After being declined by the banks, we helped Olivia find another way to finance and get her new home
Read case studyBuying your first home? Don’t know where to start? We could help you realise your homeownership ambitions.
The road to buying your first property can be long, but Rapid Finance goes the extra mile to provide you with competitive first home buyer loans. Our team could help you get your home loan approved fast, and at competitive rates. We offer:
We could help you to get your home loan approved fast, and at a great, competitive rate, which could save you thousands of dollars in repayments over the course of your loan term.
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A first home buyer is any person looking to purchase their first home, such as a house, unit, or apartment. If you are a first home buyer, then you may be eligible for a range of government rebates, including the First Home Buyer's Grant (FHOG), which is a one-time payment to eligible individuals to help with the cost of purchasing a new or substantially renovated home. There are also stamp duty concessions or exemptions available in some Australian states and territories, making the home buying process more affordable for first home buyers. By taking advantage of these opportunities, first home buyers can make the transition to homeownership more manageable and financially feasible. To take advantage of any potential benefits, apply through or speak with a mortgage broker, such as Rapid Finance.
For many lenders and brokers, finding your first home loan means “job done” to them.
Not us. At Rapid, we guide you through each step of the buying process in detail to ensure you understand the requirements and improve your chances of a successful first home buyer loan application.
We’ll also take the time to translate mortgage jargon into simple, everyday English:
When we work with you, you’ll know exactly what to expect and when. There’ll be no nasty surprises – just first home buyer advice that’s as safe as houses.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
We share our property purchasing tips for potential first home buyers. Start your journey here.
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Try our borrowing power calculator to get an instant estimate of your mortgage borrowing power. It could be more than you think! Find out more.
A first home buyer's loan is a mortgage product specifically designed for individuals who are buying their first property. They typically have features and benefits tailored towards people who may not have a large deposit saved up. In Australia, there are several incentives available for first home buyers, including reduced stamp duty and access to the First homeowner Grant.
Also see our first home buyer's guide for a deeper look into how to buy a home as a first time buyer.
Applying for a first home buyer's loan typically involves a few key steps. Firstly, you'll need to work out how much you can afford to borrow. This can be done using online home loan calculators or by speaking with a mortgage broker, such as Rapid Finance, who specialises in first home buyer loans.
Next, you'll need to save for a deposit, if you haven't done so already. The deposit required can vary, but typically it is around 20% of the property's value, although we have access to mortgage products for low deposit home loans.
Finally, you'll need to apply for the loan. When applying through Rapid Finance, we may assist you with every step of the application process and limit the number of hard checks on your credit file, so that your credit file is protected.
Also see our first home buyer's guide.
Typically, you will need to save between 10% and 20% of the property’s value for a home deposit. However, the exact amount can vary depending on the lender's requirements, the type of loan, and whether you're willing to pay Lenders Mortgage Insurance (LMI). Depending on where you live in Australia, that amount can vary, due to differences in house prices.
Check out how much you could borrow for your first home with our borrowing power calculator. Just enter your income and expenses and adjust the interest rate and loan term to see your borrowing power.
Yes, it is possible to get a home loan with a 10% deposit in Australia. However, if your deposit is less than 20% of the property value, you will usually need to pay Lenders Mortgage Insurance (LMI). This protects the lender in case you default on the loan.
When applying through Rapid Finance, we can guide you through all the options available to you.
Under the First Home Super Saver Scheme, you can make voluntary contributions into your super fund to save for your first home. You can then apply to release these contributions (along with the earnings) to help you purchase your first home. There are specific criteria and conditions you must meet to use this scheme.
Here are some of the key conditions and criteria:
Contribution Caps: You can contribute up to $15,000 in any one financial year, and a total of $30,000 across all years.
Type of Contributions: You can only use voluntary contributions made to your superannuation, which includes personal contributions or salary sacrificed amounts.
Withdrawal: When you're ready to buy your first home, you can apply to the Australian Tax Office (ATO) to withdraw these contributions, plus the associated earnings. The withdrawn amount will be taxed at your marginal tax rate, minus a 30% tax offset.
Eligibility Criteria: To be eligible for the FHSSS:
First Home Purchase: Once your FHSSS amounts are released, you have up to 12 months to sign a contract to purchase or construct a home. If you need more time, you can apply for a 12-month extension.
One-time Use: You can only apply for and receive a FHSSS release once.
Remember, laws and regulations may change, so it is important to check the Australian Tax Office website or with your Rapid Finance advisor for the most curr
The First Home Owner Grant (FHOG) is a government scheme in Australia designed to help first home buyers purchase or build a residential property to live in. The value of the grant and the eligibility criteria vary from state to state.
New South Wales (NSW): $10,000 for new homes only, with a price cap of $600,000 for the purchase of new homes and $750,000 for the construction of a new home.
Victoria (VIC): $10,000 for new homes in metropolitan areas and $20,000 for new homes in regional areas, with a property value cap of $750,000.
Queensland (QLD): $15,000 for buying or building new homes valued less than $750,000.
South Australia (SA): $15,000 for the purchase and construction of any new home, with a property value cap of $575,000.
Western Australia (WA): $10,000 for new homes, with no cap on the property value, although the grant amount varies depending on the location (north of the 26th parallel).
Tasmania (TAS): $10,000 for the purchase or construction of a new home, without any cap on property value.
Northern Territory (NT): $10,000 for buying or building new homes, with no cap on the property value.
Australian Capital Territory (ACT): No FHOG, but they offer a full stamp duty concession for eligible first home buyers, irrespective of whether the home is new or established.
The First Home Owner Grant (FHOG) can be used towards your home deposit, but it's generally not enough to cover the full amount. Depending on the state, the FHOG can range from $10,000 to $20,000. It's important to remember that lenders usually require genuine savings as part of your deposit as well.
When you apply though Rapid Finance, our finance specialists will review your financial situation and may be able to source a first home loan mortgage which requires only a low deposit or in some cases no deposit on the home loan.
To qualify for the First Home Owners Grant (FHOG) in Australia, you typically need to meet the following criteria:
Please note, the exact requirements can vary from state to state, so it's important to check the specific criteria in your area.
In some states and territories in Australia, first home buyers may be eligible for stamp duty concessions or exemptions. The criteria vary widely by state, and it often depends on the value of the property.
Please note that these conditions can change over time and may have additional qualifying criteria.
Please double-check for your state, for the latest figures, as they are subject to change from time to time.