How Much Can I Borrow?
Understand how your income, living expenses, existing debts and lender assessment rules can influence your borrowing capacity.
FIRST HOME BUYERS
First Home Buyer Loans Start With Understanding Your Options.
Buying your first home can involve deposits, government schemes, borrowing limits, lender policies and a lot of unfamiliar terminology. We help you understand the numbers, compare your options and navigate the process from your first enquiry through to settlement.
WHERE DO YOU START?
Buying Your First Home Doesn't Have to Feel Complicated
Most first-home buyers start with the same questions. Here are some of the areas we can help you work through.
How Much Deposit Do I Need?
Your required contribution can depend on the property, lender, loan structure and whether you qualify for first-home buyer assistance.
What Will It Really Cost?
Deposit is only one part of the equation. Stamp duty, transfer fees, conveyancing and other costs may also need to be considered.
Which Loan Should I Choose?
Rate matters, but so do fees, offset accounts, redraw, repayment flexibility and the lender's policy for your circumstances.
YOUR HOME BUYING JOURNEY
From “Can I Buy?” to Getting the Keys
1
Understand Your Position
We start by understanding your income, expenses, liabilities, savings, deposit and what you're hoping to purchase.
2
Work Out Your Budget
We assess borrowing capacity and the approximate funds required so you can search for property with a clearer price range in mind.
3
Compare Lending Options
We compare suitable lending options from our lender panel based on your circumstances and explain the important differences.
4
Pre-Approval
Where appropriate, obtaining pre-approval can provide greater clarity before you make an offer on a property.
5
Find Your Property
Once you've found a property, we work through the lending requirements and help progress the application toward formal approval.
6
Approval & Settlement
We help coordinate the lending process through loan documents and settlement, keeping you informed along the way.
DEPOSIT & UPFRONT COSTS
Your Deposit Is Only Part of the Picture
The amount you need before buying depends on more than the advertised property price.
Depending on your circumstances, you may need to consider your deposit, stamp duty, transfer and registration fees, conveyancing costs, inspections and lender-related costs.
Some eligible first-home buyers may also have access to government schemes, grants or stamp duty concessions that can reduce the amount required.
Estimate your property purchase costs →BEFORE YOU START PROPERTY HUNTING
Know these three numbers.
01
Your borrowing capacity
02
Your available deposit
03
Your estimated purchase costs
FIRST HOME BUYER SUPPORT
You May Not Have to Do It Entirely on Your Own
Depending on your circumstances and where you're buying, there may be assistance available to eligible first-home buyers.
First Home Owner Grant
Eligible buyers purchasing or building a qualifying new home may be able to access a government grant, subject to the rules applying in their state or territory.
Stamp Duty Concessions
Some first-home buyers may qualify for stamp duty exemptions or concessions depending on the purchase price, property and relevant state rules.
Low Deposit Options
Government-supported programs and certain lender policies may allow eligible borrowers to purchase with a smaller deposit than would otherwise be required.
Eligibility criteria, thresholds and government programs can change. We can help you understand the options relevant to your circumstances, but eligibility should be confirmed before relying on any grant, concession or scheme.
RUN THE NUMBERS
Start With an Estimate
Use our calculators to get an initial indication before speaking with us about your individual circumstances.
WHY TULIP FINANCE
Your First Home Is a Big Decision. You Don't Have to Figure It Out Alone.
A first-home loan isn't simply about submitting an application to a bank. The lender, loan structure, deposit strategy and timing can all affect the process.
We help you understand what lenders are looking for, explain the options available and manage the application from the early planning stage through to settlement.
Learn more about Tulip Finance →FIRST HOME BUYER FAQs
Questions Before You Buy?
Here are some of the questions first-home buyers commonly ask us.
How much deposit do I need for my first home?
It depends on the lender, purchase price, your financial position and whether you qualify for any low-deposit or government-supported options. A larger deposit can also affect the loan structure and costs.
Should I get pre-approval before looking for a property?
Pre-approval can help provide an indication of your borrowing position before you make an offer. It is generally subject to conditions and is not the same as unconditional loan approval.
Can my parents help with my first home?
Depending on the lender and circumstances, family assistance may sometimes be possible through gifts, financial contributions or certain guarantee structures. The risks and requirements should be properly understood.
What is lenders mortgage insurance?
Lenders mortgage insurance may apply where a lender considers the loan to be above its preferred loan-to-value ratio. It generally protects the lender rather than the borrower.
Do I need genuine savings?
Some lenders may require evidence that part of your contribution has been held or accumulated over a period of time. Requirements vary between lenders and loan structures.
How long does home loan approval take?
Timeframes vary depending on the lender, complexity of the application, valuation requirements and whether all required documents are available.
READY TO START?
Let's Work Out What Your First Home Could Look Like.
Start with a conversation about your deposit, borrowing position and what you're hoping to buy.
Information on this page is general in nature and does not take into
account your individual objectives, financial situation or needs.
Lending criteria, government schemes, grants and concessions are
subject to eligibility requirements and may change. Please refer to
our Disclaimer and Credit Guide for further information.