affordability
How Much Deposit Do I Need to Buy a House in Australia?
Find out how much deposit you need to buy a home in Australia. Compare options, avoid LMI, and access grants with expert help from Stryve Finance.
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First Home Buyer
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Buying your first home should feel exciting, not overwhelming. We'll make it simple by comparing 50+ lenders and guiding you every step of the way.
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Helpful things to know when buying your first home
There's a lot to wrap your head around when you're buying your first home. From saving a deposit to working out what you can afford, the process can feel overwhelming. The good news is, you don't need to figure it out alone. Here are three key things to focus on first, and we'll guide you through the rest step by step.
With clear guidance and the right strategy, the path becomes much simpler. And by leaning on experts who do this every day, you'll feel confident that you're making the right moves.
Your deposit
Most lenders ask for a deposit of at least 5–20%. Government schemes can help you get there faster, and we'll show you what you qualify for.
Your price range
Your budget isn't just the property price. Stamp duty, repayments and ongoing costs all matter. We'll help you understand your true buying power.
Your loan
Every lender is different. We compare 50+ banks and lenders to find a first home buyer loan that fits your goals, not the bank's.
Schemes and grants
There are government incentives designed to make your first home more affordable. From cash boosts to stamp duty savings, we'll help you understand what you're eligible for and handle the paperwork, so nothing gets missed.
Start with the guides first home buyers ask for most
regulations
First Home Guarantee Scheme: Eligibility, Benefits and Price Caps
Buy your first home with just 5% deposit and no LMI under the 2025 First Home Guarantee Scheme. Unlimited places and new price caps now apply!
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mortgage
Home Loan Eligibility and Requirements - 2025 Guide
Learn home loan eligibility and requirements in Australia. Discover what lenders need and how Stryve Finance helps you get approved faster.
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Work out your numbers in minutes
Knowing your numbers upfront takes away a lot of the stress. Our free calculators give you a quick snapshot of what you can afford, what you'll pay, and how much extra costs like stamp duty could be.
Researching a suburb? Get the full picture.
- Median property prices and growth trends
- Demographic insights and lifestyle data
- Current market predictions
Explore the topic
Go deeper on buying your first home
Five focused guides covering the first home buyer journey — from pre-approval and deposit size through to low-deposit schemes and stamp duty concessions.
Home loan pre-approval
Document checklists, delay prevention, and broker-guided lender matching.
Read moreHow much deposit you need
Compare 2%, 5%, 10% and 20% deposit options, schemes, and no-deposit pathways.
Read more5% deposit, no LMI
How the First Home Guarantee works, which lenders join, and whether you qualify.
Read moreHelp to Buy scheme
Buy with a 2% deposit and no LMI. Eligibility, state caps, and how to apply.
Read moreStamp duty concessions
State-by-state exemptions and worked examples that can save $30,000 or more.
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Our 5-stage first home buyer process
Buying your first home can feel like a maze, but with the right guide, it's straightforward. We've helped thousands of Aussies through this journey, and here's how we'll walk you through it step by step.
You don't have to figure it out alone — we'll be with you at every stage.
Frequently asked questions
A mortgage broker is a licensed professional who can help you find and compare home loans from various lenders. They can help you navigate the application process, negotiate with lenders on your behalf, and provide guidance on the best loan options for your situation.
Using a first home buyer mortgage broker can offer several advantages, such as access to a wider range of loan products and lenders, expert advice on the application process, and potentially better loan terms and interest rates. They can also save you time and effort by doing the research and paperwork for you.
You can find a reputable mortgage broker in Australia by asking for referrals from friends and family, checking online reviews and ratings, and verifying their credentials with industry associations such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). They also should have a Certificate IV in Finance and Mortgage Broking. They should also have a credit licence from Australian Securities and Investments Commission (ASIC).
The amount of first home buyer grant you can receive varies depending on the state or territory in which you are purchasing the property, and can range from several thousand to tens of thousands of dollars. The grant can be used towards the deposit or other associated costs of buying a property.
Your credit score is a number that is calculated based on your past credit and loan history, and it reflects your creditworthiness. Lenders use your credit score to assess the level of risk associated with lending you money. Your credit score is calculated based on several factors, including your payment history, credit utilisation, length of credit history, credit mix, and new credit inquiries. Payment history is the most important factor, as it reflects whether you have made payments on time and in full for past loans and credit accounts. Having a good credit score is important when applying for first home buyer home loans, as it can affect your ability to qualify for a loan and the interest rate you are offered. Lenders may also consider other factors when assessing your loan application, such as your income, employment history, and debt-to-income ratio.
You can improve your credit score before applying for first time home buyer loans by paying bills on time, reducing credit card balances, avoiding new credit applications, and correcting any errors on your credit report.
When you apply for loans for first time home buyers, you will have to choose a type of first home buyer interest rate. A fixed interest rate means that the interest rate and thus your monthly repayments on your first home mortgage will remain the same for the entire term of your loan, regardless of changes in market conditions. A variable interest rate can change over time, based on changes in market conditions, such as fluctuations in the Reserve Bank of Australia's official cash rate. This means that your monthly repayments can also vary over time.
Fixed interest rates can provide you with certainty and stability and can make it easier to budget and plan your finances. However, if interest rates fall, you may miss out on potential savings. Variable interest rate can offer more flexibility, as your repayments can decrease if interest rates fall. But if interest rates rise, your repayments may increase, which can make it harder to budget and plan your finances.
