First Home Buyer Mortgage Broker
Whether you’re ready to leave the nest or have decided it’s time to stop renting, knowing where to start with your first home purchase can be a challenge. Our mortgage brokers in Melbourne are here to answer all these questions and more, helping individuals and families achieve their dream of owning a residential property in Australia.
Mel Finance is listed in the top 25 brokers for Customer Service out of 19,000 Mortgage Brokers Australia-wide
Give Yourself a Head Start
At Mel Finance, we understand how daunting and tedious buying your first home can be. From rising property prices and a wealth of new concepts to get your head around to the fierce competition posed by established investors and other first-home buyers in Melbourne – it’s no wonder so many people feel overwhelmed. The good news is that our home loan brokers are here to help you get ahead of everyone else.
When it comes to starting your home-buying journey, you deserve the best. When you work with an experienced first home buyers mortgage broker like Mel Finance, you’ll get the right advice to set yourself up for success. We can help by taking the complexity out of buying your first home, putting you in touch with experts who understand your position and devising a strategy to match, ensuring that you can live your best life while doing it.
We’re With You, Every Step of the Way
We are with you from the first enquiry that you made with us to the settlement. We encourage anyone thinking about buying their first residential property to speak with our housing and mortgage broker experts to gain a unique perspective on the advantages and disadvantages of being a first home buyer in Melbourne.
Our cutting-edge software allows us to search through thousands of mortgages to find one that is right for you. Letting us take care of the financials leaves our clients free to focus on finding the right property.
As a bonus, we also provide our valued clients with a comprehensive property file report prepared by Corelogic RP Data (the largest property data company in Australia) and our partnered solicitors will review your first contract of sale and the section 32 for FREE!
First Home Buyer Grants Melbourne
Did you know that Victorian government support is available when buying your first home? It’s important to understand which grants and incentives you’re eligible for before getting started.
First Home Owner Grant (FHOG)
This one-off payment is only available if you buy a newly built home or if you build a brand-new home from scratch. The property can be a house, townhouse, apartment or unit - but it must be valued at $750,000 or less, and it must be new (never previously sold or occupied). The first home owners grant is worth $10,000 for homes in Melbourne and $20,000 for homes in regional Victoria.
Eligibility Criteria for FHOG
The eligibility criteria for the FHOG are primarily based on your residency status, the type of property, and the purchase price. You or your spouse/partner must be an Australian citizen or permanent resident, and neither of you should have owned a residential property in Australia before.
Stamp Duty Exemption or Concession
This one-off home buyer duty exemption applies to homes valued at $600,000 or less (which is a massive saving of around $30,000). For homes valued between $600,001 and $750,000, a stamp duty concession applies instead (which is a discount on the land transfer duty you pay). To be eligible, the home must be a principal place of residence (PPR).
First Home Buyer Guarantee Scheme
Also known as the Pilot Shared Equity Scheme, the FHBG is designed for first-home buyers in Melbourne buying an existing home (providing it's a residential property). It allows buyers to secure a loan with as little as a 5% deposit without needing to pay Lenders Mortgage Insurance (LMI). What is this means to you? You save approximately staggering $20,000 in LMI. To be eligible, singles must have an annual income of $125,000 or less, while couples must have a combined household income of $200,000 or less. For FHBG scheme, applications lodged from 1/07/2023, the annual income assessment is based on the financial year 2021-2022.
Off-the-Plan Concession
If you’re buying an off-the-plan land and building package, you may be entitled to a concession on stamp duty. Buyers will only pay duty on the value of the property and construction at the time of the contract date. As construction generally won’t have started or been completed when a contract is entered into, buyers won’t have to pay as much in stamp duty. Other eligibility criteria apply, such as being a permanent resident of Australia. To view all criteria and apply, visit the State Revenue Office website. There are a couple of other schemes available (such as the Young Farmer Duty Exemption or Concession and the First Home Owner with Family Duty Exemption or Concession), which have more specific eligibility. To learn more about these, please contact us for more information. The team at Mel Finance can provide more information on each of the grants, exemptions and concessions outlined above, as well as discuss the eligibility criteria in further detail. We can also help you to apply for all of the schemes that you are eligible for, ensuring that your savings are maximised during your first home purchase.
Ready to buy your first home? Congratulations!
Mel Finance is here to walk you through the home loan process.
First Home Buyer Checklist
If you’re thinking about becoming a first home buyer in Melbourne in the next three months, our essential checklist is for you:
Determine your budget.
What is your maximum borrowing capacity, and what sort of price range should you be looking at properties in? How much can you afford in monthly repayments
Choose your suburb.
