Mel Finance
first home buyer mortgage broker Melbourne

First Home Buyer Mortgage Broker

Mel Finance is listed in the top 25 brokers for Customer Service out of 19,000 Mortgage Brokers Australia-wide

Melbourne first home buyer

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Melbourne first home buyer mortgage broker

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

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.

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.

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.

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.

In order to avoid LMI, you need a deposit of at least 20%.

Yes, providing you meet all other eligibility criteria and have the means of making your monthly mortgage repayments.

Why Choose Mel Finance?

Industry Experience 

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 Specialists 

Our knowledge of the property market here in Melbourne is second to none - we’ve been helping Melburnians buy property for years.

First Home Buyer Broker Melbourne

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. 

Start Your First Home Buying Journey Today

first home buyers in Melbourne

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.

Great experience! Lumbini is a great advisor and I would highly recommend him for future brokering advice.
Lachie Sinclair
Lachie Sinclair
February 28, 2024
Best broker I’ve dealt with! I haven’t had to lift a finger, went through the whole process better than I could have ever asked for. I had a ton of questions and got them answered without even asking them. You’re an absolute star Lumbini.
Sandeep Singh
Sandeep Singh
February 24, 2024
Lumbini was amazing with helping me a get a home loan, he explained things easily, found a bank and loan that was suited to me and was there 100% throughout the transaction, Lumbini is officially my broker and would happily recommend him to anyone - thanks Lumbini
Sarah Lewellin
Sarah Lewellin
January 24, 2024
Lumbini made the process so simple and easy for us! He was able to get the approval for us within short period of time to meet the settlement time. He is very professional, patient and supportive through the process of organising the loan and everything went through seamlessly. Would highly recommend!
Andrew Liang
Andrew Liang
January 9, 2024
Managed out refinance excellently. Communication was great.
Maxwell Chiazor
Maxwell Chiazor
January 8, 2024
Our first home buying experience was stress free and less daunting with Lumbini's assistance and reassurance throughout the whole journey. Lumbini always ensures that all our queries and requests are addressed in a prompt manner. He is knowledgeable and his advice is practical and always for our best interest. We are very pleased to have found Lumbini as our mortgage broker. I would highly recommend Mel Finance for anyone who is looking for home financing.
Maria T
Maria T
December 24, 2023
Mel Finance and Lumbini for Best long term mortgage engagements!! We just completed our second property with them and looking forward for more!!! When it comes to mortgages and account formation Lumbini always take care of details and gives you a great peace of mind. Best offers and market leading lenders are their specialties. Apart from just getting the loan sanctioned they advise you on facts and reality which help you make best decision rather than burning money in a long run. Unlike just client lender broker relationship Lumbini and Melfinance strive to keep a long term relationship with client which is only possible by providing quality services and continuous support. Look no further if you need best advices on current market conditions!
Jayesh Nath
Jayesh Nath
December 4, 2023
Lumbini was incredibly helpful throughout the whole process. We were first home buyers had had no idea where to start and he explained everything to us and answered every one of our questions with patience. I would highly recommend Lumbini as your mortgage broker he is experienced and helps put your mind at ease with all the stressors. Would recommend him to family and friends without question!
Hannah M
Hannah M
November 12, 2023
I am delighted to share my recent experience in purchasing a new home and express my heartfelt appreciation to our dedicated mortgage broker, Lumbini. Throughout the entire process, Lumbini exhibited a remarkable level of professionalism, great service, and care. His patience and attention to detail during our consultations were truly outstanding, making the complex journey of securing a mortgage simple and seamless. I wholeheartedly recommend his services to anyone in need of expert guidance in the mortgage arena. Thank you, Lumbini, for your exceptional support and expertise! 😊
Elizabeth Z
Elizabeth Z
November 3, 2023
Lumbini was fantastic to work with. He made the process less complicated and provided appropriate advice and care. Overall a pretty seamless engagement and couldn't be happier with the outcome. Would definitely be engaging for future mortgage needs. 😀
David Lim
David Lim
October 23, 2023



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