First Home Buyers

Helping First Home Buyers Across Australia Get Into Their Own Home

Buying your first home is one of the biggest financial decisions you will ever make, and at Astute Ability Group, we are here to make sure you go into it informed, prepared, and supported every step of the way.

First home buyers today have access to a range of government schemes, grants, and concessions that can significantly reduce the upfront cost of purchasing a property. The challenge is knowing which ones apply to your situation, how to combine them, and how to structure your home loan to work in your favour over the long term. That is exactly where Astute Ability Group comes in.

What First Home Buyers Need to Know About Grants and Concessions

First home owner grants (FHOG) vary significantly depending on which state or territory you are buying in. In Queensland, eligible first home buyers purchasing a new home valued under $750,000 can access a $30,000 grant, confirmed extended for four years from 1 July 2026. In New South Wales, the FHOG is $10,000 for new builds, while South Australia offers $15,000 with no property price cap for eligible contracts entered into on or after 6 June 2024. The Northern Territory stands out with a $50,000 HomeGrown Territory Grant for new homes under contracts signed between 1 October 2024 and 30 September 2027.

First home buyer stamp duty concessions are equally important to understand. In NSW, first home buyers are fully exempt from transfer duty on new and existing homes valued up to $800,000, with a sliding concession applying between $800,001 and $1,000,000. Victoria offers a full duty exemption on properties valued up to $600,000 and a sliding concession up to $750,000. The ACT has gone further, removing both the property value cap and the income threshold from 1 July 2026, meaning eligible buyers are fully exempt from conveyance duty regardless of the property value. Queensland provides a full transfer duty concession with no price cap on new homes and vacant land for contracts signed on or after 1 May 2025.

Federal Schemes That Can Help First Home Buyers

The Australian Government 5% Deposit Scheme, operative from 1 October 2025, allows eligible first home buyers to purchase a property with just a 5% deposit. Housing Australia guarantees the difference between the deposit and 20% of the property value, which means no Lenders Mortgage Insurance (LMI) is payable. There are no income caps and no annual place limits under this scheme. Eligible single parents or legal guardians can access the scheme with as little as a 2% deposit. Property price caps apply and vary by state and region, so it is important to confirm the applicable cap with a participating lender.

The First Home Super Saver Scheme (FHSS) is another option worth understanding. It allows first home buyers to make voluntary contributions into their superannuation fund and later release up to $50,000 in eligible contributions toward a home deposit. Concessional contributions are taxed at 15% rather than at your marginal income tax rate, which can make saving for a deposit more efficient. Buyers generally need to obtain a determination from the ATO before signing a purchase contract, so timing matters.

Help to Buy, operative from 5 December 2025, allows the Australian Government to contribute up to 40% of the purchase price for a new home and up to 30% for an existing home in exchange for an equity stake. A minimum 2% deposit is required, and income limits of $100,000 for individuals and $160,000 for joint applicants apply. This scheme cannot be combined with the 5% Deposit Scheme.

Understanding Your Home Loan Options

Once you understand which grants and concessions you may be eligible for, the next priority is finding the right home loan. First home buyers need to consider whether a fixed interest rate, variable interest rate, or split loan structure suits their circumstances. A fixed interest rate gives you certainty over your repayments for a set period, while a variable interest rate can move up or down in line with market conditions and often comes with features like an offset account or redraw facility.

An offset account links to your home loan and reduces the balance on which interest is calculated, which can save you a meaningful amount over the life of the loan. A redraw facility allows you to access any extra repayments you have made if you need funds later. Both features can be valuable for first home buyers who want flexibility as their financial situation evolves.

Low deposit options are available beyond the government schemes. Some lenders will accept a 5% deposit or a 10% deposit, though deposits below 20% typically attract LMI unless a government guarantee applies. A gift deposit from a family member may also be acceptable depending on the lender's policy, and Astute Ability Group can help you understand how gifted funds are treated during the home loan application process.

Interest rate discounts are often available to borrowers who present a strong application, and working with Astute Ability Group means we can compare options across our panel of lenders to identify where those discounts may apply to your situation.

Building Your First Home Buyer Budget and Checklist

A solid first home buyer budget accounts for more than just the purchase price. You need to factor in stamp duty (unless you are exempt), legal and conveyancing fees, building and pest inspections, moving costs, and any immediate renovation or furnishing expenses. Having a clear first home buyer checklist helps you stay organised and avoid surprises.

Pre-approval is an important part of the process. It gives you a clear picture of your borrowing capacity before you start attending inspections, and it signals to sellers that you are a serious buyer. Astute Ability Group works with first home buyers across the Central Coast, greater Sydney, and across Australia to prepare strong first home loan applications and identify the most suitable home loan options for each individual situation.

