Your first home journey can begin well before you are ready to make an offer.
Buying a first home involves more than finding a property and applying for a loan. Your deposit, spending, existing debts, employment, credit history and purchase costs can all affect when and how you are able to proceed.
Accru Melbourne can help you understand your starting position, build a realistic plan and prepare for each stage of the buying process. You do not need to wait until you have found a property—an early conversation can be useful even if your purchase is 6 to 18 months away.
How we help first home buyers
- Estimate your likely borrowing range and purchase budget.
- Explain deposit requirements, lenders mortgage insurance and lower-deposit options.
- Discuss family support options such as gifts or limited guarantees, subject to lender criteria and independent legal advice.
- Identify income, expense or credit issues that may be worth addressing before applying.
- Compare suitable lender options and explain differences in policy, features, fees and repayments.
- Arrange and manage a pre-approval application where appropriate.
- Coordinate the lending process after you sign a contract and keep you informed through to settlement.
Deposit and purchase costs
A 20% deposit can reduce or avoid lenders mortgage insurance, but it is not the only pathway into a first home. Depending on your circumstances, options may include a smaller deposit, the Australian Government 5% Deposit Scheme, family assistance or lender-specific policies. Eligibility, property limits and lender requirements apply and may change over time.
Your available funds also need to cover relevant purchase costs, which may include transfer duty, conveyancing, inspections, registration fees and moving expenses. A conveyancer or solicitor can advise on contracts, legal risks and any state-based concessions.
Understanding pre-approval
Pre-approval is useful, but it is not a guarantee.
A pre-approval is generally conditional. Final approval may depend on the property being acceptable to the lender, satisfactory valuation, verification of information, unchanged financial circumstances and the lender’s policy at the time of assessment.
A practical first home buyer process
- Plan early – discuss your goals, timeframe and current savings position.
- Prepare – review income, expenses, debts, credit conduct and the documents you will need.
- Set a budget – estimate borrowing capacity and allow for purchase costs and a financial buffer.
- Consider pre-approval – apply when it will genuinely assist your property search.
- Find the property – obtain legal advice on the contract and include appropriate finance protection where relevant.
- Finalise finance – complete valuation and lender assessment, then review the loan documents carefully.
- Settle and review – establish repayments and offsets correctly, then review the loan as your circumstances change.
First home buyer FAQs
How much deposit do I need?
It depends on the lender, property, loan type and your circumstances. A larger deposit can improve options, but eligible borrowers may have pathways with less than 20%.
When should I speak with a broker?
An early discussion can be useful 6 to 18 months before buying, particularly if you need to build savings, address debts or understand family-assistance options.
Can my parents help?
Potential options include a genuine gift, a limited security guarantee or, in some cases, co-borrowing. Each option has different risks and legal, tax and estate-planning implications.
Can I buy while on probation or parental leave?
Possibly. Lenders assess employment history, return-to-work arrangements, savings buffers and income differently, so the right approach depends on the details.
Book a no-obligation initial discussion with Jayden Chen to understand your current position and next steps. (03) 9835 8200.
