Buying your first home is exciting but it can feel confusing. You need clarity on loans, government grants, deposits and what lenders actually look for. At More Than Mortgages we guide first home buyers in Canberra through every step of the process in simple, practical terms.
We help you understand your borrowing power, compare the right home loan options, and take the stress out of dealing with banks. Our goal is to make sure you get the loan that fits your situation, not the one a bank wants to sell you.
This page explains how first home buyer loans work, what support you may qualify for, and how we help you get from thinking about buying to holding the keys.
Who This Is For
People who are:
- Buying their first home in Canberra or surrounding regions
- Unsure how much deposit they need or where to get it
- Wanting to understand government grants and concessions
- Nervous about the loan process or lenders’ requirements
- Self employed or without traditional income documentation
How First Home Buyer Loans Work
- We start with a free chat about your goals, income and savings
- We assess how much you can borrow and real costs involved
- Together we compare suitable loan options from multiple lenders
- You choose the loan that fits your budget and future plans
- We prepare and lodge the application paperwork for you
- We guide you right through to settlement and after
What You May Qualify For
- First Home Owner Grant (FHOG)
- Stamp duty concessions or exemptions
- Low deposit home loan options
- Family guarantee support
- Government incentives (if available at time of application)
Common Questions First Home Buyers Ask
How much deposit do I need to buy my first home?
Many first home buyers use 5 to 10 per cent deposits. Some can borrow with smaller deposits using family guarantees or government schemes. We can show you options.
What costs should I budget for besides the deposit?
A practical rule of thumb is to have an extra 3 to 5 percent of the purchase price set aside on top of your deposit to comfortably cover these costs.
The good news is that grants, stamp duty concessions and low deposit schemes can reduce some of these expenses, so it’s worth getting tailored advice before you start house hunting.
What is pre-approval and do I need it as a first home buyer?
Pre-approval is when a lender checks your finances and gives you a conditional thumbs-up for a certain loan amount before you buy, showing roughly how much you can borrow and that you’re likely to be approved. It isn’t a final approval, but it lets you house-hunt with confidence, strengthens your offers, and reduces the risk of missing out or chasing properties you can’t finance, usually lasting about 90 days and easily refreshed if needed.
Can I buy with a partner or family member?
Yes. You can combine incomes and borrowing capacity with partners, relatives or guarantors. We explain how that affects your loan options.
How long does it take to get approved?
Approval time varies by lender and your documentation. With complete information, it can take several weeks from application to conditional approval.
Key Loan Types for First Home Buyers
Variable Rate Loans
Flexible home loans where interest can change over time. Good if you want offset and redraw features.
Fixed Rate Loans
Lock in your rate for 1 to 5 years to protect repayments from market movement.
Low Deposit Options
Loans that may require less than 20 per cent deposit when supported by a guarantor or scheme.
Government Assisted Loans
Loan structures designed around FHOG and duty concessions.
Next Step: Book a Free First Home Buyer Chat
Ready to see how much you can borrow? Book a free consultation with one of our Canberra mortgage experts and get personalised home loan guidance.
What Happens After You Book
Booking a first home buyer chat doesn’t lock you into anything. It’s simply a chance to talk through your situation, ask questions, and understand your options before you make any decisions.
- A relaxed, no pressure conversation
- Clear answers about borrowing power, deposits and costs
- Guidance on grants, concessions and lender options
- Straightforward next steps explained in plain English
If you’re not ready to proceed yet, that’s completely fine. Many first home buyers book this chat just to get clarity and confidence before they start house hunting.
At More Than Mortgages, we’re more than just loan experts; we’re your partners in turning your homeownership dream into a reality. If you’re ready to take the first step or just need some questions answered, we’re here for you.