On this page
Speak to a Home Loan Adviser
Ask yourself: Where's my dream neighbourhood?
First home buyer dictionary
Savings calculator
Consider how much you can afford to borrow and calculate your possible repayments
Your income
Home loan repayments should be less than 30% of your after-tax salary.
Your savings history
Show a strong savings history. Save for a deposit for at least three to six months.
Your credit history
Pay off any existing debt as soon as possible.
Your deposit
A deposit of 20% plus fees (conveyancer, stamp duty, building inspection, etc) is recommended, however you may have the option to consider Lenders' Mortgage Insurance (LMI) if your deposit is less than the recommended amount.What is Lenders' Mortgage Insurance?
First Home Guarantee
Prepare with a savings budget
Write up a budget for your savings
This will show you how much you can afford to save and give you a feel for dealing with home loan repayments later on.
Now make the most of your savings and store them in a high interest savings account with no monthly fees.
Have you been saving for a deposit for three to six months? Let's get your pre-approval ready!
Consider additional costs
There are a few extra costs first home buyers need to prepare for, such as stamp duty. We have a calculator that can help you understand the cost of stamp duty.
Other upfront costs may include legal costs, taxes and other fees depending on the state you buy in. Speak to a Home Loan Adviser for more information.
Almost done: Get a pre-approval
Contact a Home Loan Adviser
A People's Choice Home Loan Adviser can tell you the conditions for pre-approval and which home loan suits you best.
Our experts will also discuss first home buyer grants and stamp duty concessions available in your state or territory and check your eligibility.
Overview of our fixed and variable rates
We have a range of home loan options available to you for your first home.
Ready? Let’s apply for your pre-approval.

Most popular questions
Who is eligible for the First Home Guarantee?
You can check your potential eligibility on the Housing Australia website.How does the 5% deposit scheme work?
The Australian Government has introduced the First Home Guarantee (FHBG) to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5%, and the additional benefit of not having to save for Lenders Mortgage Insurance (LMI).What is the First Home Guarantee?
The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme. The purpose of the First Home Guarantee is to support eligible home buyers to enter the housing market sooner. It does this by allowing Housing Australia to issue 35,000 guarantees each financial year for eligible loans to home buyers with a deposit of between 5 and 20% of the property value.Is there a property price limit under the First Home Guarantee?
Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme. You can find them on the Housing Australia website.
More questions
Do I have to pay LMI in the First Home Guarantee?
No. The First Home Guarantee (FHBG) allows eligible home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees.How much is Lenders' Mortgage Insurance?
The cost of LMI generally depends on the borrower's LVR (Loan to Value Ratio) and amount of money they need to borrow. The cost can vary depending on the lender. For more information on LMI when taking out a Home Loan at People’s Choice please speak to one of our Home Loan Advisers or call 13 11 82.How does Lenders’ Mortgage Insurance work?
LMI is a once-off payment made by the borrower at the time of loan settlement, which protects the lender should the borrower no longer be able to meet their loan repayments.How to avoid Lenders' Mortgage Insurance?
To avoid Lenders' Mortgage Insurance it is generally recommended the borrower keep their LVR (Loan to Value Ratio) below >80% plus any fees (conveyancer, stamp duty, building inspection, etc). If the borrower has a deposit of 20% or more of the property value, then they may not be required to pay LMI. For more information on whether you’ll need LMI please speak to one of our Home Loan Advisers or call 13 11 82.When is LMI needed?
LMI may be required if the borrower doesn't have a minimum of 20% deposit to take out a home loan.How do I apply for the First Home Guarantee?
Please visit our dedicated First Home Guarantee (FHBG) page or speak with one of our Home Loan Advisers.