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Ask Yash ↗FIRST-HOME QUESTIONS
Getting started
Before the inspections, auctions and late-night listing tabs.
What’s the first step before I start house-hunting?
Start with your finances: what you can borrow, what repayments feel comfortable and how much cash you need upfront. A listing is much more useful once you know your price range.
I help review your income, expenses, savings and debts, then explain your lending options and whether pre-approval is a sensible next step. The website calculators do not assess borrowing capacity.
How do you help me as a first-home buyer?
I help turn “where do I start?” into clear next steps. We discuss your budget and deposit, compare suitable loans, check potential benefits and work through the application.
I prepare and lodge the loan application, follow up the lender and explain what it needs from you. My first-home guidance covers established homes and land and construction. Your lender makes the credit decision; your conveyancer handles legal matters.
Does pre-approval mean the bank has definitely approved my home loan?
No. Pre-approval is conditional guidance on what a lender may lend. Final approval still depends on its remaining checks, your circumstances and the property.
Tell me before committing to a property, and let me know if your job, debts, savings or plans change. We check what remains outstanding before relying on an approval.
Do you charge a fee for your mortgage broking service?
I do not charge you a broker fee for the home-loan service currently described on my website. I’m paid a commission by the lender when the loan settles, and I explain how I’m paid.
This does not make buying a home cost-free. Lender fees, conveyancing, inspections, government charges and other purchase costs can still apply.
What type of clients do you work with?
My main focus is first-home buyers who earn a wage or salary (PAYG), including couples where one partner has a job and the other runs a small business. We check the actual income and documents needed for your situation.
We work best as a team: honest information, requested documents and questions whenever something is unclear. Research is welcome. An online borrowing number is a conversation starter, not an approval letter—I explain the assessment using your real circumstances and the lender’s rules.
You do not need to know everything or be ready to buy tomorrow. When we agree on a next step, follow-through helps. Good questions? Always welcome. Hidden debts or creative paperwork? Absolutely not.
I also help with refinancing and investment lending. The goal is a suitable loan and a clear process, not winning the internet’s lowest-rate competition.
Should I borrow the maximum the bank will give me?
Not just because it is available. The bank’s maximum is a limit, not a shopping target. Your home loan does not need to become an extreme sport.
We look at comfortable repayments, changes in rates, your other goals and a buffer for unexpected costs. A smaller budget can leave more breathing room. Borrowing capacity and what feels affordable in everyday life are different conversations.
Should I buy now—or wait for the perfect time?
If we’re waiting for perfect prices, perfect rates and every relative’s approval, we could be here a while. My crystal ball is also still “pending valuation”.
No one can promise the perfect market entry. Waiting can be sensible if you need a stronger deposit, steadier income or a better buffer. We can work out a realistic budget and compare buying now with preparing for later. The aim is to buy when you’re financially ready—not because a headline, agent or broker rushes you.
FIRST-HOME QUESTIONS
Deposits & buying costs
The deposit, the extra costs and the words lenders like to use.
What does “genuine savings” mean?
It is money you can show you have built up or held over time. Bankwest’s plain-English glossary describes savings built gradually over at least three months; ING also explains the savings-history evidence it may require.
That is not a universal rule for every lender or loan. Gifted funds and other money may help with the deposit without automatically satisfying a genuine-savings test. I check the selected lender’s requirements before we rely on the funds.
Bankwest: genuine savings explained ↗ · ING: deposits and savings history ↗
Do I need a 20% deposit?
Not always. The Australian Government 5% Deposit Scheme can allow eligible first-home buyers to purchase with a minimum 5% deposit without Lenders Mortgage Insurance. Property caps and other conditions apply.
Other low-deposit loans may involve mortgage insurance or different requirements. You also need to allow for buying costs. A deposit percentage is not a borrowing-capacity assessment or loan approval.
Do I pay stamp duty on my first home in Victoria?
If you meet Victoria’s first-home buyer rules, there is no stamp duty on a home with a dutiable value up to $600,000. Reduced duty applies between $600,000 and $750,000.
Dutiable value is generally the higher of price and market value. Residency, previous ownership and living-in-the-home conditions matter. Registration and other buying costs can remain even when duty is $0. Your conveyancer checks the final duty and any specialist concessions.
What do I need to budget for besides the deposit?
Allow for any stamp duty, legal or conveyancing fees, inspections, transfer and mortgage registration, lender charges and settlement adjustments. Moving, insurance and an emergency buffer also deserve a place in the budget.
Our Buying Costs tool lets you change the allowances. A $0 starting allowance for lender fees or adjustments does not mean those costs cannot apply.
