First home loans · FinancialPlus Mortgage Broker Gold Coast

Your First Home Loan

Buying your first property is one of life’s biggest milestones – and one of the more overwhelming ones too. There’s a lot to learn, a lot of paperwork, and a lot riding on getting it right. That’s where we come in: our job is to strip away the confusion and walk you through exactly what’s ahead.

This guide breaks the journey down into four manageable stages, from your very first dollar saved to the day you collect your keys.

Jump to a stage:

Build your deposit

Saving enough to get started

Want to know if you qualify for a first home buyer grant? Ask us to check your eligibility.

Lenders generally like to see a deposit worth 20% of the property’s price before approving a loan without extra conditions. On a $500,000 property, that’s $100,000 upfront. Fall short of that mark, and you’ll usually be asked to cover Lenders Mortgage Insurance (LMI) as well.

What actually is LMI? LMI is a one-off insurance premium that protects the lender, not you, if you default and your deposit is under 20%. It’s added to your loan costs, and it doesn’t insure your own position in any way.

The good news: a 20% deposit isn’t the only path into the market. Here are some of the other ways buyers get there sooner.

1. Your profession might help

Certain occupations are viewed favourably by lenders, sometimes reducing the deposit you need or waiving LMI altogether. Professions commonly included are:

Doctors
Nurses
Accountants
Lawyers
Pharmacists
Frontline/essential workers

2. Guarantor loans

A parent, parent-in-law, step-parent, grandparent or sibling can act as a guarantor, using equity in their own property in place of part of your cash deposit. If you fall behind on repayments, the guarantor is on the hook for the equity they’ve pledged – and if that’s their family home, it could be at risk of sale. It’s a significant favour to ask of someone, but done right, it can get you into a property without needing cash of your own.

3. Government grants, concessions and savings schemes

The federal and state governments run several programs to help first home buyers get a foot in the door. Availability and thresholds vary by location, so it always pays to confirm the details with your broker before relying on any of them.

First Home Owner Grant (FHOG)

This is a one-off payment offered by each state and territory to eligible first home buyers purchasing or building a new or substantially renovated home. Grant amounts differ significantly depending on where you live and change from time to time, so always check the current figure for your state before budgeting around it. Broadly, you’ll need to:

Be purchasing or building a new home as your principal place of residence
Meet the property value cap set by your state
Be at least 18 years old
Be an Australian citizen, permanent resident, or eligible New Zealand citizen

Check the current grant details for your state or territory directly:

First Home Guarantee

Run through Housing Australia, this scheme lets eligible buyers purchase with a deposit as low as 5%, with the government guaranteeing the difference up to 20% – meaning no LMI. Recent changes have made the scheme considerably more accessible than in prior years, including the removal of income limits and the annual cap on available places, alongside higher property price thresholds that vary by region. Because the settings are updated regularly, ask your broker for the current eligibility criteria and price caps that apply to the property you’re considering, or check Housing Australia’s property price caps directly.

First Home Super Saver Scheme (FHSSS)

This scheme lets you funnel voluntary contributions into your super fund and later withdraw them to put toward a deposit. Because contributions can be made before or after tax, it’s a structured way to build savings faster than a standard bank account might allow. Eligibility rules apply, so it’s worth reviewing the ATO’s current guidance before committing.

Stamp duty relief

Most states and territories offer a discount or exemption on stamp duty for eligible first home buyers, with the size of the concession depending on your location and purchase price. Ask us to run the numbers on stamp duty for your situation so there are no surprises at settlement.

Secure Pre-Approval

Getting the green light

Want a plain-English explanation of home loan jargon? Read on below.

Pre-approval means a lender has reviewed your finances and confirmed, in principle, that they’ll lend you a certain amount.

In practice, it means:

You know your realistic price range
You’re free to bid at auction with confidence
You have a clear idea of what your repayments will look like

Most lenders take around three business days to issue pre-approval, and it typically stays valid for about three months, giving you a solid window to shop around. As your broker, we can help fast-track pre-approval through any of 60+ lenders, so you can start house hunting knowing exactly where you stand.

