First Home Buyer Mortgage Broker

You do not need to understand every lender, government scheme or home-loan term before asking for help.

The most useful first step is to work out what the numbers look like for you: your likely borrowing range, available deposit, purchase costs, repayments and the changes that may improve your position.

Apex Mortgage Advisory helps first home buyers in Tamworth, regional NSW and across Australia prepare before they make an offer.

Know the difference between your loan and your budget

There can be a big difference between the highest loan a lender may approve and the amount that feels comfortable in your own monthly budget.

A lender applies its assessment rate and expense assumptions. You also need to think about the repayments you want to carry, ongoing property costs, savings goals and the life you want around the loan.

We can model more than one purchase price so you can see the trade-off before house hunting.

Your deposit is not the full funds requirement

A 5% deposit on a $700,000 home is $35,000, but a buyer may also need funds for transfer duty, legal work, inspections, settlement adjustments and a buffer.

Government support can change the position. An eligible buyer may be able to use the Australian Government 5% Deposit Scheme, a state duty benefit, a first-home-owner grant for an eligible new home or eligible First Home Super Saver funds. Each program has separate rules.

What lenders assess

• Base salary, allowances, overtime, bonuses or other acceptable income

• Employment type and history

• Savings and the source of the deposit

• Credit cards, personal loans, car finance and HELP debt

• Dependants and household living expenses

• Credit history and recent applications

• The property, valuation and proposed loan structure

Small details can matter. A $0 credit-card balance can still affect borrowing capacity because the limit remains available. A new car loan taken out after pre-approval can change the assessment. A lower bank valuation can increase the funds needed.

When to seek pre-approval

Pre-approval can help establish a likely loan range before you attend open homes or negotiate a price. It is still conditional and the lender usually needs to accept the specific property, valuation and final details later.

If you plan to buy at auction or sign a contract without a finance clause, obtain legal advice and confirm the lending position before bidding or exchanging.

First home buyer process

1. Initial numbers: discuss income, savings, debts, limits, location and timeframe.

2. Funds plan: calculate the deposit, purchase costs, government support and desired buffer.

3. Lender comparison: consider policy fit, rate, fees, features and assessment approach.

4. Pre-approval: prepare documents and lodge if a formal pre-approval is the right next step.

5. Property check: review the address, price, contract timing and any property features before an offer.

6. Final approval and settlement: provide the contract and remaining documents, meet conditions and prepare for settlement.

Documents commonly requested

• Recent payslips and income evidence

• Bank statements or open-banking information

• Identification

• Details of debts and credit-card limits

• Evidence of savings, gifts or other deposit sources

• Rental or living-expense information

• Contract of sale once a property is found

First home buyer FAQ

Do I need a 20% deposit?

Not always. Lower-deposit options may be available, including the Australian Government 5% Deposit Scheme for eligible buyers. A lower deposit increases the loan-to-value ratio and may affect the options, costs and risk, so the full position should be reviewed.

Should I close my credit card?

Not automatically. Reducing an unused limit can improve some borrowing calculations, but the benefit depends on the lender and your circumstances. Check the numbers before making changes.

How long does pre-approval last?

Many lender pre-approvals are valid for around 90 days, but the period and renewal process vary. Scheme buyers generally have 90 days after pre-approval to find a property and sign a contract.

Can my family help?

Possibly. A gift, family guarantee or other support may assist, but each structure has different legal, financial and lending implications. Family members should obtain independent legal and financial advice where appropriate.

You do not need to be ready to make an offer

Whether buying is three months or twelve months away, we can identify what to focus on and build a simple plan around your numbers.

Call Lauren on 0458 053 943 or use the “Speak to us today” button to arrange a first home buyer chat.