The ultimate guide for first-⁠time home buyers

No. Eligible buyers may be able to buy with a 5% deposit and no LMI through the Australian Government 5% Deposit Scheme. Other low-deposit loans and family guarantees may also be available. You still need to meet the lender's borrowing requirements and allow for buying costs.

No. Queensland's grant is for eligible new homes, including some substantially renovated homes. An established home may still qualify for a first-home transfer duty concession or the 5% Deposit Scheme. Each benefit has its own rules, so check the property and your eligibility separately.

No. Pre-approval is conditional, and the lender still needs to accept the property and complete its checks. Before signing, have your conveyancer or solicitor check the contract and talk to your broker about finance conditions. Auction purchases need particular care because you generally cannot make the winning bid subject to finance.

Allow for transfer duty unless a concession applies, conveyancing, building and pest inspections, lender fees, any LMI, and moving costs. Keep some money available after settlement rather than putting every dollar into the purchase. The buying-cost guides above help you build a budget for the property you are considering.

It may be possible. Lenders differ in the job history they require and how they assess variable pay. Your recent payslips, employment contract and earlier work history help show what income is likely to continue. Check the home loan job requirements before choosing a lender or committing to a purchase.

A guarantor home loan may let a parent use equity in their property to support part of your loan. You still need enough income to repay it. The guarantee puts the parent's property at risk, so they should get independent legal advice and understand how the guarantee can later be removed.