First home buyers
First home buyer mortgage brokers · Newcastle and Australia wide
Your first home, without the guesswork.
Find out what you can really borrow, which government help you qualify for and what to do next. We explain every step in plain English, so you finish smarter about the process than when you started.
87 Google reviews
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What we see every week
One lender's answer isn't the only answer
Most first home buyers only ever hear from one bank. Here are two situations we fix all the time.
“The bank said our HECS debt was the problem.”
Lenders don’t all treat HECS the same way. Some count it against you for as long as you have it. Others look at the balance and how long it will take to clear.
For several of our clients, moving to a lender with a friendlier HECS policy lifted their borrowing capacity by around $50,000. That was the difference between the home they wanted and settling for less.
Every situation is different. You won’t know yours until someone checks more than one lender.
“We had pre-approval. Then it fell over.”
Not every pre-approval is the same. Some are a quick look at the numbers with nothing checked. A fully assessed pre-approval means the lender has verified your income, run a credit check and signed off. The only things left are finding the right property and a valuation that stacks up.
We regularly help buyers whose “pre-approval” fell apart after their offer was accepted. We’d rather you never go through that, so we get yours properly assessed before you start making offers.
How it works
From first call to getting the keys
A 10-minute phone call
We get a feel for where you stand and whether now is the right time. No paperwork yet.
Send us your documents
We give you a clear checklist and a simple way to upload everything. This is what lets us give you real answers, not guesses.
Your strategy session
Around 40 minutes going through your borrowing power, the lenders that suit you, the government help you qualify for and how to set up your loan. You leave with a Loan Strategy Report.
A fully assessed pre-approval
We package your application properly so your pre-approval holds up. Then you can make offers with confidence.
Offer to settlement
We deal with the lender, the valuation and the conditions, and keep you updated until you have the keys.
Government help
Help available for first home buyers
There’s more support for first home buyers than most people realise. We check every option on your strategy session.
Australian Government 5% Deposit Scheme
Buy with a 5% deposit and no lenders mortgage insurance. Since October 2025 there are no income caps and no limit on places.
- Property price caps apply by area, for example $1.5 million in Newcastle and Lake Macquarie
- For Australian citizens and permanent residents who haven't owned property in the last 10 years
Family Security Guarantee
If your parents are willing to go guarantor, they can use the equity in their home as extra security for part of your loan. In some cases that means borrowing up to 100% of the purchase price plus costs, with no deposit of your own and no lenders mortgage insurance.
- Your parents guarantee only part of the loan, not the whole thing
- The guarantee can usually be released once you've built up enough equity
- Lender rules differ, and your parents should get their own advice before agreeing
Single parents and guardians
Eligible single parents and legal guardians can buy with as little as a 2% deposit under the same scheme.
First Home Super Saver
Save for your deposit inside super. You can release up to $50,000 of eligible voluntary contributions, capped at $15,000 a year.
State grants and stamp duty
Every state runs its own first home owner grants and stamp duty concessions, and the rules differ a lot. We’ll check exactly what applies where you’re buying.
Information current as at September 2026. Schemes change and eligibility rules apply. We’ll confirm what you qualify for before you rely on it. Official details: Housing Australia and the ATO.
First home buyers
In their words
★★★★★
87 Google reviews
“Buying our first home was something that we had wanted to do for a long time. We met with Joel at Ascension Finance to discuss our options, and he helped us put a plan in place to make this dream a reality. We focused on paying down our personal loans to maximise our borrowing capacity. He talked us through all the available First Home Buyer schemes and guarantor options. In the end, we were able to utilise a guarantor to help buy our first home sooner than we would have been able to otherwise and didn’t need to pay any lenders mortgage insurance fees. We were also able to hold onto our savings to make improvements on the property we bought, rather than needing to put them all toward the purchase as a deposit.”
Ashley & Riley, Beresfield NSW ★★★★★
“Joel is a fabulous mortgage broker, especially for first home buyers! He was very helpful with his advice and generous with his time as my partner and I navigated our first property experience. Thanks for everything, Joel.”
Grace Dobinson ★★★★★
Questions
First home buyer FAQs
Can’t see your question? Ask it on your 10-minute call.
With the 5% Deposit Scheme, as little as 5% (or 2% for eligible single parents). Without it, most lenders want at least 5% to 10%, plus lenders mortgage insurance if you have under 20%.
Budget for upfront costs too: stamp duty (unless you qualify for a concession), conveyancing, building and pest inspections, and any loan fees.
Lenders mortgage insurance (LMI) is usually charged when you borrow more than 80% of the property’s value. It protects the lender, not you.
Ways to avoid it include the 5% Deposit Scheme, a family guarantee (a parent’s property helps secure your loan), or a 20% deposit. Some lenders also waive LMI for certain professions.
Pre-approval tells you how much a lender will lend before you’ve found a property. It usually lasts three to six months, depending on the lender.
Full approval comes once you’ve signed a contract and the lender has valued the property. A fully assessed pre-approval makes that step far smoother, because the hard checks are already done.
- Save consistently. Genuine savings history helps.
- Pay bills and debts on time to protect your credit score.
- Cut back on buy now, pay later and close credit cards you don’t use.
- Hold off on big purchases like a new car until after settlement.
- Talk to us before changing jobs.
- Photo ID, such as your driver’s licence or passport
- Your two most recent payslips
- At least three months of bank statements
- Statements for any debts, such as credit cards, car loans and HECS
- If you’re self-employed: two years of personal and business tax returns and ATO notices of assessment
Rates can be variable, fixed or split between the two. Repayments are usually principal and interest for first home buyers. Features like an offset account or redraw can save you interest, and we’ll help you work out which ones are worth having.
Pre-approval can take from a few days to a few weeks, depending on the lender and how quickly we have your documents. Once you’ve bought, settlement is usually 30 to 90 days away, depending on your state and your contract.
Call us. If you lose your job or hit financial trouble, lenders have hardship options, and we can help you talk to them early.
Watch and learn
Joel on the Elite Broker podcast
Joel sat down with Annie Kane from The Adviser’s Elite Broker podcast to talk about how Ascension Finance works and what he does differently.
A new episode focused on first home buyer questions is on the way, with short clips rolling out on our socials.
Closer than you think? Let's find out.
Book a 10-minute phone call. We’ll tell you straight where you stand and what to do next.