In Australia, mortgage brokers are prohibited from claiming that a particular home loan is 'the best' available in the market. This is because the Australian Securities and Investments Commission (ASIC) discourages the use of such language, especially since brokers do not have access to all lenders or products in the country, and thus, there is no concrete evidence to support such a claim. However, as mortgage brokers, we can assist you in finding the most suitable home loan for your specific needs and circumstances. Our role is to evaluate your financial situation, discuss your goals and preferences, and suggest a variety of options from our network of lenders. Ultimately, the ideal home loan for you is one that caters to your requirements and fits within your budget.
Yes you can use it to help save for a first home loan deposit through the First Home Super Saver (FHSS) Scheme. This government scheme allows eligible first home buyers to withdraw voluntary contributions made to their superannuation fund to put towards their first home deposit. Under the FHSS Scheme, eligible individuals can make voluntary contributions of up to $15,000 per financial year, up to a total of $50,000, into their superannuation account to save for their first home. These voluntary contributions are taxed at a lower rate than your regular income tax rate. Once you are ready to purchase your first home, you can apply to withdraw these contributions, as well as any associated earnings, to put towards your home deposit.
Genuine savings are funds that you have saved over time, typically held in a savings account or investment account, to demonstrate your ability to save and manage your finances. Lenders may accept your rental history as evidence of genuine savings if you can provide documentation to show that you have consistently paid rent on time and in full for a specified period, usually around six to twelve months. This can help demonstrate to the lender that you are capable of meeting regular financial commitments and have a reliable income stream.
Traditionally, home lenders require borrowers to have a deposit of at least 5% of the property purchase price to be eligible for a home loan (plus Lenders Mortgage Insurance or LMI, 20% if without LMI). One option for borrowers with no deposit is to take out a guarantor loan, where a family member or friend provides a guarantee for the loan by offering their own property as security. This allows the borrower to avoid having to save up for a deposit and may help them secure a first home buyer loan. Another option is to consider applying for a first home buyer grant, which can provide financial assistance to eligible first home buyers in the form of a cash payment or a reduction in stamp duty.
According to the Domain First Home Buyer Report, the time it takes to save for a first home buyer deposit in Australia varies by location. The report found that, on average, it is now 13 months quicker for a couple aged between 25 and 34 to save a 20% deposit for an entry-level house in Sydney and Canberra than it was last year. In Brisbane, it takes 11 months less, in Melbourne and Darwin nine months less, in Hobart four months less, and in Perth just one month less. However, the report noted that in Adelaide, the time it takes to save for a deposit has actually increased by one month. Overall, the time it takes to save for a deposit can vary depending on location and other factors, but it remains a significant hurdle for many first-home buyers.
If you have outstanding debts with Afterpay or any other buy now pay later providers, know that this might impact your ability to secure a first home mortgage. Lenders will assess your credit history and current financial situation when determining your eligibility for a home loan. This includes looking at your outstanding debts, your repayment history, and your overall financial stability. While having Afterpay debts may not necessarily disqualify you from getting a home loan, it could have an impact on your credit score and lenders may view it as a potential risk. It is important to be transparent about your financial situation when applying for a home loan and to work with a mortgage broker or financial advisor who can help you navigate the application process and assess your options. If you are concerned about how your Afterpay debts might impact your ability to secure a first home mortgage, speak with us at Stryve Finance so we can provide guidance and advice specific to your situation.
One advantage of buying a home as a single person is that you have full control over the decision-making process and do not need to consider others. You can also potentially take advantage of first home buyer grants or incentives that may not be available to couples or families. However, buying a home on a single income can be more challenging, as you may have less borrowing power and less capacity to save for a deposit. Additionally, owning a home comes with ongoing expenses and responsibilities, such as maintenance, repairs, and property taxes, which can be difficult to manage on a single income.
What our customers
say about us
Don't just take our word for it. See what hundreds of satisfied clients across Sydney say about their experience with Stryve Finance.
Rated 5 out of 5
“The team were fast and professional. Got the loan we wanted with little fuss. Recommend them for sure”
Lance Lucas
Google review, 07 Oct 2025
Rated 5 out of 5
“I’m not sure how the experience would be as FHB if I had done it myself. Dylan is super helpful and very knowledgeable. He proactively reached out to me or any other parties if we were stuck in some limbo. He would catch any issues/mistakes made in application. The whole process was very seamless and stress less. Highly recommend their service.”
Kushal Nepali
Google review, 01 Oct 2025
Rated 5 out of 5
“High quality team and sensational communication”
Jeff Lee
Google review, 24 Sept 2025
Rated 5 out of 5
“Dylan was amazing to deal with. We had to move quickly on a house and he got the job done. No task was too hard, and he had a great attitude throughout the whole process. Would highly recommend working with him”
Trent Broussard
Google review, 23 Sept 2025
Rated 5 out of 5
“Dylan & Marko are fantastic. They helped me with my home loan & investment loans. They were very helpful right from the start until finish & they made the whole process stress free. They are accessible anytime you need them. They are both knowledgeable & professional. They looked after their clients really well. I am happy to recommend them to others. I am very satisfied with their service. If anyone needs broker, they are the best to work with.”
Erleen Riosa
Google review, 21 Sept 2025
Rated 5 out of 5
“Dylan and Marko at Stryve Finance were fantastic to work with. They helped us with our home loan and made the whole process smooth and stress-free. Their support, knowledge, and guidance were outstanding from start to finish. We’re really happy with the service and would definitely recommend them to anyone looking for finance advice.”
Aaron Messina
Google review, 18 Sept 2025
Rated 5 out of 5
“It has been a pleasure working with Nate, Dylan and Marko from the Stryve team. They have helped me with a loan refinance, equity release and pre-approval and were absolutely committed to ensuring a positive outcome, even as our personal situation changed. They are excellent with commutation and very knowledgeable brokers. Can't recommend them enough!”
Jesse Hill
Google review, 11 Sept 2025
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