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First Home Buyer Guide

Buying your first home will be one of your most significant financial milestones, and there are many ways you can achieve this. We have plenty of tips for first home buyers to ensure you're informed at every stage of your journey.

First Home Buyer Guide

Buying your first home will be one of your most significant financial milestones, and there are many ways you can achieve this. We have plenty of tips for first home buyers to ensure you're informed at every stage of your journey.

Step 1: Get home loan healthy

If you’re considering purchasing your first home or are preparing to apply for a mortgage, it’s important to speak with a mortgage broker as soon as possible. Getting approved for your first loan is not as simple as it used to be. Banks now look beyond your income and deposit. They want to analyse your bank account statements to confirm details such as living expenses, account conduct, liabilities and spending habits. Our deposit planner is a great tool to help you get started with being home loan healthy.

Get home loan healthy

If you’re considering purchasing your first home or are preparing to apply for a mortgage, it’s important to speak with a mortgage broker as soon as possible. Getting approved for your first loan is not as simple as it used to be. Banks now look beyond your income and deposit. They want to analyse your bank account statements to confirm details such as living expenses, account conduct, liabilities and spending habits. Our deposit planner is a great tool to help you get started with being home loan healthy.

Step 2: Set your budget

Often the bank may approve you for more than you are comfortable with. Your Inovayt mortgage broker will sit down with you to analyse the budget you created as a part of the Home Loan Healthy process to help you determine what you can afford. We will then ‘stress test’ your budget with you to factor in potential interest rate rises which may occur over the 30-year loan term. Once your mortgage broker has finalised your budget, we can determine what price you can purchase a property for and what kind of deposit is required, including savings, First Home Buyer Government incentives, gifts and parental guarantee.

Step 3: Supply supporting documents

When preparing your home loan application, your mortgage broker will need to collect supporting documents to verify your financial circumstances, including documents such as payslips, ID, bank statements and tax returns.


We’ve invested in technology to ease the collection of these documents and minimise the time and stress involved in this process.

Step 4: Choose a lender

Your mortgage broker will sit down with you to discuss your requirements and objectives for a home loan. This is critical information that will assist us in recommending a product that suits your best interests.

Your dedicated Client Service Manager will prepare your home loan application. They oversee the signing and submit your loan application to the chosen lender.

Once submitted, the lender will typically take 3-5 business days to assess your loan application.

If the lender is happy with your loan application, they will issue you a ‘pre-approval.’ This means you have essentially ticked 6 out of the 8 required boxes, which include your income, savings, credit history, living expenses, account conduct with only satisfactory security (property) and valuation of the security outstanding to obtain full loan approval.   Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.
Here’s where the fun begins! It’s time to start scrolling through real estate websites day and night and attend inspection after inspection until you find ‘the one!’ Your mortgage broker will explain the various purchasing options, including buying privately with a ‘subject to finance’ clause, buying at an auction, buying unconditionally, settlement terms and deposit options.
After securing your dream home, the lender will need to value the property to ensure it’s worth what you’re paying.
It’s now time to satisfy those last two boxes. Once we send in the signed contract of sale along with the completed valuation, the lender should proceed to unconditional approval. Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.
It’s official! The lender will issue you with your mortgage contracts, including a letter of offer. Your Inovayt Finance professional will sign these with you and answer any questions you may have.
Dot the i’s and cross the t’s! Your lender will confirm the mortgage contracts have been signed correctly, that you have taken out insurance on the property, a repayment account has been set up and that the settlement has been booked in.

The day has finally arrived when your keys are handed over! The time of day your settlement has been booked will depend on when you can get your keys.


Note: There is nothing you need to do for settlement. Your legal representative will complete this on your behalf.

Your dream has become a reality! It’s time to celebrate and enjoy your hard work and the sacrifices and dedication that have got you to this point. One of our financial professionals will ensure you have your internet banking set up, so you know your first repayment date and how to access your repayment account. They’ll also provide tips to pay off your loan sooner.

Helpful resources

There’s no one-size-fits-all when it comes to home loan deposits.

Traditionally, banks required borrowers to contribute a 20 per cent deposit. However, lending criteria today are changing for the better. You can enter the property market much sooner than the time required to save for a deposit. Use our deposit calculator to help you understand and play for your home loan deposit. We explore how much of a deposit you need for a home loan, along with the different deposit options that may be worth considering or exploring further below.

There’s no one-size-fits-all when it comes to home loan deposits.

Traditionally, banks required borrowers to contribute a 20 per cent deposit. However, lending criteria today are changing for the better. You can enter the property market much sooner than the time required to save a deposit. Use our deposit calculator to help you understand and play for your home loan deposit.

We explore how much of a deposit you need for a home loan, along with the different deposit options that may be worth considering or exploring further below.

Low deposit home loan​

A low deposit home loan allows you to purchase a property with a 5-10 per cent deposit and borrow the rest.

Lenders impose two additional requirements with low deposit home loans. They require the borrower to show evidence of 5 per cent ‘genuine savings’ and to purchase Lenders Mortgage Insurance (LMI).

