There can be a lot of ‘firsts’ that come with being a first home buyer. Your first loan, your first grant and your very first home. (And maybe your first broker, too!)
So if you’re struggling with where even to start, chat to us. We’ve helped hundreds of first home buyers secure their first home, and are here to guide you through the first home buyer process from start to finish, with the advice and support you need.
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Buying your first home can feel like a lot to take in. How much can you borrow? How much deposit do you need? Which lender is right for you? And could you be eligible for a government scheme that makes buying your first home a little easier?
The good news is, you don’t need to have all the answers before you get started.
We can help you work out where you stand financially, how much you may be able to borrow and what your options could look like. We’ll also help you understand the different loan options available and identify lenders that may suit your circumstances.
And if you’re eligible for a first home buyer scheme or other government support, we’ll help you understand how it could fit into your plans.
You’re probably keen to know how much you can actually borrow.
Your borrowing power is the amount a lender may be willing to lend you based on your individual financial circumstances. It isn’t simply about your salary. Lenders may consider your income, existing debts, living expenses, credit history, deposit and other financial commitments when assessing your application.
That’s why two people earning the same salary may have quite different borrowing capacities.
We can help you work out your borrowing power and give you a clearer idea of a realistic price range for you. From there, you can start looking at properties with a better understanding of your budget and what your repayments could look like.
It’s also worth remembering that the amount you can borrow isn’t necessarily the amount you should borrow. We’ll help you understand the numbers so you can make an informed decision about what feels comfortable for your circumstances.
You may have heard that you need a 20% deposit to buy a home. That’s not necessarily the case anymore.
While a larger deposit can give you more borrowing options and may help you avoid Lenders Mortgage Insurance (LMI), there are loan options available with smaller deposits.
Depending on your circumstances, you may be able to buy your first home with a deposit of 5% or, through certain government schemes, potentially even less.
The amount you’ll need depends on your circumstances, the property you’re buying, and the loan you’re applying for. We’ll help you understand how much you may need and which options could be available to you.
Don’t forget the other upfront costs
Your deposit isn’t the only cost to plan for when buying a home. You may also need to budget for things such as:
Fortunately, though, some first home buyers may be eligible for government assistance or concessions that can reduce their upfront costs.
In WA, for example, eligible first home buyers may qualify for a first home-owner rate of transfer duty, including a full duty exemption on eligible homes valued up to $600,000.
Not every lender offers the same loan options, rates or features, and the lender that’s right for one first home buyer may not be right for another. We’ll look at your circumstances and help you compare suitable options, so you can choose a home loan that works for you.
You don’t need to have everything worked out before you get started.
Let’s chat about your plans, your finances and what you may be able to borrow. We’ll help you understand your options and guide you through each step so you can be in your first home sooner.
Answer a few quick questions and help us understand your requirements.
We search through a panel of trusted lenders and shortlist options that truly suit your plans.
We handle the paperwork, guide you through the next steps and get approvals, so you breathe easy and move forward.
At MCF, our values aren’t just words. They guide us at every step. We believe in doing right by you, especially when it comes to your money. From the first question to the final handshake, we’re in your corner, always.
We believe trust is the strongest currency, and we earn it through honest lending advice, no hidden fees, no confusion and by showing up every step of the way. For you.
At MCF, you’re not just another customer, we’re partners in your financial journey. From day one to post-settlement and beyond, your goals and comfort come first. Always.
With access to over 30 lenders, we tailor every finance solution to suit you. From home loans to asset finance, our recommendations are unbiased, strategic, and backed by experience.
Finance shouldn’t feel overwhelming, but we understand it often does. So we simplify the process, cut through the jargon & explain your options, so you feel confident about your decisions.
We’re a proud Perth-based & people-first company. We listen carefully and use our deep market knowledge to personalise mortgage options that suit your future. From first-time buyers to self-employed borrowers and property investors, we bring clarity, confidence, and smarter lending solutions to every step of the process.
