34,000 deposit · no LMI · $2,500 costs

$36,500

95% LVR

10% deposit

$68,000 deposit · $11,016 LMI · $2,500 costs

$81,516

90% LVR

20% deposit

$136,000 deposit · no LMI · $2,500 costs

$138,500

80% LVR

Want a broker to check which schemes you actually qualify for and map a savings plan? It's free.

Ask a broker

Indicative estimates only, based on New South Wales and standard assumptions. Stamp duty, LMI and scheme eligibility depend on your full circumstances.

How it works

How to buy your first home.

It's less of a leap than it looks from the outside. Four steps, and a broker beside you for each one.

01

Work out your real budget

Income, savings, schemes you qualify for. A broker gives you a number you can actually trust, not a guess.

02

Get pre-approved

A conditional yes from a lender so you know your ceiling and can bid with confidence. Free, and usually quick.

03

Find it and make an offer

House-hunt knowing your limit. When you find the one, your broker helps you move fast on the finance.

04

Settle and get the keys

Paperwork, the legal bits, the money moving across. Your broker stays with you right up to the front door.

Real client story

Thought they were years away — in their own home instead.

A young couple in Sydney had saved a 5% deposit but assumed they needed another few years before they could realistically buy.

After reviewing their situation, we helped them access the First Home Guarantee, which let them purchase their first home without paying Lenders' Mortgage Insurance. They moved in far sooner than expected — and kept more of their savings aside for renovations and a buffer.

Every situation is different. The point of a first chat is simply to find out which schemes you may qualify for, and whether you're closer than you think.

The above example is based on a real client scenario. Scheme eligibility, caps and places are limited and change regularly. Every application is subject to individual circumstances and lender approval. This is general information within Australian Credit Licence scope and is not financial advice.

First home buyer FAQs

First home buyer
questions, answered.

No. Brokers are paid a commission by the lender when your loan settles, not by you. You can ask as many questions as you like, and walk away, without ever paying us a cent.

Often, yes. The First Home Guarantee lets eligible first-home buyers purchase with 5% down and no Lenders' Mortgage Insurance. Places are limited each year and there are price caps, so it's worth checking your eligibility early.

Not at all. In fact the best time to chat is before you've finished saving — a broker can tell you exactly how much you need, which schemes shortcut it, and whether you're closer than you think.

No. A conversation and a borrowing estimate involve no credit check. A formal application later does, but nothing happens to your file just by asking questions.

It's very common and absolutely workable — different lenders treat non-standard income differently, which is exactly where a broker earns their keep by matching you to the right one.

No. You can start and hold the entire conversation in chat. You only share more when you decide you want to take the next step.

Your first home is closer
than you think.

Ask one question. See where you stand. No phone number, no follow-up call, no obligation to go further.

Start the conversation

First home buyermade simple.