First home buyers Melbourne
Buying your first home is a huge milestone and it can be both exciting and overwhelming. At Mynt Financial, our experienced first home buyer mortgage brokers in Melbourne are here to help you navigate the process with confidence. From explaining your options to helping with government grants and loan approval, we’re by your side from day one.
Who Is Eligible for First Home Buyer Loans in Melbourne?
Understanding the criteria for government schemes and lender policies is key to getting started. Here’s what you need to know:
1. You must be a first-time buyer in Australia
You (and your partner, if applying together) must not have previously owned or co-owned a residential property in Australia. That includes any investment properties, even if you’ve never lived in them.
2. At least one applicant must be an Australian citizen or permanent resident
To qualify for schemes like the First Home Owner Grant (FHOG) or stamp duty concessions in Victoria, at least one applicant must be a citizen or permanent resident. If you hold a temporary visa, you may still be eligible for a home loan, but government support won’t apply.
3. You must intend to live in the home
You need to live in the property as your main residence, not rent it out or use it as a holiday home. In Victoria, you must move in within 12 months of settlement or completion, and live there for at least 12 continuous months.
4. The property must fall under the price thresholds
In Victoria, the FHOG applies to new homes valued up to $750,000. Stamp duty exemptions are available for homes up to $600,000, with concessions for properties valued up to $750,000. Suburb selection matters and we’ll help you assess areas that align with both your budget and lending rules.
5. You must be at least 18 years old
All applicants must be 18 or over at the time of applying.
6. Apply within the required timeframes
You need to apply for the FHOG and any concessions within 12 months of settlement or build completion. We’ll help you stay on track so you don’t miss out.
7. The property must align with lending guidelines
Lenders assess location, property type, and market conditions. In some cases, they may apply stricter policies to certain suburbs or apartment buildings. We’ll match you with a lender that suits your situation.
What Support Is Available for First Home Buyers in Victoria?
Avoiding Lenders Mortgage Insurance (LMI)
With the First Home Guarantee Scheme, eligible first home buyers may be able to buy with just a 5% deposit and no LMI. This can save you thousands and help you get into the market faster.
Access to special loan programs
Some lenders offer exclusive deals for first-time buyers, such as reduced fees, cashback offers, or discounted rates in the first few years. We’ll help you compare what’s available.
Buy with a partner or family member
You can improve your borrowing power by applying with a partner or family member. Some lenders even allow co-buyers who don’t plan to live in the home, a useful option if you’re exploring property investment loans alongside your first home.
Higher Loan-to-Value Ratios (LVR)
First home buyers may be eligible to borrow up to 95% of the purchase price. This helps you get in sooner, especially in fast-growing suburbs like Werribee, Preston, Coburg, Narre Warren and Brunswick.
First Home Super Saver Scheme (FHSSS)
The FHSSS allows you to use voluntary super contributions (up to $50,000) to help fund your deposit. We’ll help you understand how to combine this with your home loan strategy.
How Our Melbourne Mortgage Brokers Help First Home Buyers
Here’s how we support you from start to finish:
Step 1: Get home loan ready
We’ll work with you to understand how much you can borrow, what deposit you need, and what your repayments will look like. We’ll also help you budget for upfront costs like stamp duty, legal fees, and building inspections.
Step 2: Compare loan options
We research and recommend suitable first home buyer loans based on your needs, income, and deposit size. We’ll explain the pros and cons of each option, from fixed vs. variable to offset accounts and redraw facilities.
Step 3: Get pre-approved
Pre-approval gives you a clear idea of your buying power and shows agents you’re serious. It’s valid for 3 to 6 months, depending on the lender, and comes with no cost or obligation.
Step 4: Choose a conveyancer
We can refer you to trusted local conveyancers who will check contracts, explain clauses, and protect your interests during settlement.
Step 5: Find the right property
We’ll provide suburb insights, property reports, and tips for negotiating. You’ll also want to factor in future resale value, running costs, and the lender’s valuation risk.
Step 6: Make an offer and sign the contract
Once you’ve found the one, you’ll sign a Contract of Sale and pay a deposit. We’ll guide you on what clauses to include, such as subject to finance and pest/building inspections.
Step 7: Get formal loan approval
We submit your application to the lender, help organise the property valuation, and manage communication through to unconditional approval.