Keep in mind that you’ll be living here for at least the next 5 to 10 years. If your ideal suburb is too highly priced, consider the surrounding suburbs - you’ll still be nearby.
Consider the property’s capital growth.
Do you have any statistics or sales history for the area? Is your chosen mortgage broker able to provide you with this free service?
Consider bedroom and living space needs.
How many bedrooms and living areas does a prospective property need to have? It might be nice to have two living areas, but you could get away with just one.
Decide whether to build or buy an established home.
Also ensure that you understand the pros and cons of your choice (ie when building, you’ll have to wait months until you can move in). If you’ve opted to buy off-the-plan, understand the pros and cons of this decision. Would this save you more money than buying an established home or contracting a custom builder?
Understand your eligibility for first home buyer grants in Melbourne.
Be aware that different state governments have different requirements, so ensure that the information you have is relevant to Victoria.
Consult with a mortgage broker.
Buying a home can be complicated, whether you’re doing it for the first time or the tenth time. Make an appointment with Mel Finance to discuss your options today.
Your First Home Buyer Questions Answered
How much deposit do you need for a first home buyer in Victoria?
It is recommended that buyers have a deposit of at least 20%, as this will mean you won’t have to pay Lenders Mortgage Insurance (LMI). First home buyers in Melbourne with a deposit of only 5%, however, may be eligible for the First Home Loan Deposit Scheme.
Can I use my superannuation to buy a house?
Yes, in some circumstances first home buyers can access their super to purchase a home. This is known as the First Home Super Saver (FHSS) scheme. It allows you to contribute up to $15,000 each financial year that can later be withdrawn as your deposit (up to a maximum of $50,000). Please contact us for more information on this scheme.
Do couples lose the first homeowners grant if one partner has bought in the past?
If one partner has previously owned or bought property in Australia, it may have an impact on your first-time buyer status when you make a joint application for a mortgage. If they did not live in the property as their primary residence, you may still be eligible for the first home buyers grant in Melbourne. Please contact us for more information.
Do first-home buyers pay stamp duty in Victoria?
No, under the Stamp Duty Exemption, first home buyers in Melbourne currently do not pay stamp duty providing their property is valued at $600,000 or less. Buyers who have purchased properties valued between $600,001 and $750,000 may be eligible for a stamp duty concession.
How much deposit do you need to avoid LMI?
In order to avoid LMI, you need a deposit of at least 20%.
Can you get the first homeowner grant on Centrelink?
Yes, providing you meet all other eligibility criteria and have the means of making your monthly mortgage repayments.
Which suburbs do you get home loans for?
Why Choose Mel Finance?
Industry ExperienceÂ
We bring more than 12 years of experience to the table, ensuring that we have what it takes for our clients to reach their financial goals.
Client Focused
You are our top priority at Mel Finance. We will be focused on your objectives and requirements every step of the way.
Melbourne SpecialistsÂ
Our knowledge of the property market here in Melbourne is second to none - we’ve been helping Melburnians buy property for years.
Be Quietly Confident with Mel Finance ​
Although it can be complex and challenging at times, buying your first home is an exciting journey – one that the Mel Finance team would love to be a part of.
We’ll be with you every step of the way – helping you to save an appropriate deposit, explaining the first home buyer grant in Melbourne and the other types of government support available, matching you with the right home loan, and celebrating when you sign on that dotted line.Â
Start Your First Home Buying Journey Today
With more than a decade of experience in the local property market, the team at Mel Finance is well-placed to help the journey go as smoothly as possible for first-home buyers in Melbourne. Whether you want to learn more about the first homeowners grant or the various schemes available, or you’ve found your dream property and are ready to start looking at home loans, you’ve come to the right place.Â
Addressing All Your Loan and Refinancing Requirements
Wondering if there’s a superior deal for you? Unearth it by exploring refinancing options with our proficient brokers. We’ll guide you through from option analysis to finalizing a refinanced mortgage. Refinancing could lower your interest rate, unify your debts, reduce your repayment time and accelerate your journey to debt freedom.
Set sail on your property investment voyage armed with well-informed choices. Uncover a variety of investment loans, selected by expert hands, that align flawlessly with your needs. Gain from astute guidance on tax-smart loan configurations, whether you’re a property market newbie or a seasoned portfolio grower.
Comprehending the hectic life of healthcare professionals, we sculpt personalized home loan strategies. Our skilled brokers guide you, making the mortgage process easier. We aim for a fast, safe loan process, freeing you to attend to your primary responsibilities.
