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Buying your first home comes with plenty of questions. How much can you borrow? How much deposit do you need? Which government schemes could help?
At What If We Finance, we help you answer those questions before you start making offers. We compare first home buyer loan options from more than 50 lenders, explain the first home buyer assistance available in 2026 and help you understand what’s realistically possible based on your circumstances.
Unsure where to begin? Speak with our team before you start house hunting, so you understand your borrowing capacity and available options.
For most first home buyers, the biggest challenge is understanding what they can realistically afford before they start searching.
Rather than approaching a single bank, working with a mortgage broker gives you access to a wide range of lenders, different lending policies, and personalised guidance throughout the process.
Every lender assesses applications differently. A strategy that works with one lender may not work with another. We help you understand your borrowing capacity, compare suitable lenders, identify available government assistance and prepare your application before you begin searching, so you can make decisions with greater confidence.
One of the first questions we hear is, “How much can I borrow?”
The answer depends on more than your income. Lenders also consider your existing financial commitments, living expenses, employment type, deposit, credit history and the type of property you’re purchasing.
Understanding your borrowing capacity early helps you search within your budget, negotiate with confidence and identify opportunities to strengthen your application before applying.
Online borrowing calculators only provide a rough estimate. We’ve helped buyers improve their borrowing capacity by identifying lenders that assess overtime, bonuses or self-employed income differently, giving them more realistic options before they start house hunting.
Many first home buyers assume they need a 20% deposit before they can purchase a home. Depending on your circumstances, you may be able to purchase with:
A 5% deposit through the First Home Guarantee (subject to eligibility)
A higher deposit that reduces your borrowing costs
Alternative structures that may help minimise upfront expenses
The right deposit strategy depends on your budget, borrowing capacity and long-term plans. We’ll help you compare your options so you can choose an approach that suits your circumstances.
Government assistance can reduce the upfront cost, but eligibility varies between schemes. Depending on your eligibility, these may include:
Eligible first home buyers may be able to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance.
Instead of requiring a 20% deposit, the Australian Government guarantees part of the loan, helping eligible buyers enter the market sooner.
Eligibility depends on factors including:
The Australian Government’s Help to Buy shared equity scheme allows eligible buyers to purchase a home with a smaller deposit and a lower mortgage.
Under the scheme, the government contributes towards the purchase price in exchange for an equity share in the property, reducing the amount buyers need to borrow. Eligibility requirements and availability can vary. We can help determine whether the scheme is appropriate for your circumstances.
If you’re buying your first home in Victoria, you may also be eligible for:
Other Australian states including NSW, QLD, WA, SA, and TAS also offer varying grants, concessions, and first home buyer schemes.
Use our Stamp Duty Calculator to estimate your potential costs and better understand how much you may need before settlement.
Buyers should also review current Victorian concession thresholds through the official State Revenue Office Victoria website.
Pre-approval helps you understand your budget, negotiate with confidence, move quickly when you find the right property and identify potential lending issues early.
We’ve worked with buyers who found the right property only to discover their preferred lender wouldn’t approve the loan. Organising your finance first helps reduce that risk and gives you greater confidence when it’s time to make an offer.
Thinking about making an offer? Speak with us first to know exactly where you stand.
Lenders Mortgage Insurance (LMI) protects the lender, not the borrower, when a home loan is approved with a smaller deposit. It generally applies when you’re borrowing more than 80% of the property’s value.
LMI isn’t always something to avoid. For some buyers, entering the property market sooner may provide greater long-term value than waiting years to save a larger deposit.
Depending on your circumstances, you may be able to reduce or avoid LMI through:
The First Home Guarantee
Profession-based LMI waivers
Certain lender policies
A larger deposit
We’ll compare the overall cost of each option so you can decide what makes the most financial sense.
Choosing between a fixed and variable home loan is another decision many first home buyers find challenging. There isn’t a single “best” option. The right loan structure depends on your financial goals, repayment preferences and plans.
A fixed rate may suit buyers who prefer:
A variable rate may appeal if you value:
Some buyers also choose a split loan, combining both fixed and variable components.
Rather than recommending one option for everyone, we explain how each structure could affect your repayments and flexibility so you can make an informed decision.
Most can be avoided with the right advice before you begin. Some of the most common issues we see include:
Not sure which government schemes you qualify for? We can assess your eligibility and explain how they could reduce your upfront costs.
We’ve helped first home buyers understand what they can realistically afford, compare suitable lenders and avoid common mistakes before making offers. Our role is to help you build a lending strategy that suits your goals, not simply recommend a loan.
We provide:
Speak with the team at What If We Finance for personalised first home buyer mortgage advice and discover the lending options available for your circumstances.
Call us: 03 8804 1354
Available 7 days a week.
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Depending on your eligibility, you may be able to access the First Home Guarantee (5% Deposit Scheme), the First Home Owner Grant (FHOG), Victorian stamp duty concessions or exemptions, and the Help to Buy shared equity scheme. We’ll help you understand which options may apply to your circumstances.
Some eligible buyers may be able to purchase with as little as a 5% deposit through the First Home Guarantee, while others may choose to save a larger deposit to reduce borrowing costs or avoid Lenders Mortgage Insurance. The right approach depends on your financial situation and long-term goals.
Most lenders require identification, recent payslips or income evidence, bank statements, savings history, employment details, and information about any existing debts or financial commitments. We provide a tailored checklist before you begin the application process.
This depends on your financial situation, borrowing capacity, property goals, and long-term affordability. In some situations, entering the market earlier may outweigh the benefits of waiting longer to save a larger deposit.
Lender policies referenced in this article are subject to change. This article is intended for general information purposes only and does not constitute financial advice. Please speak with a licensed mortgage broker or financial adviser regarding your personal circumstances.
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