First home buyer eligibility for various schemes depends on factors including whether you have previously owned property, your residency status, the type of property you are purchasing, and the contract date. The rules differ across states and territories, and they change regularly. Astute Ability Group stays across these changes so you do not have to.

Whether you are looking at a new build, an established home, or vacant land, Astute Ability Group is ready to help you understand your options and put together a first home loan application that reflects your goals. Use our borrowing capacity calculator to get a sense of where you stand, and speak with our team to explore what is possible for your situation.

The Simple Steps

1. Consultation with Your Finance Broker

Your journey to securing a Home Loan begins with an initial consultation. Whether you're buying a home, car, refinancing, or purchasing equipment for your business, your Finance Broker will discuss your property goals, explain the application process, and assess your current financial situation. We need to understand whether you are self employed and require low doc lending for your business or if you are PAYG. This meeting sets the stage for finding the right Home Loan options. Your broker will also outline various loan types from banks and lenders across Australia, helping you access the best deals.

2. Financial Assessment

Your Broker will thoroughly evaluate your financial situation, including your income, expenses, assets, liabilities, credit history, and home equity if you have a home. This comprehensive assessment is crucial to determining your borrowing capacity and the loan amount you can apply for. Your broker will help you understand key financial terms like loan-to-value ratio (LVR), interest rate discounts, and other relative things.

3. Exploring Home Loan Options

After assessing your financial situation, your broker will compare various Home Loan products from multiple lenders, taking into account factors like interest rates, fees, repayment terms, and loan features. Your broker will also help you understand the differences between fixed and variable loan rates and the implications of each option on your future repayments. The aim is to find a Home Loan that best suits your needs.

4. Pre-Approval Process

One of the first major milestones is receiving Home Loan pre-approval. This process involves getting an initial indication from a lender regarding how much you may be able to borrow. Pre-approval helps you set a realistic budget and gives you more confidence and understanding of repayments. It also strengthens your position in the local property market, showing sellers that you’re a serious buyer.

5. Submitting the Home Loan Application

After choosing the loan product that works best for you, your Finance Broker will assist you with the formal loan application. They will manage the paperwork, request any necessary supporting documents such as bank statements, and submit your loan application to your chosen lender. Your broker will liaise with the lender throughout the application process, keeping you informed about the progress and addressing any issues that arise.

6. Home Loan Approval & Final Steps

Once your loan is approved, your broker will guide you through the next steps. This typically includes reviewing the loan agreement, ensuring all terms and conditions are understood. Your broker will also help you set up repayment options and advise on strategies for managing your loan effectively over time, should you need it.

7. Home Loan Settlement

Once all the documentation is in order, the final settlement takes place. This is when the loan is formally advanced, and ownership of the property or funds are transferred to the right party. After settlement, your lender will typically offer online access to your loan, and you’ll begin managing your Home Loan repayments, helping you stay on top of your financial commitments.

Real Stories, Real Results

First home buyers across the Central Coast, greater Sydney, and around Australia trust Astute Ability Group to help them understand their options and put together a home loan that works for their situation. Our clients value the clarity, care, and genuine commitment we bring to every first home loan application.

Thank you so much Mhairi..You are amazing and have changed our life. You helped us get a consolidation loan and we are now so much closer to buying our first home. We could never thank you enough and the process was easy and stress free� ...

Kelly

Had a wonderful experience with Mhairi and her team on the settlement of my home loan - their follow up and ease made the experience easy and stress free.

Amanda Mowbray

Extraordinary service every time!

Tania MacLeod

Got Questions?

First home buyers often have a lot of questions about grants, deposit requirements, stamp duty concessions, and how to structure their home loan. Below are answers to some of the most common questions we receive at Astute Ability Group.

What should I bring to my first meeting with Astute Ability Group?

Your first meeting with us is really about getting to know you and understanding your goals, so do not worry if you do not have everything perfectly organised. That said, it can be helpful to bring along some basic information such as recent payslips or tax returns, details of any existing debts or loans, a summary of your assets and savings, and identification documents. If you are self-employed, having your most recent tax returns and business financials on hand is useful. We will guide you through exactly what is needed as we get to know your situation. The most important thing you can bring to that first conversation is an open mind and a clear idea of what you are hoping to achieve. We will take care of the rest.

Can Astute Ability Group help clients outside of the Central Coast and Sydney?