Although they impose some additional requirements, low deposit home loans have some key advantages, which include the following:

– You can enter the property market sooner due to not needing to save the full 20%

– Additional funds left over for personal use such as renovations or investing

Guarantor and other deposit options​

A Guarantor Loan allows you to borrow up to 105 per cent of the purchase price to include purchasing costs such as stamp duty, legal fees and bank fees. A guarantor could be a parent or close family member offering up some of the equity in their property to guarantee your deposit.


The guarantor does not physically hand over the deposit to you – the lender will register a mortgage against the guarantor’s property or asset for the deposit. This can be up to 25 per cent of the purchase price of your property.


If your guarantor does not have an existing property or sufficient equity, but they have some savings, they can provide you with a non-refundable gift that can go towards your deposit.

First Home Buyer Government Incentives

First Home Buyers have access to various government incentives such as Stamp Duty Exemptions and Concessions, First Home Owner Grants, First Home Loan Deposit Scheme and First Home Loan Super Saver Scheme, which can go towards the required deposit.

Please see below relevant state SRO websites to find your specific incentives.
required deposit.


➔ VIC


➔ QLD


➔ NSW


➔ ACT


➔ NT


➔ SA


➔ WA


➔ TAS

How much can I borrow?

Curious about how much you can borrow? Our home loan deposit calculator can help you to understand how much you can borrow, considering your current circumstances.

Types of home loans

There are many different home loan options available. We explore the four most common loans below. Your Inovayt Finance Broker can help you to determine which options best suit your needs.

Types of home loans

There are many different home loan options available. We explore the four most common loans below. Your Inovayt Finance Broker can help you to determine which options best suit your needs.

Variable rate loans

Variable home loans are where your interest rate will vary with market changes. This may mean that your minimum repayments will vary, generally inline with the cash rate set by the RBA.



Variable rate loans can be a great option for many customers, the advantages include:

➔ Save money if interest rates go down over the course of the loan.

➔ Capturing a lower initial rate

Deciding what’s right for you can be a difficult decision, however our team work tirelessly to find the solution that best fits you and your goals.

Fixed rate loans

Fixed home loans are where your interest rate is essentially fixed for a set period. This means your minimum repayments will remain the same over the length of the loan.

The benefits of a fixed rate loan include:

➔ Certainty of repayments

➔ Locking in a lower interest rate before rises

Our team of mortgage brokers can work with you to find the right outcome for your needs.

Construction Loans

Construction loans are designed to help you build your dream home. It allows your finance to be paid in stages as the build progresses. Typically, you only pay interest on the amount drawn at each stage instead of the whole loan amount.

Construction loans will save you money over the course of the build, making it a great option for home builders.

Our team can walk you through the process step by step, to ensure you get to best possible loan, matched specifically to your requirements.

Guarantor Loans

Guarantor loans are a type of loan that requires a guarantor to co-sign for a limited portion of the finance. Essentially, this means the guarantor agrees to repay the borrower’s debt should the borrower default.

Guarantor loans are great for a multitude of reasons:

➔ Avoid LMI
➔ Get into the market sooner

Find out if a guarantor loan is right for you by reaching out to any one of our specialist mortgage brokers today.

Helpful resources

first home buyers guide

Buying Your First Home

Becoming a first home buyer is exciting and doesn’t have to be complicated. Our guide will walk you through what you need to know.

What our clients say

Find an Inovayt Finance broker near you

Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
mortgage broker eltham

Simon Kay

Senior Finance Broker & Broker Mentor

Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
mortgage broker baringa waters

Aaron Jones

Senior Finance Broker & Partnerships Manager

Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
mortgage broker baringa waters

Aaron Jones

Senior Finance Broker & Partnerships Manager

Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.

Find an Inovayt Finance broker near you​

mortgage broker eltham

Simon Kay

Senior Finance Broker & Broker Mentor

mortgage broker baringa waters

Aaron Jones

Senior Finance Broker & Partnerships Manager

mortgage broker baringa waters

Aaron Jones

Senior Finance Broker & Partnerships Manager

Why Choose Inovayt

Simple

We understand it can be challenging to apply for finance for your first home, but it doesn’t have to be. Our experienced team can help you easily apply for a loan that suits your individual needs.

Flexible

We understand that everyone has different needs, schedules and availability. We’re happy to meet face to face, over the phone or online at a time that suits you.

Solutions-driven

Let us help make your first home dream a reality. Our end-to-end financial solutions can support you throughout any stage of your life journey.

Simple

We understand it can be challenging to apply for finance for your first home, but it doesn’t have to be. Our experienced team can help you easily apply for a loan that suits your individual needs.

Flexible

We understand that everyone has different needs, schedules and availability. We’re happy to meet face to face, over the phone or online at a time that suits you.

Solutions-driven

Let us help make your first home dream a reality. Our end-to-end financial solutions can support you throughout any stage of your life journey.

Our experienced and friendly team can provide you with lifetime financial solutions by understanding your individual needs and goals.

Get in touch
1300 354 355

Send us an email
info@inovayt.com.au

Start your journey, contact Inovayt today

Get in touch
1300 354 355


Send us an email
info@inovayt.com.au

Start your journey, contact our finance brokers today

Start your journey, contact Inovayt today

Start your journey, contact Inovayt today

Start your journey, contact Inovayt today

Start your journey, contact Inovayt today