First home buyers

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A guide for first home buyers

Updated March 11, 2024
Written by James Hurwood
Reviewed by Stephen Zeller

Tips for first home buyers

Host of Selling Houses Australia, Andrew Winter, walks first home buyers through some of the things they’ll need to keep in mind as they gear up to take out a home loan.
Andrew Winter
Home Loans

Expert tips for first home buyers

As General Manager of Money at Compare the Market, Stephen Zeller is passionate about equipping first home buyers with the knowledge they need to navigate their first property purchase successfully and with confidence. With that in mind, he has some tips for prospective first-time home buyers:

Stephen Zeller
General Manager – Money

Research the government assistance available to you

It can seem daunting saving up the money needed to purchase your first home, but thankfully our governments have some great schemes and grants available to help make home ownership a little bit easier. By doing some initial research, you could be saving yourself a small fortune and possibly owning a home sooner than you thought was possible.

Better safe than sorry

Buying a home is one of the biggest financial commitments you’ll make in your life. When you have a home loan, regardless of what time of year it is or if you’re on holiday, you must always make your contracted repayments, so don’t just look at what the repayments are today; ask yourself if you think it would be possible to keep paying the loan if the rate was 2-3% higher. If not, you might need to wait until you have more savings available, or your income has increased.

We’re here to help!

Ask for help. Buying a home and organising home loan finance can be an extremely complicated process, but our team of Home Loan Specialists are ready to help you with any questions you may have, whether this be over the phone or via email. No matter how hard or simple the question may be, our team is here to help you achieve your dreams!

Farewell paperwork, it's Home Loan Heaven


All about first home buyers

What is a first home buyer loan?

Home loan interest rates and fees for first home buyers

First home buyer interest rates

Home loan fees

Home loan features available to first home buyers

Government support for first home buyers

First Home Owner Grants (FHOG)

Stamp duty discounts

The First Home Guarantee (FHBG)

New Home Guarantee (NHG)

First Home Super Saver Scheme (FHSSS)

The Family Home Guarantee

Saving for a home loan as a first home buyer

What is a home loan deposit?

What is LVR?

What is Lenders Mortgage Insurance (LMI)?

Property-buying costs for first home buyers

Stamp duty




How to apply for a loan as a first home buyer

Check your borrowing power

Consider pre-approval

Check the eligibility criteria

Get your documents ready

Find the right home loan

Meet our home loans expert, Stephen Zeller

Stephen Zeller
General Manager – Money

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

  1. Australian Bureau of Statistics (ABS), Lending Indicators, May 2022. Accessed July 2023.
  2. Reserve Bank of Australia (RBA), Lenders’ Interest Rates, April 2022. Accessed July 2023.
  3. ACT Revenue Office, Home buyer concession scheme (from 1 July 2019). Accessed July 2023.
  4. NSW Government, First home buyer grants and assistance. Accessed June 2023.
  5. NT.GOV.AU, First home owner grant. Accessed June 2023.
  6. Queensland Government, Queensland First Home Owners’ Grant. Accessed June 2023.
  7. RevenueSA, First Home Buyer. Accessed June 2023.
  8. State Revenue Office of Tasmania, First Home Owner Grant. Accessed June 2023.
  9. State Revenue Office Victoria, Applying for the First Home Owner Grant. Accessed June 2023.
  10., First home owner grant (FHOG). Accessed June 2023.
  11. Revenue NSW, First Home Buyer. Accessed July 2023.
  12. NT.GOV.AU, Territory home owner discount. Accessed June 2023.
  13. Queensland Government, First home concession. Accessed June 2023.
  14. State Revenue Office of Tasmania, Property Transfer Duties. Accessed June 2023.
  15. State Revenue Office Victoria, First home buyer duty exemption, concession or reduction. Accessed June 2023.
  16., Duties Fact Sheet – First Home Owner Rate. Accessed June 2023.
  17. National Housing Finance and Investment Corporation, First Home Guarantee. Accessed July 2023.
  18. Australian Taxation Office, First home super saver scheme. Accessed June 2023.
  19. National Housing Finance and Investment Corporation, Family Home Guarantee. Accessed June 2023.
  20. Australian Bureau of Statistics, Total Value of Dwellings. Accessed March 2023.