Buying your first home

Most lenders prefer a 20% deposit – for example, $160,000 on an $800,000 home. Saving this much helps you avoid Lenders Mortgage Insurance (LMI) and keeps your repayments lower.

If 20% feels out of reach, you may still be able to buy with a smaller deposit (as low as 5–10%), though you’ll usually pay LMI and may face higher rates. Government schemes like the First Home Guarantee or Family Home Guarantee can help eligible buyers purchase with as little as 2–5% without paying LMI.

From 1 October 2025, the First Home Guarantee is expanding. Before you make a move, check your eligibility and local property price caps, then talk to an Aussie Broker to map your options.

Other options include gifted money from family, guarantor loans, or even using a deposit bond. While buying with a low deposit can get you into the market sooner, it often means taking on more debt, so weigh up the risks before diving in.

For a detailed breakdown of deposit sizes, saving tips, government schemes and no-deposit options, check out our full guide to home deposits.

On top of your deposit, buying a home comes with several upfront costs you’ll need to budget for. These can include:

• Lenders Mortgage Insurance (LMI): Charged if your deposit is under 20%.

• Stamp duty: A government tax, usually 3–4% of the property’s value (concessions may apply).

• Conveyancing/solicitor fees: Legal work for the property transfer.

• Property inspections: Building, pest and strata checks before you buy.

• Loan and valuation fees: Application, set-up and property valuation costs.

• Renovations: If you’re upgrading or fixing a property.

• Insurance: Home (and sometimes contents) insurance, often required by lenders.

• Strata fees (if applicable): Ongoing costs for apartments/units.

• Council and water rates: State-based charges for property owners.

These costs can add up quickly, but planning ahead means fewer surprises on your homeownership journey.

👉 For a detailed breakdown of each cost, read our guide to the upfront costs of buying a home

Getting into the property market isn’t as straightforward as it used to be. With rising living costs, stricter lending rules, and high property prices, first-home buyers often need to explore creative strategies to make ownership possible.

Some unconventional but effective ways to get on the property ladder include:

• Rentvesting: Buy in an affordable area while renting where you want to live.

• Co-ownership agreements: Team up with friends or family to split costs and boost borrowing power.

• Guarantor loans: Use a parent’s home equity to secure a loan with a smaller deposit.

• Fractional investing or property syndicates: Invest alongside others to build equity.

• Off-the-plan purchases or fixer-uppers: Lock in today’s price or add value through renovations.

• Lease-to-own and vendor finance: Alternative pathways if traditional loans aren’t an option.

• Alternative lenders and fintech loans: More flexible criteria and lower deposit requirements.

These approaches each have pros and cons, and the right path depends on your income, savings, and long-term goals.

For a full breakdown of creative ways to buy your first home, plus grants and schemes that could help, check out our guide to unconventional property buying strategies.

A house and land package lets you buy a block of land and build a new home in one deal. You choose the location, pick a home design, and often sign a fixed-price contract that covers construction. Payments are usually made in stages as the build progresses, and many packages allow for customisation of finishes and layouts.

These packages can also be eligible for first-home buyer grants and stamp duty concessions, making them a popular option for buyers who want a brand-new, personalised home.

Learn more about costs, loans and grants in our guide to house and land packages.

You can’t use super to buy a home to live in, but you can purchase investment property through a self-managed super fund (SMSF) under strict ATO rules. The property must be for retirement purposes — you can’t live in it or rent it to family, though you may lease commercial property back to your own business at market rates.

SMSF property offers tax benefits and control, but requires a large balance (often $200k–$300k+), big deposits (30–40%), and strict compliance.

Learn more in our guide to buying property with super.

Yes, it’s possible to get a home loan after starting a new job, but it can be more challenging since lenders generally prefer stable, long-term employment.

Your chances improve if you’re in the same industry, have a solid career history, strong savings, and good credit. Some lenders are more flexible than others, so it’s worth exploring your options.

For a breakdown of how a new job can impact your home loan, read our full guide.

Strata fees (or levies) are regular contributions owners pay in apartments, townhouses or units to cover shared costs like building maintenance, cleaning, gardens, lifts, pools and insurance.

They’re usually charged quarterly and split into administrative levies (day-to-day costs), sinking fund levies (long-term repairs) and special levies (one-off expenses). Fees vary by location, property type and amenities, ranging from about $550 to $2,500 a quarter.

For a full breakdown of what strata fees cover and how they work, check out our guide to strata fees.

On top of your deposit, you’ll need to budget for stamp duty, conveyancing or solicitor fees, and pest and building inspections when buying your first home. Moving itself also comes with costs like removalists, utility connections, and even mortgage protection insurance.

These expenses can add up quickly, so planning ahead gives you a clearer idea of what it really takes to get settled.

For a full breakdown of first home costs and budgeting tips, check out our costs of moving into your first home guide.