Getting professional advice can help you get it right from the start.
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Financing your first home can feel overwhelming—juggling property searches, inspections, and loan applications is no small feat. But this is one of life’s biggest milestones, and we’re here to make it happen faster and easier.
At OneFinance Co, we take the stress out of home loans. We’ll find the right lender, negotiate competitive rates, and secure your deal quickly—so you can focus on what matters most: your new home.
Saving for a deposit, learning the lingo, and competing with other buyers can be challenging. But with OneFinance Co by your side, the journey is smooth, transparent, and surprise-free. Let’s turn your dream of homeownership into reality—together.
Diving into it with these tools
Unlock Your Borrowing Power
Contact the OneFinance Co team to estimate how much you could borrow.We will then assist you in setting financial goals to secure the property you’re aiming for.
Government Grants for First Home Buyers
As a first-time home buyer, you could qualify for grants, concessions, or exemptions on expenses such as stamp duty. Eligibility often depends on factors like your location, the property type you’re purchasing, and its market value.
The Process Explained
Once you’re ready to purchase your first property, your home loan specialist will secure a pre-purchase finance approval for you. One of the key benefits of home loan pre-approval is that it gives you a clear understanding of your budget, helping you determine how much you can afford to spend on your future home.
Property Search and Analysis
A free property report provides you with key details, such as the estimated property value, its sales history, and data on recent sales in the surrounding area.
The Home Buying Journey
1
Starting out
- Assess your total borrowing capacity
- Crunch the number add all home buying cost
- Save your deposit
2
Finding your perfect property
- Get pre approval on a home loan
- Go apartment or house hunting
- Bid at auction or make an offer
3
Starting out
- Pre settlement inspection
- Home and contents insurance
- Settlement
Frequently asked questions
What is the First Home Owner Grant (FHOG), and am I eligible?
The First Home Owner Grant (FHOG) is a government-funded initiative aimed at helping first-time home buyers in Australia. It provides a one-time payment, typically ranging from
10,000to
10,000to30,000, depending on your state or territory. To be eligible, you must:
● Be an Australian citizen or permanent resident.
● Be purchasing your first home (or not have owned property in Australia before).
● Buy or build a new home (established properties may not qualify).
● Intend to live in the property as your primary residence.
This grant can significantly reduce the upfront costs of buying your first home.
How much deposit do I need to buy my first home in Australia?
Most lenders require a deposit of 5-20% of the property’s value. However, with the First Home Guarantee (FHBG), eligible first home buyers can purchase a property with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). Keep in mind that a larger deposit (20% or more) can help you avoid LMI and secure better loan terms.
Can I use my superannuation to buy my first home in Australia?
Yes, through the First Home Super Saver Scheme (FHSSS), you can use your superannuation to save for your first home. This scheme allows you to make voluntary contributions to your super fund and later withdraw up to $50,000 (including contributions and earnings) to put toward your deposit. The FHSSS offers tax advantages, making it a cost-effective way to save for your first home.
Are there stamp duty concessions for first home buyers in Australia?
Yes, most Australian states and territories offer stamp duty concessions or exemptions for first home buyers. These concessions can significantly reduce or eliminate the cost of stamp duty, depending on the property’s value and location.
For example:
● In New South Wales, first home buyers are exempt from stamp duty for properties under $800,000.
● In Victoria, concessions are available for properties valued up to $600,000.
Check your state’s specific rules to determine your eligibility.
What is Lenders Mortgage Insurance (LMI), and can I avoid it?
Lenders Mortgage Insurance (LMI) is a fee charged by lenders when your deposit is less than 20% of the property’s value. It protects the lender, not you, in case of default. However, first home buyers can avoid LMI through schemes like the First
Home Guarantee (FHBG), which allows eligible buyers to purchase a home with a 5% deposit without paying LMI.
What additional costs should I budget for as a first home buyer?
Beyond the deposit, first home buyers should budget for additional costs, including:
- Stamp duty (unless exempt).
● Legal and conveyancing fees (typically
● $1,500–$3,000).
● Building and pest inspections ($300–$600).
● Loan application fees (varies by lender).
● Moving costs and home insurance.
Planning for these expenses ensures a smoother home-buying process.