If you’re buying your first home in Australia, you’re likely eligible for government support. These may include:
First Home Owner Grant (FHOG): A lump sum (usually between $10,000–$20,000 depending on your state) for eligible first-time buyers building a new home or buying a newly built one.
Stamp Duty Concessions: Many states waive or reduce stamp duty on properties under certain price caps.
First Home Guarantee Scheme: Allows you to buy with as little as 5% deposit without paying Lender’s Mortgage Insurance (LMI), as long as you’re eligible.
💡 Tip: Eligibility and amounts vary by state. A mortgage broker like Anitha Varghese at Kanova Loans can help you navigate what you’re entitled to.
Saving your deposit is one of the most important parts of the journey. Here are smart ways to do it:
Create a separate savings account just for your deposit — automate weekly transfers.
Cut unnecessary expenses like subscriptions or dining out often.
Use the First Home Super Saver Scheme (FHSSS): It allows you to save up to $50,000 for your deposit inside your super (tax benefits apply).
Track your spending to find small wins — they add up!
💡 Aim for a 20% deposit to avoid LMI, but many lenders accept 5–10% with extra conditions.
Most lenders require at least 5% deposit, and they want to see that you’ve saved it over a period of 3+ months — this is called a genuine savings deposit. Tip: Avoid lump-sum gifts or transfers just before applying. Instead, deposit savings consistently into a separate account to show saving behaviour.
Before house hunting, it’s important to assess your income, expenses, credit score, and existing debts.
Review your income and spending — banks look at everything.
If you’re a casual worker or rely on overtime, lenders usually average your earnings over 6–12 months. so consistent payslips and employment history help.
Have a partner (spouse or de facto) who’s not working? This may lower your borrowing power, especially with dependents.
Credit cards, BNPL services, and loans — even unused credit limits affect how much you can borrow.
Real estate agents may pressure you to sign a contract and pay a deposit — but once paid, it’s hard to get refunded if your loan is declined. Pre-approval helps you: Know your budget Strengthen your position as a serious buyer Avoid signing contracts you can’t follow through Loan Settlement Timeframe: Standard loan settlement is 42 days (6 weeks) in most Australian states, but it can vary. Some contracts require 30-day settlements, so you must be ready with your finances.
Don’t sign a contract without pre-approval. Once you pay a deposit, it’s usually non-refundable. Pre-approval:
Confirms your budget
Strengthens your offer with agents
Helps avoid stressful last-minute surprises
ou’ll need a legal expert to:
Review your contract
Handle property searches and legal checks
Coordinate with your lender
You can organise this through Kanova Loans — we work with trusted conveyancers to support your journey.
our mortgage broker will:
Finalise the loan application
Work with your builder if you’re constructing
Liaise with the bank and conveyancer.
If you’re applying with a small deposit (e.g. 5%), you may need Lenders Mortgage Insurance (LMI) — but we’ll guide you through the best options.
Once approved:
Sign loan documents
Arrange insurance
Pay remaining deposit
Your broker and conveyancer manage the rest. Most properties settle in 30–42 days from contract signing.
If you’re planning to build, the process differs slightly:
Buy land first, then apply for a construction loan.
Construction loans are released in stages (slab, frame, lock-up, etc.)
Work closely with your builder and broker to align build contracts with lending requirements.
Check zoning rules, utilities, and title registration on the land before signing anything.
💡 Kanova Loans can help you organise pre-approval, compare construction loans, and coordinate with your builder.
Before applying for a loan, it’s worth reviewing your habits and choices:
Keep your credit history clean — pay bills on time and avoid new debts.
Don’t change jobs just before applying — lenders look for stable income.
Lower personal debts (e.g. credit cards, BNPL, personal loans) — they affect your borrowing power.
Stay realistic — it’s tempting to go all-in, but leave a buffer for surprises.
| State/Territory | Official Grant Info Link |
|---|---|
| New South Wales | NSW Revenue – FHOG |
| Victoria | State Revenue Office VIC – FHOG |
| Queensland | QLD Government – FHOG |
| Western Australia | WA Government – FHOG |
| South Australia | SA Revenue – FHOG |
| Tasmania | SRO Tasmania – FHOG |
| Australian Capital Territory | ACT Revenue – FHOG |
| Northern Territory | NT Government – FHOG |
Buying your first home is a huge achievement — and with the right preparation and guidance, it can also be an empowering and enjoyable journey. At Kanova Loans, we specialise in helping first home buyers understand their options, access grants, and secure the right loan to get started confidently.
Disclaimer: This blog is for general information only and doesn’t constitute personal financial advice. Speak to a licensed advisor or broker for guidance specific to your situation.
© Kanova Financials PTY Ltd
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Kanova Loans helps Australians access home, car, and commercial finance through expert guidance and top lender comparisons — led by trusted senior mortgage broker Anitha Varghese.
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