5.0 from 6 Reviews
Buying your first home is one of the biggest financial decisions you will ever make, and it helps to have someone in your corner who knows the process inside out. At First Home Loan Co, we work with first home buyers in Mentone and right across Australia to help them understand their home loan options and take confident steps forward.
Understanding Your Borrowing Power
Before you start looking at properties, it is worth getting a clear picture of what you can actually afford. Your first home buyer budget will depend on your income, your savings, your existing debts, and the type of home loan you are looking for. At First Home Loan Co, we sit down with you and look at the full picture so you know where you stand before you fall in love with a property that might be out of reach. You can also use our Mortgage Repayment Calculator to get a rough idea of what your repayments might look like.
Low Deposit Options and the 5% Deposit Scheme
One of the biggest hurdles for first home buyers is saving a deposit. The good news is that there are low deposit options available that can help you get into the market sooner. The Australian Government 5% Deposit Scheme, which has been operating since 1 October 2025, allows eligible first home buyers to purchase a home with just a 5% deposit. Eligible single parents or legal guardians can purchase with as little as a 2% deposit. Under this scheme, Housing Australia guarantees the difference between your deposit and 20% of the property value, which means you do not have to pay Lenders Mortgage Insurance (LMI). There are no income caps and no annual place limits, which is a significant change from earlier versions of the scheme. Applications are made through a panel of 31 participating lenders, and First Home Loan Co can help you identify which lenders are right for your situation.
Property price caps apply depending on where you are buying. In Melbourne the cap is $950,000, in Sydney it is $1,500,000, and in Brisbane it is $1,000,000, with regional caps also increased from 1 October 2025.
First Home Owner Grants and Stamp Duty Concessions
Depending on which state or territory you are buying in, you may also be eligible for first home owner grants (FHOG) and first home buyer stamp duty concessions. These vary significantly by location, so it is important to get the right advice for your situation.
In Victoria, first home buyers can access a $10,000 First Home Owner Grant for new homes valued up to $750,000, plus a full stamp duty exemption on properties up to $600,000 and a sliding scale concession up to $750,000. In Queensland, the grant is $15,000 for new homes valued under $750,000 for contracts signed from 1 July 2026, with no transfer duty on established homes up to $700,000. South Australia offers a $15,000 grant for new homes with no property price cap for eligible contracts, along with stamp duty concessions. New South Wales provides a $10,000 grant for new builds and a full transfer duty exemption on properties up to $800,000. The Northern Territory has one of the most generous grants available, with the HomeGrown Territory Grant of $50,000 for new homes on contracts signed by 30 September 2027. The ACT has replaced its grant with the Home Buyer Concession Scheme, which from 1 July 2026 provides a full exemption from conveyance duty for eligible buyers regardless of property value.
First Home Loan Co can help you understand which grants and first home buyer stamp duty concessions apply to your purchase so you do not miss out on money you are entitled to.
Understanding Your Home Loan Options
Once you know what you can borrow and what grants or concessions you may be eligible for, it is time to look at your home loan options. There are a few key things to understand here. A fixed interest rate locks in your repayments for a set period, which can help with budgeting. A variable interest rate moves with the market and can go up or down over time. Some loans also offer an offset account, which is a savings account linked to your home loan that reduces the interest you pay. A redraw facility lets you access any extra repayments you have made if you need funds later on.
First Home Loan Co works with a wide range of lenders to find a loan structure that suits your circumstances. Whether you are considering a gift deposit from a family member, thinking about the First Home Super Saver Scheme to boost your savings, or simply trying to understand how interest rate discounts work, we are here to help you make sense of it all.
Getting Pre-Approval
Pre-approval is a useful step for first home buyers because it gives you a clearer idea of how much a lender is willing to lend you before you make an offer on a property. It also shows sellers and agents that you are a serious buyer. At First Home Loan Co, we help you prepare your first home loan application so it is as strong as possible. We look at your first home buyer checklist, gather the right documents, and work with lenders on your behalf to help move things along.
If you are based in Mentone or anywhere across Australia and you are thinking about buying your first home, First Home Loan Co is ready to help you understand your options and work through the process with you. We also assist clients looking at construction loans if you are planning to build rather than buy an established property. Reach out to our team today and let us help you take that first step with confidence.
Step 1: Get in Touch
Everything starts with a conversation. Reach out to us by phone, email, or through our website. We will set up a time to chat that suits you, whether you are in Mentone or anywhere else in Australia.
Step 2: Understand Your Goals
We take the time to learn about your situation. What kind of home are you looking for? What is your budget? Do you have a deposit saved? There are no silly questions here. The more we know, the better we can help.
Step 3: Review Your Finances
We look at your income, expenses, savings, and credit history. This gives us a clear picture of your borrowing power and helps us find the right loan options for you.
Step 4: Compare Loan Options
We search across a wide panel of lenders to find loans that suit your needs and budget. We explain each option in plain language so you can make a confident, informed decision.
Step 5: Submit Your Application
Once you have chosen a loan, we handle the paperwork. We prepare and lodge your application on your behalf, making sure everything is accurate and complete to give you the best chance of approval.
Step 6: Approval and Settlement
We stay in close contact with your lender throughout the approval process. We keep you updated every step of the way and work with your conveyancer or solicitor to make sure settlement goes smoothly.
Step 7: Ongoing Support
Our relationship does not end at settlement. We check in with you regularly to make sure your loan is still working for you. As your life changes, we are here to help you review your options and make the most of your mortgage.
Maurizio has been our mortgage broker for years now, and he's made every loan feel easy - a simple refinance, a new home build, subsequent refinances and loan splits, you name it. His communication is spot on, his attention to detail is excellent, and he's always quick to respond. On top of all that, it also helps that he's consistently found us the sharpest rates! We'll be sticking with him for the foreseeable future. Highly recommended.
