Understanding home loans: requirements for first home buyers
As a first home buyer, it’s a good idea to check your credit score. You can get your credit history checked at Credit Savvy or similar websites.
You’ll also need a solid savings history, and ideally you will have saved enough for a deposit for your first home loan.
How much do you need?
Most lenders do not offer 100% loans (loans with no deposit, for the whole of a property’s purchase price) and will want you to put down at least 5% of the purchase price. The more you can put down the better. A 20% deposit is something to aim for, as that means you can often avoid Lender’s Mortgage Insurance, which protects lenders from default but not you.
All financial situations are unique. But we can help you find the right fit for your lifestyle and budget, to get you into your home sooner. Have 5%? Great. See How To Buy Your First Home With A 5% Deposit. Looking to buy without a deposit? See No Deposit First Home Buyers. If family are providing the deposit, check out our advice on Gifted Deposit Home Loans.
All Aussies deserve a chance to own their own home. A low income doesn’t necessarily mean you can’t afford a first home loan. See Home Loans For Low-Income First Home Buyers and Low Deposit First Time Home Loans.
For more information, see How Much Do I Need For A Deposit?
What documents will I need to apply for a first home loan?
We usually ask you to bring in two forms of ID, plus bank statements and pay slips, when applying for a loan. Other documents needed generally include credit card, superannuation and investment statements.1 For more information see our Key Requirements For A First Home Buyer Loan and our checklist of supporting documents. If you are lacking some documentation (for instance, if you’re self-employed) read more about Low Doc And Non-Conforming Loans.
Questions? Call us anytime.
In this chapter
Take the next step to buying your first home.
Types of home loans
With thousands of different home loans on offer you’d be forgiven for thinking that it’s all too ...
How much deposit?
When you’re home-hunting, a question on many would-be home buyers lips is: “How much?
Low doc loans
If you work for yourself or you don’t quite fit normal borrowing criteria, never fear! There can still ...
No deposit FHBs
The struggle to save can be real. But what happens if you don’t have any deposit at all? Let’s take a look.
Gifted deposit home loans
Climbing that first rung of the property ladder can call for ...
Low Deposit Loans
You’ve been saving… and saving. What if you want to buy but have a low deposit.
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Proud Aussie Moments
Hear from our customers who bought their first home with the help of Aussie.
"Our broker helped our son and daughter in law purchase their first property so they could move out of home. Our son is 26 years old and got married last year, we were able to assist him and our daughter in law by going guarantor, saving them thousands of dollars in mortgage insurance. Our son wanted to stay in the neighbourhood that he grew up in so he could sent his children to the same schools that he attended. Ashish was very helpful in getting the best interest rate and loan to help the kids off to the best possible married life."
- Rod H