Buying your first home is an exciting milestone — but understanding the finance process can feel overwhelming.
At The Broker Team, we help Bendigo first home buyers understand their options, compare lenders and secure a home loan that suits their situation.
From working out how much you can borrow through to loan approval and settlement, our team will guide you every step of the way.
Speak with a mortgage broker in Bendigo today and take the first step towards your first home.
How We Help First Home Buyers
Buying your first home involves more than just finding a property — it’s about making informed decisions with your finance.
We help Bendigo first home buyers:
- understand how much they may be able to borrow
- work out how much deposit is required
- navigate government grants and incentives
- compare home loan options across multiple lenders
- structure their loan to suit their long-term goals
Our goal is to make the process clear, simple and manageable from the beginning.
While purchasing your first home may seem daunting, it’s often simpler than most people think.
Saving for a deposit is a good first step, however knowing exactly how much you will need and the alternatives to saving a deposit, could help you into your home sooner.
You might even be able to buy sooner with a 0% deposit and pay no LMI!
Learn how below:
Use our Deposit Calculator to estimate how much you will need to contribute to your new home.
A lender will assess your loan affordability and provide an estimate of your maximum borrowing amount. However, it is essential that you work out what you can afford and what repayments you are comfortable with.
Your borrowing capacity depends on several factors, including:
- your income
- your living expenses
- existing debts
- your deposit
- your credit history
We will assess your situation and give you a clear understanding of your borrowing capacity so you can search for property with confidence.
Having a good understanding of your budget is essential in making good finance decisions. Start by measuring your income against your expenses. It is important to consider not only your income and expenses now, but what they will be after you have purchased your home and in the future.
Be realistic and don’t overcommit yourself. Give yourself a buffer as interest rates could go up increasing your loan repayments.
Try our free online borrowing power calculator to estimate how much you may be able to borrow.
Having good credit history is critical to getting a home loan. Even though there are lenders who do specialise in helping people with poor credit history, it does usually come at higher interest rates, higher deposits and fewer lenders to choose from.
Your credit score is also important to keep in check. Credit scores are calculated by credit reporting agencies and are one of the indicators a lender might use to assess an application.
Credit reporting agencies not only calculate your credit score, they also keep a record of past enquiries, repayment history and current credit limits.
A pre-approval is a great first step in the homebuying process. This provide a clear picture of your purchasing power before you start making offers to buy a house.
Essentially, it’s a preliminary assessment from a bank or lender indicating how much you can borrow based on your financial situation.
A home loan pre-approval puts you in a stronger position when entering the property market. It shows sellers you’re a serious buyer with finance already assessed, which can give you an advantage in competitive situations. It also helps narrow your search to properties within your price range and can speed up the final approval once you’ve found the right home.
Beyond that, pre-approval provides clarity around your borrowing capacity and expected costs, helping you budget with confidence and move through the buying process with less uncertainty.
A pre-approval gives you a clear budget, helps you stand out as a serious buyer to sellers, and streamlines the homebuying process.
You’ll need to provide financial documents, such as income statements, credit history, and bank statements. When you chat with our team, we’ll let you know all the paperwork needed and submit it on your behalf.
Pre-approvals typically last for 60-90 days, but this can vary by lender
No, a pre-approval is not a guarantee, but it’s a strong indicator of your eligibility for a mortgage.
It’s possible to bid at an auction without a pre-approval, but it’s not advisable. Many sellers prefer working with pre-approved buyers, and having one can strengthen your position in negotiations.
More questions?
Speak with one of our Brokers, we’ll be happy to help.
As a first home buyer, you have access to a range of government grants and rebates designed to make your dream of owning a home a reality.
Learn more about the First Home Owners Grant (FHOG), which offers financial assistance for eligible applicants.
Discover how you can benefit from significant Stamp Duty Concessions, helping you save thousands on upfront costs.
Explore the Regional First Home Buyer Guarantee, tailored to those looking to make a home in regional areas.
We’re here to empower you with the knowledge and resources you need to get into your first home, sooner.
Head to our Government Grants & Incentives page to fidn out whats currently available to first home buyers
