Buying your first home is a major milestone—but navigating home loans, deposits, and government schemes can quickly become overwhelming.
At Ingram Financial, we help first home buyers across Australia secure the right home loan with confidence. Whether you’re purchasing in Sydney, regional NSW, or interstate, we guide you from pre-approval through to settlement.
Taking the headaches out of first home buyer home loans
Australia-Wide Mortgage Broker Support
We work with first home buyers across Australia, providing expert guidance regardless of location.
While we’re based in the Sutherland Shire in Sydney, our clients come from all across Australia – from regional NSW and Queensland to Victoria and Western Australia. With phone, video, and digital applications, the entire process can be handled remotely, without needing to visit a branch or office.
With phone, video, and digital applications, the entire process can be handled remotely—without needing to visit a branch.
How Much Can You Borrow as a First Home Buyer?
Your borrowing capacity is determined by more than just your income. Lenders assess your situation using what’s known as a serviceability calculation – they look at your gross income, existing debts, living expenses, and the size of your deposit to determine the maximum loan amount they’re comfortable lending you.
Most lenders also apply a “stress test,” assessing whether you could still afford repayments if interest rates rose by 3% above the loan rate. This means your actual borrowing limit is often lower than you might expect when you run the numbers yourself.
Common factors that affect how much you can borrow include your employment type (PAYG or self-employed), whether you have HECS/HELP debt, any existing car loans or credit cards, and the number of dependants in your household.
At Ingram Financial, we assess your full financial picture before approaching any lender – making sure we match you with lenders whose policies suit your situation, and helping you maximise your borrowing power without overextending.
Use our calculator below to get an approximate estimate of your borrowing power.
Borrowing Power Calculator
Estimate how much you may be able to borrow based on your income, expenses and existing commitments.
First Home Buyer Deposit Options
While a 20% deposit is traditionally the benchmark – because it allows you to avoid Lenders Mortgage Insurance (LMI) – most first home buyers enter the market with significantly less.
LMI is a one-off insurance premium paid by the borrower (not the lender) that protects the bank if you default on the loan. It can add anywhere from $8,000 to $30,000+ to your upfront costs, depending on your loan size and deposit. However, there are strategies to reduce or avoid it entirely.
With a 5% deposit, you may be eligible for the Federal Government’s First Home Guarantee Scheme, which allows eligible buyers to purchase with just 5% down – with the government guaranteeing up to 15% of the loan, meaning no LMI is payable. Some lenders also accept deposits as low as 2% for borrowers using certain government schemes.
A guarantor loan is another option, where a family member (typically a parent) uses the equity in their own property to support your loan application, effectively acting as additional security. This can allow you to borrow without a deposit at all in some cases, and without paying LMI.
We’ll walk you through which option suits your situation and savings position.
Government Grants & Schemes available in Australia
Depending on the state or territory you’re purchasing in, you may be eligible for a range of government grants and concessions. These can make a significant difference to the upfront costs of buying your first home.
| State/Territory | Grant Name | Amount | Conditions |
|---|---|---|---|
| NSW | First Home Owner Grant (FHOG) | $10,000 | New builds only, property value under $600,000 |
| VIC | First Home Owner Grant | $10,000 | New builds only, property value under $750,000 |
| QLD | First Home Owner Grant | $30,000 (until June 2025) | New builds only |
| WA | First Home Owner Grant | $10,000 | New builds only, property value under $750,000 |
| SA | First Home Owner Grant | $15,000 | New builds only |
| TAS | First Home Owner Grant | $30,000 | New builds only |
| ACT | Home Buyer Concession Scheme | Stamp duty waiver | Income limits apply |
| NT | First Home Owner Grant | $10,000 | New or substantially renovated homes |
In addition to state-based grants, the Federal Government offers two key programs:
First Home Guarantee Scheme (FHBG): Allows eligible first home buyers to purchase with as little as a 5% deposit, with the government guaranteeing up to 15% of the loan value – meaning you pay no LMI.
