Picture it: your own front door, walls you can paint any colour you like, a place to put down roots. Saving the deposit is only part of getting there. How your loan is set up — your deposit, your loan type and the buffer you keep aside for surprises — shapes how comfortable life feels once you’ve moved in.
Saving a deposit matters, but it’s only one part of the picture. Your loan type, whether you fix or go variable, and how much buffer you keep all shape how your finances feel a year, or five years, from now.
Government schemes and lender rules change often, so what worked for a friend a few years ago might not apply to you today. We’ll look at the current rules together, based on your situation.
I explain what counts as real savings, and how lenders actually look at your deposit — not just the percentage you see advertised.
We’ll look at whether any current deposit or guarantee schemes could apply to you.
A loan set up so refinancing or other changes later aren’t harder than they need to be.
Which one fits depends on your deposit, your income, and how much flexibility you want later.
The simplest path: build your deposit through savings. Lenders check this against their standard rules for what you can afford to repay (called serviceability).
Options for buyers with a smaller deposit. I explain how Lenders Mortgage Insurance, or LMI (a fee some lenders charge when your deposit is small), affects your total cost — so it’s never a surprise.
A guarantor (often a parent) offers part of their own property as extra security, so you need a smaller deposit. This can help, but it’s important to understand what the guarantor is risking before you go ahead.
Loans built around current government first-home-buyer schemes, for buyers who meet the rules at the time they apply.
A lot of first home buyers I talk to are early in their careers, including nurses and healthcare workers on shift or casual pay. I’m a full-time mortgage broker who still picks up casual nursing shifts today. I’ve been exactly where you are now — early career, an unpredictable roster, and not sure what a bank will actually offer. That firsthand, current experience shapes how I explain the numbers, not just how I calculate them.
A few things worth understanding before you fall in love with a property.
It depends on the lender and loan type, not just one flat percentage. I check what you’d need based on your income, the type of property, and any schemes you might qualify for.
Often, yes. A family member can use the equity (the value they already own) in their own home to help you. It’s important to understand exactly what they’re risking before you go ahead, and I’ll explain it clearly.
The rules and limits change over time, so it’s worth checking them against your situation rather than relying on older articles online. I’m happy to do that with you.
There’s no single right answer. It depends on how much risk you’re comfortable with, how tight your budget is, and where rates are sitting. I’ll talk through the pros and cons for your situation.
Bring your income, your savings and a rough picture of the home you’d love. We’ll work out what you could realistically borrow — and what feels comfortable — before you start inspecting.