First Home Buyers: Guide

We guide you step-by-step, from first-home grants to the perfect loan, making your dream home journey smooth.

Let us simplify the process and reduce your stress every step of the way.

Your First Home Loan Guide

This First Home Buyer Guide is your go-to roadmap, answering your biggest questions and breaking down each step—from saving for a deposit to unlocking government perks and nailing your mortgage repayments. No matter where you are in the journey, we’ve got you covered.

Your Guide to Home Loans in Australia – Simplified!

How Do Home Loans Work?

A home loan is money borrowed from a bank or lender to buy property. You repay it over time (usually up to 30 years), plus interest—the lender’s profit.

Our First Home Buyer Guide Covers:
✔ What a home loan is
✔ The difference between a home loan and a mortgage
✔ Key factors like fees, deposits, and government incentives

Types of Home Loans

✔ Principal & Interest (P&I)

Pay back the loan + interest (builds equity over time).
Most common for homebuyers.

✔ Interest-Only (IO)

Pay just the interest for a set period (lower short-term costs).
Popular with investors, but you don’t reduce the loan amount.

How Much Can You Borrow?

Your borrowing power depends on your income minus expenses—lenders only approve what you can realistically repay.

Our Guide Explains:
✔ What borrowing capacity means
✔ Ways to boost your loan eligibility

Interest Rate Options

✔ Fixed Rate: Lock in a set rate (e.g., 1–5 years). Payments stay the same—good for budgeting.

✔ Variable Rate: Changes with the market (could go up or down). More flexible features (e.g., extra repayments).

✔ Split Rate: Combine both (e.g., fix half, leave half variable).

Saving for a Deposit

Most deposits range from 5%–20% of the property’s price. If your deposit is under 20%, you may need Lenders Mortgage Insurance (LMI)—a fee protecting the lender.

We’ll Break Down:
✔ What LMI is and how to avoid it
✔ Budgeting tips & alternative deposit options (e.g., guarantors, gifted funds)

Government Help for First Home Buyers

State and federal governments offer first-home buyer schemes—like grants, stamp duty waivers, and shared equity programs—to help you break into the market.

Our Guide Details:
✔ The First Home Guarantee Scheme (federal)
✔ State-specific perks (e.g., FHOG, stamp duty concessions)

The Home Loan Process – Step by Step

Enquire with us

Share your name, phone, and email to book a quick intro call. Our brokers will chat about your goals and finances, then schedule a full consultation tailored to you.

Application screening

We'll review your finances, suggest the right loan, and help with your application (doc checklist provided early). Buyers: deposit/rate advice. Refinancers: lower payments/equity access.

Loan processing

Relax—we’ll handle the rest! Our expert team will prepare your loan application and send it for your review. You’ll receive two key documents: the lender’s paperwork and our Credit Proposal, which includes loan comparisons.

Application submission to lender

We compare 20+ lenders to find your best loan. Our brokers handle your application for fast approval—whether you need pre-approval (before finding a property) or full approval for purchases/refinancing.

Formal approval

Once approved, we’ll send your loan documents with our congratulations! For purchases, we’ll secure final approval after your offer is accepted. For refinancing, we’ll manage the switch between lenders.

Settlement finalization

Before settlement, we’ll work with you and your conveyancer to ensure everything’s ready—including funds. We’ll schedule and finalize settlement, then celebrate your successful loan completion! Plus, we’re always here for future refinancing or loan needs.

Why Choose Clear Route?

We combine expert market knowledge with personalised strategies to secure the ideal home loan solution tailored to your unique financial goals.

01 Free Consultation

Enjoy free consultation with professional mortgage broker in every circumstance.

02 Expert Broker Support

Your friendly broker will help you choose the home loan, supporting you every step of the way.

03 Best Lender Selection

Our mortgage brokers will help you find best deal by comparing 30+ lenders.

Frequently Asked Questions

What does a mortgage broker do?

A mortgage broker helps you find the right home loan. We will compare loans from many different lenders, explain confusing terms, and handle the paperwork for you. Best of all, their service is free because they get paid by the lenders, not you.

How much deposit do I need?

Most banks prefer a 20% deposit to avoid extra costs like Lenders Mortgage Insurance (LMI). But if you don’t have that much, you might still buy with as little as 5% using government schemes like the First Home Guarantee or with help from a family guarantor.

What is the First Home Owner Grant (FHOG)?

This is free money from the government to help you buy your first home. The amount varies by state (usually $10, 000-$ 20,000), but it’s only for new homes in most cases.

How much can I borrow?

The bank looks at your income, expenses, and debts to decide how much you can afford. A mortgage broker can give you a realistic estimate before you start house hunting.

Should I choose a fixed or variable rate?

A fixed-rate loan keeps your repayments the same for a set time (1–5 years), which is good for budgeting. A variable rate can go up or down but often has more flexibility, like extra repayments. A broker can help you decide which suits you best.

What other costs are there besides the loan?

Buying a home comes with extra costs like stamp duty (a government tax), legal fees, and building inspections. Some states waive stamp duty for first-home buyers, so ask your broker.