Buying your first home is exciting — but it can also feel overwhelming. If you’re a first home buyer in Victoria, understanding your options, costs, and government incentives can make the journey smoother and more affordable.
Step 1: Understand Your Budget
Before searching for properties, determine:
- Your savings (deposit amount)
- Your borrowing capacity
- Ongoing living expenses
- Stamp duty costs
Most lenders require a 5–20% deposit. The larger your deposit, the lower your loan risk and potential fees.
Step 2: Explore Government Grants & Concessions
In Victoria, first home buyers may be eligible for:
✔ First Home Owner Grant (FHOG) – $10,000 for eligible new homes
✔ Stamp Duty Concessions – Available for properties under certain thresholds
✔ First Home Guarantee Scheme – Buy with as little as 5% deposit (no LMI)
Eligibility requirements apply and may change annually.
Step 3: Get Pre-Approval
Pre-approval gives you:
- Clear borrowing limits
- Stronger negotiating power
- Faster purchase process
It is typically valid for 3 months.
Step 4: Understand Additional Costs
Beyond your deposit, you should budget for:
- Stamp duty
- Legal/conveyancing fees
- Building & pest inspections
- Loan establishment fees
- Moving costs
Step 5: Choose the Right Loan
Consider:
- Fixed vs variable interest rate
- Offset account features
- Extra repayment flexibility
Choosing the right structure can save you thousands over the life of your loan.
Final Tip
Working with a mortgage broker gives you access to multiple lenders and personalised advice — especially helpful for first-time buyers navigating the system.
👉 Thinking about buying your first home? Speak with Ether Funding today.