Buying your first home is exciting, but working out deposits, borrowing capacity, government schemes, lender requirements and home loan options can quickly become confusing.

Our Melbourne mortgage brokers help first home buyers understand the process, compare suitable home loans from our panel of 50+ lenders and manage the application from pre-approval through to settlement.

Whether you're just starting to save or you're ready to make an offer, Natloans can help you understand your options and take the next step with confidence.

Getting your first home loan involves much more than finding the lowest advertised interest rate.

Different lenders have different policies around deposits, income, employment, expenses, credit history and the types of properties they'll finance. Your borrowing capacity can also vary considerably between lenders.

A first home buyer mortgage broker can help you understand these differences and compare home loan options suited to your circumstances.

At Natloans, we can help you:

• Understand how much you may be able to borrow 
• Work out the deposit and upfront costs you may need 
• Compare home loans across our panel of 50+ lenders 
• Understand available first home buyer schemes and concessions 
• Arrange home loan pre-approval where appropriate 
• Prepare and submit your home loan application 
• Communicate with the lender throughout the approval process 
• Guide you through to settlement 

You don't necessarily need a 20% deposit to buy your first home.

Some lenders offer home loans with smaller deposits, although eligibility criteria apply and costs such as Lenders Mortgage Insurance may otherwise be relevant.

Eligible first home buyers may also be able to purchase with a minimum 5% deposit 

through the Australian Government 5% Deposit Scheme, without paying Lenders Mortgage Insurance. The scheme currently has no income caps or waiting list, although eligibility requirements, property price caps and participating-lender criteria apply. 

The right deposit strategy depends on your savings, income, purchase price and individual circumstances. Our brokers can help you understand what different deposit levels could mean for your home loan options.

First home buyers in Melbourne may have access to government assistance that can reduce some of the upfront costs of purchasing a property.

Eligible first home buyers can purchase a home with a minimum 5% deposit, with the Australian Government providing a guarantee to the participating lender.

The scheme can allow eligible buyers to avoid Lenders Mortgage Insurance. From 1 October 2025, the scheme has no income caps, no waitlist and unlimited places for eligible applicants. Property price caps and other eligibility requirements still apply. 

Importantly, applications are made through a participating lender as part of the home loan application, rather than directly to Housing Australia. 

Eligible Victorian first home buyers may receive a $10,000 First Home Owner Grant when buying or building a new home valued up to $750,000.

The property must meet the Victorian eligibility requirements and be used as your principal place of residence. The grant doesn't generally apply to established homes. 

Eligible Victorian first home buyers may also qualify for a land transfer duty — commonly called stamp duty — exemption or concession.

For eligible purchases, an exemption is available on properties valued up to $600,000, with a concession applying from $600,001 to $750,000. 

Government scheme rules can change, so eligibility should always be checked against current requirements before making a purchasing decision.

Your borrowing capacity isn't determined by your income alone.

Lenders may consider your:

• Income and employment 
• Living expenses 
• Existing loans and credit limits 
• Dependants 
• Deposit and genuine savings 
• Credit history 
• Interest-rate buffers 
• Proposed property and loan structure 

Importantly, different lenders can assess the same borrower differently.

That's one reason speaking with a mortgage broker before you start seriously looking at properties can be useful. We can assess your circumst.ances and help establish a realistic purchasing range before you make an offer.

Consumer Affairs Victoria similarly recommends working out your budget before buying and carefully considering what you can afford to borrow and repay.

Getting home loan pre-approval can give you a clearer understanding of your potential borrowing position before you start making offers.

Your Natloans broker can help you prepare your application, gather the required documentation and identify an appropriate lender based on your circumstances.

Pre-approval can be particularly important if you're considering buying at auction. Consumer Affairs Victoria recommends arranging pre-approved finance before bidding at auction, noting that auction contracts generally cannot simply be made subject to finance without the vendor's agreement. 

Pre-approval isn't a guarantee of final approval. The lender will still need to assess the property and confirm that your circumstances and application continue to meet its requirements.

We'll discuss your income, savings, expenses and property goals and help you understand what may be achievable.

We'll assess your circumstances and discuss potential borrowing capacity, deposit requirements and upfront costs.

We compare suitable home loans from our panel of more than 50 banks and non-bank lenders, considering rates, fees, features and lending criteria.

When you're ready, we'll help prepare your application and seek pre-approval from an appropriate lender.

With a clearer budget and finance position, you can start searching for a property that suits your needs.

Once you've found your home, we'll work with the lender through final approval and help keep your finance moving towards settlement.

Buying your first property is a major financial decision, and you shouldn't have to work everything out yourself.

Natloans gives first home buyers access to experienced mortgage brokers who can explain the process in plain English and help manage the finance from the initial conversation through to settlement.

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No. Some lenders allow eligible borrowers to purchase with less than a 20% deposit. Eligible first home buyers may also be able to use the Australian Government 5% Deposit Scheme with a minimum 5% deposit and no Lenders Mortgage Insurance, subject to scheme and lender eligibility requirements. 

Potentially. The Australian Government 5% Deposit Scheme allows eligible first home buyers to purchase with a minimum 5% deposit. You'll still need to meet the participating lender's credit and loan approval criteria. 

The Victorian First Home Owner Grant is currently $10,000 for eligible buyers purchasing or building a qualifying new home valued up to $750,000. Eligibility and occupancy requirements apply. 

It depends on the property's value and your eligibility. Eligible first home buyers can currently receive a duty exemption for properties valued up to $600,000 and a concession for properties valued from $600,001 to $750,000. 

You don't necessarily need pre-approval to start looking, but having a clearer understanding of your finance position can help you search within a realistic price range. It is particularly important to understand your finance before bidding at auction.

This varies between lenders. Your broker can explain the lender's pre-approval period and what may need to be updated if you haven't purchased a property before it expires.

Yes. A mortgage broker can discuss relevant schemes and help determine whether suitable participating lenders are available. Final eligibility is determined according to the applicable government scheme and lender requirements.

Mortgage brokers are commonly paid commission by the lender when a loan settles. However, fees can apply in some circumstances. Any fees applicable to your situation should be disclosed before you proceed.

You don't need to know everything about home loans before speaking to us.

Whether you're still building your deposit, wondering how much you could borrow or you're ready for pre-approval, talk to an experienced Melbourne mortgage broker about your first home buying plans.

Start with a free consultation and find out what your next step could be.