Step 8: Settle and celebrate
Your conveyancer handles settlement, and you officially become a homeowner. We’ll check in post-settlement to make sure your loan is set up properly and everything’s running smoothly.
Tools and Calculators to Help You Plan
Ready to Buy Your First Home?
You don’t have to figure it all out alone. Book a free chat with one of our friendly first home buyer brokers in Melbourne and we’ll walk you through everything step by step.
In-person or Zoom appointments available.
Call us on 03 8555 2017 or book online.
Mynt Financial Home Loan Process
If you're looking to buy your first or next property, it's important to understand the steps involved in the home loan process. Our team at MYNT Financial is here to help.
The moment you are thinking about purchasing you should work out how much you can afford to pay. This will require you to analyse your fixed and variable living expenses and what are discretionary spends (luxuries) and what are non-discretionary (necessities).
This is obviously important to understand so you know you can afford your mortgage payments and the associated costs of home ownership (see before you make an offer).
Mynt Financial can help you understand how much you can borrow and how much deposit you will need. Our goal is to get you “purchase ready”. There is no fee for this service from your broker this is simply part of what we do to help you.
A MYNT broker will take you through the pros and cons of the various home loan options and make a recommendation on how they think you should proceed taking into account your situation, needs and objectives.
Once we work out what is right for you, we research the market and provide you with information on products that suit your needs. We will provide you with details of fees, charges and repayments and give you an estimate on the government fees and charges that will relate to your purchase.
A “pre-approval” means that your mortgage application has been assessed by the Lender. This way you know how much you can afford to buy so you don’t waste time chasing properties that you can’t afford and that your personal situation meets the lending criteria. It also means that when you find the property you want to buy the bank only has to check that it is acceptable, making this stage of the process quicker.
This process is free and is valid for 3-6 months depending on the lender.
Next you should choose your conveyancer. They will advise you about contracts of sale, check the legal contract before you sign it and give you advice on important matters such as subject to finance and pest and building inspection clauses as well as the importance of insuring the home. If you need guidance on selecting a conveyancer – MYNT Financial can recommend a few.
The process of selecting a property involves a number of steps. Whether you’re buying the property to live in or as an investment property, it’s important to undertake thorough research. The main listing websites are Realestate.com.au and Domain.com.au. MYNT
brokers are also able to provide you with insights both into the property and the suburb.
Ask us for a property report before you make an offer as these insights can be used to help you negotiate the purchase price.
Even if you’re buying the property as your home, it’s still important to consider how easy it might be to sell in the future in case something changes and you have to sell it in a hurry. Generally, banks are more conservative when it comes to lending for unusual property types in areas where there a lot of similar properties on the market or where
there may not be that many potential buyers.
Finally always ask the real estate agent what the ongoing costs are such as rates, body corporate and utilities. Factor these costs in to understand what your future finances will look like so as to avoid the dreaded payment shock.
Once research is completed, you can make an offer on the property. You can now move on to the next stage in the home loan process where you actually apply for a home loan.
The contract confirms the purchase amount and any terms and conditions with the sale.
When negotiating your contract you should always include a clause around finance and the buildings & pest inspection.
If buying at auction the contract is always an unconditional one so you need to have carried out inspections prior to the auction, the valuation of the property remains a risk so you need to have a buffer available in case the banks’ opinion of the valuation of the
property is different to yours.
Once the Contract of Sale has been signed by all parties, a deposit will normally need to be paid.
After you’re pre-approved and have had your offer accepted on your property, the lender now needs to assess it to check its value and whether there are any potential issues. MYNT Financial will organise the valuation before you send off all the paperwork to the lender.
Once the lender has everything they need they will formally approve your loan, also known as unconditional approval and send out the loan contract and mortgage for you to review and sign.
After you’ve signed and returned these documents, the lender will check the paperwork and if everything is in order your Conveyancer will be made aware that they are ready to accept the booking.
Your solicitor or conveyancer will provide you with the sum you’ll need in your account prior to the settlement date.
Congratulations! You’ve reached the final stage in the home loan process settlement.
Settlement is when you officially become the owner of the property. Your conveyancer can help you with everything you need to know about it, but what about your home loan?
After settlement, your broker will contact you to make sure everything is ok.
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How can I figure out how much home I can afford? What type of loan should I choose? Can I still buy a home if I don’t have a 20% deposit?
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