First Home Buyer Guide: Let Me Help You Secure Your First Home

First Home Buyer Guide: Let Me Help You Secure Your First Home

As a UNO Mortgage Broker, I understand that buying your first home can feel overwhelming—especially with so many people saying that young Australians can’t break into the property market without family support. But I’m here to tell you that it is possible. There are several government programs and grants designed specifically to help first home buyers, and I’m here to personally guide you through them.

Whether you're looking to purchase in the city or a regional area, I'll help you navigate these schemes, understand your options, and find the right lender to make your dream of owning a home a reality.

Understanding the First Home Buyers Grant

One of the best ways to start your journey is by seeing if you qualify for the First Home Buyers Grant. This grant can help you purchase or build a new home, or even buy a property that has been significantly renovated. Since every state and territory in Australia has its own criteria for the grant, it’s important to check your local requirements. I can help you understand how this applies to your situation and guide you through the eligibility process.

• For more details, you can contact me directly or check your state’s State Revenue Office for grant information.

Exploring Government Guarantees

The Australian government offers several guarantees that can help first-time buyers like you secure a home loan with as little as a 5% deposit—and without having to pay Lenders Mortgage Insurance (LMI). Here are the three main schemes I often help clients with:

1. First Home Guarantee: This allows you to purchase a property with just a 5% deposit. You can learn more about it here.
2. Regional First Home Buyer Guarantee: This option is perfect if you’re considering buying in a regional area. More information can be found here.
3. Family Home Guarantee: This scheme is tailored for single parents and allows eligible buyers to purchase a home with a deposit as low as 2%. You can read more about it here.

I can help you determine which of these guarantees best suits your needs and walk you through the application process.

How to Check Your Eligibility

One of the first things I do with my clients is help them determine their eligibility for these schemes. The government offers an easy-to-use Eligibility Tool, but I’ll also go through it with you to ensure you understand everything clearly. You can access the tool here.

Once we’ve confirmed your eligibility, the next step is identifying the property price caps in your area, as these vary by state and region. I’ll assist you in finding homes that fit within those caps, but you can also check the limits using the Price Caps Tool here.

Income Limits You Should Know

To qualify for these schemes, you’ll need to meet certain income criteria:

• Single applicants: You must earn less than $125,000 annually.
• Couples: Joint income must not exceed $200,000 annually for both the First Home Guarantee and the Regional First Home Guarantee.

I’ll make sure your financial situation aligns with these requirements and guide you through how it impacts your application.

Genuine Savings and What Lenders Look For

Another important consideration is genuine savings. Lenders typically want to see that you’ve saved at least 5% of the property’s value over time. This is what we call "genuine savings"—a record of consistent deposits over three months or more, which shows the lender that you’re responsible with your finances.

When you work with me, I’ll help you understand what qualifies as genuine savings, and I’ll assist you in preparing the necessary documents, including your Notice of Assessment (NOA) from the Australian Tax Office (ATO) and recent payslips. 

The Application Process—Made Simple

Applying for one of these government guarantees is straightforward, especially when I’m here to help you every step of the way. Once we’ve confirmed your eligibility, I’ll assist you in completing the Home Buyer Declaration form, which is available on participating lender websites. Once you submit that form to me, I can reserve your spot in the scheme and begin working on securing your loan.

Common Questions I Get from First-Time Buyers

I know you might have a lot of questions, so here are some of the most common ones I hear:

1. Can I purchase an investment property under these schemes? No, these government guarantees are only available for owner-occupied properties.
2. Why should I use the government guarantee? The First Home Guarantee allows you to purchase a home with a 5% deposit, while the government guarantees the remaining 15%. This gives you the benefits of a lower Loan-to-Value Ratio (LVR) of 80%, which can help secure you a better interest rate.
3. What is Lenders Mortgage Insurance (LMI), and will I need to pay for it? Normally, if your LVR exceeds 80%, you’d have to pay LMI, but under the government guarantee, LMI is waived—saving you thousands upfront 
4. How much can I borrow under the scheme? With these schemes, you can often borrow more because of the favorable interest rates associated with the lower LVR however I always say that because you are able to borrow more, because you technically have more of a deposit you tend to borrow less because of this.
5. What documents do I need to provide? You’ll need to provide identity documents, financial statements, and the completed Home Buyer Declaration. Don’t worry—I’ll guide you through every step to make sure nothing is overlooked.

Let’s Get Started—Contact Me Today

If you’re ready to explore your options and get on the path to homeownership, I’m here to help. As a UNO mortgage broker, my goal is to make this process as smooth and stress-free as possible. I’ll work closely with you to find the best option for your financial situation and ensure you have access to all the support and resources you need.

Feel free to reach out to me directly through my UNO Home Loans profile. I look forward to helping you achieve your dream of owning your first home.

Useful Links:

• Housing Australia - First Home Guarantee
• Housing Australia - Regional First Home Buyer Guarantee
• Housing Australia - Family Home Guarantee
• Eligibility Tool
• Price Caps Tool

Let’s work together to make your first home dream a reality!

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