A quick-reference guide to home loan terms

Home loan jargon can be genuinely baffling. Here’s a simple rundown of the terms you’re likely to come across, both now and later in your loan’s life.

Variable rate loan – Your interest rate moves up and down with the market, so repayments can rise or fall over time.

Fixed rate loan – Your rate (and repayment amount) is locked in for a set period, regardless of what happens in the broader market.

Split loan – Part of your loan is fixed, part is variable, giving you a mix of certainty and flexibility.

Packaged loan – A bundle that combines discounted rates, fee waivers, and sometimes perks on other products from the same lender.

Introductory (honeymoon) rate loan – A discounted rate for an initial period, usually around 12 months, before reverting to the lender’s standard variable rate.

Construction loan – Designed for building rather than buying, funds are released in stages (drawdowns) as the build progresses. You’re only charged interest on what’s been drawn down, and many construction loans run interest-only for the first year while building is underway.

A few extra tools worth knowing about, which can help you pay your loan down faster or ease pressure if money gets tight:

Offset account – A linked account where your balance reduces the interest charged on your home loan. Make sure it comes with a redraw facility so your funds stay accessible.

Redraw facility – Lets you make extra repayments and withdraw them again later if you need the cash in a hurry.

Extra repayments – Paying more than the minimum, even occasionally, can shave a significant amount off your total interest bill over the life of the loan.

Interest-only repayments – Reduces your monthly outlay by covering only the interest, but your loan balance won’t go down, meaning you’re not building equity during that period.

Go House Hunting

Shopping with confidence

Deposit sorted, pre-approval in hand, jargon decoded – now it’s time to actually look for a home.

Can I bid at auction?

If a lender has assessed your finances and your broker has given you the go-ahead, yes. That said, always double-check with your broker before raising your hand at auction. Winning an auction bid means signing a binding contract on the spot, so arrange building and pest inspections, and ask all your questions about the property, well before auction day.

How much time should I allow for settlement?

A 45-day settlement paired with a 21-day finance clause is a common benchmark for private treaty sales, though not every agent will agree to it. Be ready to discuss alternative settlement periods (30 or 60 days is common) and different finance clause windows with your broker, since lender turnaround times vary.

Should I get a building and pest inspection?

Wherever possible, yes. You can request one, or both, as a condition of the contract of sale. Some states require the vendor to supply a report; in others (South Australia, for example) it’s on the buyer to organise their own inspection during the cooling-off period or before an auction. Remember: auction contracts are unconditional, so any inspection needs to happen before you sign, not after.

Get Your Loan Over the Line

You've found the one – now what?

Contract signed, dream home secured – congratulations! Here’s what happens next.

Let your broker know straight away so the loan application can get underway with your chosen lender. Acting quickly protects any finance clause deadlines and keeps things moving smoothly toward settlement.

Around the same time, line up a local conveyancer. They’ll manage the legal side of transferring the property into your name and can answer any tricky questions about the contract of sale. Like your broker, a good conveyancer is working entirely in your corner.

Loan approved. Once the lender formally signs off, they’ll release the funds needed to settle on your new home. From here, your broker and conveyancer take care of the remaining details behind the scenes as settlement day approaches.

Time to start planning the housewarming.

Settlement day is the finish line – this is when you collect the keys to your new home.

How Working With Us Works

1. Start your application

Once your application is underway, we’ll be in touch to guide you through it, using a secure online portal to make gathering documents simple.

2. Get advice tailored to you

After reviewing your situation, we’ll present a shortlist of loan options matched to your goals and circumstances.

3. Choose your loan

We’ll help you weigh up the options, then handle the legwork with the lender to push your application through to approval.

4. Receive your funds

We’ll stay in touch as settlement approaches and make sure your funds are ready to go for your big move.

Grant amounts, income thresholds, and property price caps referenced above are subject to change and vary by state and territory. This information is general in nature and doesn’t take into account your personal circumstances – speak with us to confirm current eligibility and figures before making any decisions.