First home purchasers

  • Exciting Time
  • It’s easy to buy property
  • Important Loan & Property info
  • Identify how much you can borrow
  • Work out what type of loan you want
  • Are you eligible for FHOG?
  • How much deposit?
  • Bad debt & poor credit history OK
  • Everyone started out sometime
  • Ask for help

Buying your first property is a major and positive step in your life! It's a very exciting time and you want to make sure that you get the best home loan to match your financial and lifestyle needs. We will help you every step of the way.

How much can you borrow?

Whether you have already started your search for a new home, or you are about to (or maybe you have already found a home), a professional Time Finance mortgage broker can assist you in determining how much you can borrow based on your income, personal financial position, and arrange the most suitable home loan product for your needs.

How Much Can I Borrow Calculator to get a general idea of your borrowing power, but we highly recommend speaking to one of our specialists to find out what you can borrow based on your specific financial circumstances.

Which home loan best suits your needs?

With hundreds of different home loan products in the market to choose from, let the experienced loan brokers from Time Finance save you valuable time and money searching for the most suitable loan product. The benefits of using a Time Finance mortgage broker are guaranteed.

These are some of the home finance loan types which can apply to a First Home Purchaser.

  • Variable Rate Home Loan
  • Fixed Rate Home Loan
  • Low Rate Basic Home Loans
  • No Deposit Loans
  • Construction Home Loans
  • Low Doc Loans
  • Line of Credit/Equity Loans 

See the full range of Loan Types here and have a look at what type of loan features are available.

Should you have a pre-approved Loan?

When it's time to go shopping for a property it is highly beneficial to get your loan pre-approved. This provides you certainty and comfort in your negotiation process and allows you to move fast when you find the right opportunity. It will also speed up the actual application process when your purchase offer has been accepted.

Click Here to arrange for a Pre-Approved Loan

What do you need to apply for your first home loan?

When applying for your first home loan there are certain things you should make sure you have available to make the application process as smooth as possible and save you valuable time. These will vary according to your particular situation (eg. whether buying an established home or building your first home), but there are some basic things you will need:

  • Copy of your last 3 pay slips
  • Letter from your employer with date you commenced employment, and whether you are part-time/full-time/casual
  • Last 2 Years Tax Returns
  • Proof of Deposit 

If you are Self Employed or eligible for the First Home Owners Grant there are additional documents you will need. Click here for a full overview of what documents you will need.

Do you need a deposit?

Most property purchases require a deposit, which is normally from your savings or a 'gift' from friends or family. Typically, a lender will lend 80% of the value of the property and up to 97% on certain conditions and loan types. It is possible but less common now to obtain 100% loan finance under certain stricter borrower conditions (eg. Having a guarantor).

If you have a lower deposit amount (less than 20% of the property value), you can still get a loan. Click here to see how much you can borrow. If a lender loans you more than 80% of the value of the property, then Lenders Mortgage Insurance is likely to be payable.

If you are eligible for the Australian Government's First Home Owner's Grant, this amount can be used towards your deposit.

Do I qualify for the Government First Home Buyer's Grant (FHOG)?

The First Home Owner's Grant was introduced by the Australian Federal Government to help you buy your first home. The Australian Federal Government, as well as State Governments, has allocated First Home Owner's Grant payments available for people looking to buy their first home.

Provided you meet the eligibility criteria set, then you should receive your First Home Owner Grant. For further information about the First Home Owners Grant click here

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Depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay).


Most mortgage lenders will require a deposit of 20% or more of the property price. Less may be required however will require mortgage guarantee insurance in most cases


Depends on the type of loan, intrerestr rate, payment term, and whether you pay monthly or fortnighly. Use us mortgage calculators to guide you.


Every state is different and may depend on the value, whether you are building or buying an established home. Read more in our FHOG article


It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure that lets you compare loans from differengt lenders on a fair comparison.


This 'in principle approval' is usually valid for 3 months. Gives you the confidence on how much you can borrow before your purchase a property.


The cost of Stamp Duty varies between States and Territories. Subject to your personal loan circumstances, the cost of stamp duty can be included in the loan amount you borrow.

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