First Home Super Saver Scheme (FHSS): Allows you to make voluntary contributions into your superannuation fund and then withdraw those contributions (plus associated earnings) to use as a home deposit. You can withdraw up to $50,000 per person, making it a tax-effective savings strategy.
Stamp Duty Concessions: Most states offer full or partial stamp duty exemptions for first home buyers. In NSW, for example, first home buyers purchasing a property under $800,000 pay no stamp duty at all and a reduction in the rate applies beyond this figure.
Eligibility conditions vary by state and scheme, and the rules change regularly. We keep up to date with every scheme and manage the application process on your behalf.
Why Use a Mortgage Broker?
Working with a mortgage broker gives you access to more options and better guidance than going directly to a bank.
We provide:
- Access to a wide panel of lenders
- Tailored loan recommendations
- Support with paperwork and approvals
- Ongoing reviews after settlement
We focus on finding the right loan for your situation, not just what one lender can offer.
Why First Home Buyers Trust Ingram Financial
Ingram Financial is a Sutherland Shire-based mortgage broking business helping Australians buy their first home with confidence. Led by Shannon Ingram, a fully accredited mortgage broker authorised under LMG Broker Services, we work with a broad panel of lenders – from the major banks to specialist non-bank lenders – to find the right loan for your situation.Unlike going directly to a bank, where you’re limited to that lender’s products and credit policies, working with a broker gives you access to dozens of lenders simultaneously. We do the comparison work for you, handle the paperwork, and advocate on your behalf throughout the entire process – from pre-approval through to settlement and beyond.Our services are at no cost to you. We are paid by the lender when your loan settles, and we are legally required to act in your best interests under the Best Interests Duty.
Our First Home Buyer Process
1. Initial Consultation
We understand your goals and financial position
2. Borrowing Assessment
We calculate your budget and borrowing power
3. Pre-Approval
Get clarity before you start house hunting
4. Property Purchase Support
Guidance through contracts and negotiations
5. Loan Approval & Settlement
We manage the process through to completion
First Home Buyer FAQs
es. Through the Federal Government’s First Home Guarantee Scheme, eligible buyers can purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees the remaining 15%, removing the need for LMI. Places are limited each financial year, so it’s worth applying early. Outside of this scheme, some lenders will accept a 5% deposit with LMI payable on top.
No. We work with clients across Australia using phone, email, and video.
Typically 2-5 business days depending on the lender but this can vary depending on the lender, time of year and the complexity of your situation.
Pre-approval (also called conditional approval) is an assessment by the lender of your financial position that gives you a borrowing limit to shop with. It’s based on the information you provide and is typically valid for 90 days. Full (unconditional) approval comes after you’ve made an offer on a specific property and the lender has assessed both your finances and the property itself. Pre-approval is not a guarantee of full approval but is a strong indicator of your borrowing position.
This may include stamp duty (if applicable), legal fees, inspections, and lender costs. There are no costs to utilise Ingram Financial’s services as we are paid by the lenders when your loan settles.
There’s no universal minimum, as each lender uses different credit scoring models and policies. Generally, a credit score above 600 (on a scale of 0–1,200) is considered acceptable by most mainstream lenders. However, some specialist lenders will consider applicants with lower scores. We can run a credit check as part of your initial assessment and advise you on the best path forward.
Why First Home Buyers Choose Ingram Financial
- Clear, straightforward advice
- Support from start to finish
- Access to multiple lenders
- Help with grants and applications
- Long-term loan support
Free Guide: 4 steps to doing your first home loan right
Our free ebook explains everything you need to know about your first home loan in Australia and what to consider before applying for a loan. Learn how lenders assess applications, compare finance options, and avoid common mistakes that can cost borrowers thousands over the life of a loan.
Download your free copy below.
Ready to Buy Your First Home?
Wherever you are in Australia, we’re here to help you take the next step.
Need some help?
Not sure where to start? That’s exactly what we’re here for. Drop us a message and we will get back to you within one business day with clear, honest advice tailored to your situation.