Jethro Kairys
Maurizio came to us highly recommended and we were really happy with the service Maurizio provided when applying for our first home loan. He made the whole process clear and easy to understand, taking the time to explain the more complex parts along the way. Maurizio and his team were prompt, professional, and kept us informed at every stage. We felt well supported throughout and were so happy with the experience that we have also used Maurizio’s services to refinance our loan. Would 100% recommend to First Home buyers or anyone that needs mortgage advice.
Jillian Wood
Maurizio was fantastic to deal with. He made the whole process seamless and was always willing to answer our questions and help where possible. In what could have been an extremely stressful process, Maurizio made it as easy and stress free as possible. I would recommend to anyone.
Liam Fisher
Before I contacted First Home Loan Co I was unsure of my position to purchase a property. After the first meeting with Maurizio he was able to explain everything and provide a clear pathway to becoming a home owner. I have successfully purchased a property now and Maurizio was guiding me through each step, answering any questions I had and going out of his way to assist.
Frank b
Having a smaller deposit does not necessarily mean you cannot apply for a home loan, though it can affect the options available to you. In Australia, most lenders prefer a deposit of at least 20 per cent of the property value to avoid Lenders Mortgage Insurance (LMI). However, there are loan options available for borrowers with a smaller deposit, and some government schemes may also help eligible buyers. At First Home Loan Co, we will take the time to understand your current savings position and explain what options may be available based on your circumstances. We will also help you understand any additional costs that may apply so you can plan accordingly.
Once your home loan has been approved and settlement has taken place, our relationship with you does not simply end there. At First Home Loan Co, we believe in building long-term relationships with our clients. We are happy to check in with you over time to make sure your loan is still working well for your situation as your life and circumstances change. Things like changes to your income, family situation, or property goals can all affect whether your current loan remains the right fit for you. We are always here to answer questions and provide support as you continue your journey as a homeowner. You are not just a transaction to us, you are a valued client.
While the exact documents required can vary between lenders, there are some common items that most lenders will ask for. These typically include proof of identity such as a passport or driver's licence, proof of income such as recent payslips or tax returns, bank statements showing your savings and expenses, and details of any existing debts or financial commitments. If you are self-employed, you may need to provide additional documentation such as business financial statements. At First Home Loan Co, we will give you a clear checklist of what you need to gather before we submit your application, so you feel prepared and confident going into the process.
When you go directly to your bank, you only see what that one lender has to offer. A mortgage broker like First Home Loan Co has access to a wide range of lenders and loan products, which means we can look at more options on your behalf. Your bank will always recommend their own products, whereas we work for you. We take the time to understand your personal circumstances and then look across multiple lenders to find options that may be a good fit. This broader view can be really valuable, especially for first home buyers who may not know what to look for or what questions to ask.
Absolutely, helping first home buyers is at the heart of what we do at First Home Loan Co. Buying your first home is one of the biggest financial decisions you will ever make, and it can feel overwhelming when you are not sure where to start. We are here to walk you through the process from beginning to end. We will explain how home loans work, help you understand what you may be able to borrow, and look at loan options that suit your situation. We can also help you understand government schemes and grants that may be available to first home buyers in Australia, such as the First Home Owner Grant.
While we are proud to serve clients in Mentone and the surrounding local area, First Home Loan Co works with clients right across Australia. Whether you are based in Melbourne, regional Victoria, or anywhere else in the country, we are set up to help you. We can meet with local clients in person and connect with clients in other locations via phone or video call, making it convenient no matter where you are. Our goal is to provide the same level of care and attention to every client, regardless of where they live. If you are looking for support with your first home loan, we would love to hear from you no matter where you are based.
In most cases, our service comes at no direct cost to you as the borrower. Mortgage brokers in Australia are typically paid a commission by the lender once your home loan settles. This means you can access our knowledge and support without paying out of pocket for it. We are always transparent about how we are paid, and we will explain this to you clearly before we get started. If there are any situations where a fee may apply, we will let you know upfront so there are no surprises. Our goal is to make sure you feel informed and comfortable throughout the entire process.
A mortgage broker acts as the go-between for you and a range of lenders, including banks, credit unions, and other financial institutions. Rather than you having to contact each lender individually, a mortgage broker does that legwork on your behalf. At First Home Loan Co, we take the time to understand your situation, your goals, and your budget before we start looking at loan options that may suit your needs. We handle the paperwork, communicate with lenders, and keep you informed every step of the way. Our role is to make the home loan process feel more manageable, so you can focus on the exciting part of buying your first home.
The timeline for a home loan application can vary depending on a number of factors, including the lender you apply with, how quickly documents are provided, and the complexity of your financial situation. In general, once you have submitted all the required documents, lenders can take anywhere from a few days to a few weeks to assess your application. At First Home Loan Co, we work to keep things moving by staying in regular contact with lenders and making sure your application is as complete and accurate as possible from the start. We will keep you updated throughout the process so you always know where things stand and what to expect next.
The First Home Owner Grant (FHOG) is a government initiative designed to help eligible first home buyers get into the property market. The grant amount and eligibility criteria can vary depending on which state or territory you are buying in, so it is important to understand the rules that apply to your specific situation. At First Home Loan Co, we can help you understand whether you may be eligible and walk you through the application process. We work with clients across Australia, including those based in Mentone and surrounding areas, so we are familiar with the requirements that apply in different parts of the country. It is always worth looking into what support may be available to you.
At First Home Loan Co, we love helping first home buyers in Mentone and across Australia understand their options. Whether you have questions about grants, deposits, or home loan applications, our team is here to have a genuine conversation with you.
Book Appointment