Yes, absolutely. While we have strong roots in the Central Coast and greater Sydney, we work with clients right across Australia. Thanks to technology and our ability to communicate remotely, distance is not a barrier to receiving quality finance support. Whether you are in regional New South Wales, Queensland, Victoria, or anywhere else in the country, we can assist you with the same level of care and attention we give to our local clients. We believe that everyone deserves access to quality finance guidance, regardless of where they live. If you are unsure whether we can assist with your specific location or situation, simply reach out and we will be happy to have a conversation with you.

Do I need a deposit to apply for a home loan?

In most cases, yes, you will need some form of deposit or equity to apply for a home loan in Australia. The amount required can vary depending on the lender, the type of property, and your overall financial position. Generally speaking, a deposit of at least 20 per cent of the property's purchase price allows you to avoid paying Lenders Mortgage Insurance (LMI), which is an additional cost that protects the lender if you default on the loan. However, there are options available for borrowers with smaller deposits, and some government schemes may also be relevant depending on your circumstances. At Astute Ability Group, we will help you understand what is required and what options may be available to you based on your situation.

How long does the home loan application process take?

The timeframe for a home loan application can vary depending on a number of factors, including the lender you apply with, the complexity of your financial situation, and how quickly all the required documentation can be gathered. In general, once we have everything we need from you, we will submit your application and work with the lender to progress it as efficiently as possible. Some lenders can provide conditional approval within a few business days, while others may take longer. At Astute Ability Group, we stay in close contact with lenders throughout the process and keep you updated at every stage. Our goal is to make sure nothing is delayed unnecessarily and that you always know where things stand.

What is refinancing and how do I know if it is worth exploring?

Refinancing means replacing your current home loan with a new one, either with your existing lender or a different one. People choose to refinance for many reasons, including wanting to access equity in their property, consolidating debts, changing their loan structure, or simply wanting to review whether their current loan still suits their needs. At Astute Ability Group, we recommend reviewing your home loan regularly, as your circumstances and the lending market can change over time. We can help you assess your current loan and compare it against other options to see whether refinancing makes sense for your situation. We will always give you an honest picture so you can make an informed decision.

I am self-employed. Can Astute Ability Group still help me?

Absolutely. Being self-employed does not mean you cannot access finance, but it does mean the process can look a little different compared to someone who receives a regular salary. Lenders often assess self-employed applicants differently, and the documentation required can vary depending on your business structure and how long you have been operating. At Astute Ability Group, we have experience working with self-employed clients across a range of industries. We understand how to present your financial position clearly and work with lenders who are experienced in assessing self-employed applications. We will work closely with you to understand your income, your business, and your goals so we can explore the most suitable options available to you.

What types of loans can Astute Ability Group help with?

At Astute Ability Group, we assist clients with a broad range of finance needs. This includes home loans for owner-occupiers, investment property loans, refinancing existing loans, construction loans, and loans for self-employed individuals. We also assist with commercial finance, asset finance, and business lending. Whether you are purchasing your first home on the Central Coast, investing in property across greater Sydney, or running a business anywhere in Australia, we have the knowledge and lender connections to help you explore your options. Every client's situation is different, and we take a personalised approach to make sure the finance solution we explore with you is suited to your individual circumstances and goals.

How does Astute Ability Group get paid?

In most cases, mortgage brokers in Australia are paid a commission by the lender once your loan settles. This means that in many situations, there is no direct cost to you for using our services. However, we believe in full transparency, so we will always explain how we are remunerated before we proceed with any application on your behalf. The commissions we receive do not change the way we approach finding suitable options for you. Our obligation is to act in your best interests, and that is a legal requirement under Australian credit law. We will always be upfront about any fees or costs that may apply to your specific situation so there are no surprises along the way.

Why should I use Astute Ability Group instead of going directly to my bank?

When you go directly to a bank, you are only seeing what that one lender has to offer. At Astute Ability Group, we work with a broad panel of lenders, which means we can look across multiple options to find something that suits your specific needs. Banks are focused on selling their own products, whereas our focus is on you and your situation. We take the time to understand what you are trying to achieve and then work to find a loan structure that supports those goals. Beyond that, we provide ongoing support throughout the life of your loan, not just at settlement. Our relationship with you does not end when the paperwork is signed. We are here for the long term.

What does a Finance and Mortgage Broker actually do?

A Finance and Mortgage Broker acts as the link between you and a wide range of lenders, including banks, credit unions, and non-bank lenders. Rather than you having to approach each lender individually, a broker does the legwork on your behalf. At Astute Ability Group, we take the time to understand your personal situation, your goals, and your financial position before we start looking at options. We then research suitable loan products from our panel of lenders and present you with options that align with your circumstances. We handle the paperwork, liaise with lenders, and keep you informed every step of the way. Our role is to make the process clearer and more manageable for you, whether you are buying your first home, investing in property, or looking to refinance.