Buying your first home, made clear.
Your first home is a big step, and it should not feel overwhelming. loan-o helps you understand your borrowing power, your deposit, the schemes you may be eligible for and the path to pre-approval, in plain language.
No obligation. Broker-guided. We explain each step before any lender application is submitted.
What we help first home buyers with.
There is a lot to take in the first time around. We help make each part clear, so you can move forward with confidence.
Your borrowing power
Understand roughly what you may be able to borrow based on your situation.
Deposit & savings
Work out how much deposit you may need and what counts as genuine savings.
Government schemes
See which first home buyer schemes and concessions you may be eligible for.
Choosing a loan
Compare home loan options and features that may suit a first purchase.
Pre-approval explained
Understand what pre-approval means, and what it does and does not guarantee.
Support to settlement
A real person guiding you through the paperwork, right through to the keys.
From first chat to front door.
Understand your goals
We talk about what you are hoping to buy and where you are starting from.
Know your position
We look at income, savings, expenses and existing debts to gauge what may be possible.
Explore options
We compare loan options and explain any schemes you may be eligible for.
Pre-approval
Where suitable, we help you work towards pre-approval so you can shop with confidence.
Settlement & beyond
We guide the paperwork through to settlement, and stay available after.
An enquiry is not a commitment to borrow, and pre-approval is subject to lender assessment and conditions.
How much deposit do I need?
A common guide is a deposit of around 20% of the property price, which can help you avoid Lenders Mortgage Insurance. However, many first home buyers purchase with a smaller deposit, sometimes with the help of a government scheme.
The right approach depends on your savings, your borrowing capacity and the costs involved. We help you understand the trade-offs before you decide.
Your deposit
The savings you put towards the purchase. A larger deposit can mean borrowing less.
LVR (loan-to-value ratio)
The loan amount as a percentage of the property value. A lower LVR may open up more options.
Lenders Mortgage Insurance
A cost that may apply when borrowing with a smaller deposit. Some schemes may help you avoid it.
Upfront costs
Stamp duty, conveyancing, inspections and other costs to factor in beyond the deposit.
Government schemes you may be eligible for.
There are government programs designed to help first home buyers. Eligibility criteria, caps and availability apply and can change. We help you understand which may be relevant, and you can confirm current details with the relevant government body.
First Home Guarantee
A federal scheme that may allow eligible first home buyers to purchase with a smaller deposit without paying Lenders Mortgage Insurance, subject to places and criteria.
Eligibility criteria applyFirst Home Super Saver
A scheme that may let eligible buyers save towards a deposit through voluntary super contributions, subject to limits and rules set by the ATO.
Limits & rules applyStamp duty concessions
Some states and territories offer stamp duty exemptions or concessions for eligible first home buyers, depending on the property value and location.
Varies by stateFirst home owner grants
Some states offer a grant for eligible buyers of a new or newly built first home. Amounts and criteria vary by location.
Check current eligibilityloan-o does not administer government schemes. Details, caps, places and eligibility are set by the relevant government body and may change. We help you understand what may apply and point you to where to confirm.
What goes into a home loan assessment.
Different lenders assess applications differently, but these are some common factors that may shape your options.
A guide for your first time through.
There is a lot of paperwork, jargon and decisions in a first home purchase. A broker can help you understand your options, what lenders may require, and whether the structure is practical for your circumstances, so you are not navigating it alone.
loan-o is a broker, not a lender. We do not approve loans ourselves. We help guide the process and compare options from lenders.
- Understand your borrowing power early.
- See which schemes and concessions may apply.
- Compare loan options and features.
- Know what documents you will likely need.
- Have a real person with you through to settlement.
No. loan-o is a finance broker. We help compare lender options and guide the home loan process. We do not approve loans ourselves.
It depends on the lender, the property and your situation. Around 20% can help you avoid Lenders Mortgage Insurance, but many first home buyers purchase with less, sometimes with the help of a government scheme. We will help you understand what may work for you.
Lenders Mortgage Insurance, or LMI, is a cost that may apply when you borrow with a smaller deposit. It protects the lender, not you. Some government schemes may help eligible buyers avoid it.
Pre-approval is an indication from a lender of how much you may be able to borrow, subject to conditions. It is not a guarantee of final approval, and it does not commit you to a loan, but it can help you shop with more confidence.
Eligibility depends on the scheme and your circumstances, and criteria can change. We can help you understand which schemes may be relevant, and you can confirm current eligibility with the relevant government body.
Submitting an enquiry with loan-o is not the same as lodging a credit application with a lender. We will explain the next step before any lender application is submitted.
Yes, many first home buyers purchase with a partner or co-borrower. Lenders will consider the combined income, expenses and debts. Scheme eligibility may have its own rules, which we can help you understand.
Commonly identification, income evidence such as payslips, bank statements and savings history, and details of any existing debts. The exact list depends on the lender, and we will explain what is needed, when it is needed.
It varies widely depending on your situation, the lender and the property. We will give you a realistic sense of the steps and timing as we go, so there are no surprises.
Start with a simple first home enquiry.
Tell us where you are up to and we'll help explain your options and the next steps. You do not need to have it all figured out, that is what we are here for.
After you enquire, a loan-o broker will review the details and contact you to understand your situation. We will explain your likely options, any schemes that may apply, and the next steps before any lender application is submitted.
Thinking about your first home?
Talk to loan-o. We will help you understand your borrowing power, the schemes you may be eligible for and the steps ahead, in plain language and at your pace.