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First home buyer informationLet's help you into your first home!

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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.

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DepositHow much will you need?

Calculating the amount you need to contribute can be quite complicated and can differ considerably from lender to lender. Bank policies will make you consider things like Loan to Value Ratio (LVR), Lenders Mortgage Insurance (LMI) and Genuine Savings.

Borrowing PowerBased On Your Income And Expenses

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.

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.

Credit HistoryHow's Your Credit Score?

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.

Stamp DutyWhat are the savings?

Stamp Duty Exemption

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued up to $600,000, you are exempt from paying stamp duty on the purchase. 

This duty exemption is separate from the First Home Owner Grant. The FHOG grant is a payment made to you, whereas the first home buyer duty exemption is a reduction in the amount of land transfer duty you pay. 

Stamp Duty Concession

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued between $600,001, and $750,000, you will receive a reduction on the amount of stamp you’ll pay for the purchase.

The amount of reduction is on a sliding scale and depends on the property value – use our stamp duty calculator to find out more.

Could You Be EligibleFor $10,000?

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.


Get in touch with us to find out if you are eligible and how to access the FHOG.

First Home Buyers GrantFrequently Asked Questions:

All above information published by The Broker Team has been supplied by State Revenue Office and was relevant at the time it was published. If you have any questions, please contact us

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