Can I use money from overseas to cover a shortfall or meet genuine savings?
Possibly—it depends on the lender, the source of the funds and your loan. Overseas money that helps cover a deposit shortfall does not automatically count as genuine savings.
We need to check whether it is your own money, a genuine gift or money you must repay, along with the timing, transfer history and documents the lender requires. Repayable money must be disclosed accurately. Talk to me before relying on or transferring funds so we can check the selected lender’s requirements.
What is LMI, and how much could it cost?
Lenders Mortgage Insurance protects the lender if a borrower defaults and the property sale does not cover the debt. It does not insure your repayments. The cost depends on the loan, deposit, lender and insurer; I help obtain a lender-specific estimate.
Eligible buyers using the Australian Government 5% Deposit Scheme do not pay LMI. A 5% deposit alone does not create that exemption. Upgraders and investors borrowing more than 80% of the property value commonly face LMI, unless a specific waiver, guarantee or no-LMI product applies.
Some lenders have eligible 90% LVR no-LMI options—see the separate question below. Compare their full costs and conditions, not just the absence of an insurance charge.
Helia: Lenders Mortgage Insurance explained ↗ · Australian Government: 5% Deposit Scheme ↗
What is LVR?
LVR means loan-to-value ratio: your loan divided by the property value used by the lender, expressed as a percentage.
A $600,000 loan against a $750,000 property value is 80% LVR. Higher LVR means less deposit or equity supporting the loan. It can affect eligibility, pricing and LMI. A lender valuation below your purchase price may change the LVR and the cash you need.
Can I borrow 90% of the property value without paying LMI?
Some lenders offer eligible borrowers loans up to 90% LVR without LMI, subject to the loan purpose, product and borrower criteria. This is a separate lender option, not an automatic benefit of the Government 5% Deposit Scheme.
The rate or fees can be higher than lower-LVR alternatives, and eligibility varies. We compare the total cost and conditions rather than assume “no LMI” always means cheaper. Talk to me to explore the options available through my lender panel.
How do I budget and save for my deposit?
Give the deposit a plan, not just a motivational quote.
- Set a target for the deposit, buying costs and an emergency buffer.
- Track take-home income and real spending, including annual bills and debts.
- Choose a realistic payday savings amount and automate it into a separate account.
- Review progress regularly and adjust the target or timeframe if needed.
Our Buying Costs tool can help with an initial cash target. A budget planner can help you work out how much you can actually save without leaving yourself short.
FIRST-HOME QUESTIONS
Grants, schemes & residency
Different kinds of help, with different rules. No blanket yes or no.
What property is eligible for the $10,000 First Home Owner Grant?
Victoria’s First Home Owner Grant is for eligible buyers of a new home valued up to $750,000. It is not available for an established home just because it is your first purchase.
A qualifying newly built home or a new home you build may be covered. Applicant and partner history, residency and occupancy conditions apply. For a build, the land and construction value must be considered together for the grant limit. I help identify the pathway; SRO decides eligibility.
Who applies for the Australian Government 5% Deposit Scheme?
You apply through a participating lender as part of the home-loan process, rather than sending a separate application directly to the Government.
I help check the pathway, prepare your finance application and coordinate the scheme requirements with the lender. You provide the requested documents and declarations. The grant and stamp duty processes are separate, and I explain who handles each one.
I’m a PR, but my partner has a temporary visa. Can we get grants or use the scheme?
There is no single answer for all benefits. A joint loan with a temporary-resident borrower cannot use the Australian Government 5% Deposit Scheme. An eligible citizen/PR may have a sole-borrower and sole-owner pathway; using one borrower can affect borrowing capacity.
Victorian grant and duty benefits may still be possible where at least one applicant or purchaser has qualifying status. Your partner’s history and the other conditions still count. Your conveyancer should check ownership, foreign investment and additional-duty rules before you sign.
Australian Government: scheme information guide ↗ · SRO Victoria: First Home Owner Grant ↗ · SRO Victoria: first-home buyer duty relief ↗
My property is within the scheme cap. Why do I still need more savings?
The property price cap and your deposit are separate checks. The Australian Government 5% Deposit Scheme cap is $950,000 for Melbourne/Geelong and $650,000 for other Victorian areas.
You still need the required deposit and buying costs. For example, a $950,000 home needs a minimum 5% deposit of $47,500. Being within the cap does not confirm your full eligibility or loan approval.
Australian Government: scheme property caps ↗ · Australian Government: 5% Deposit Scheme ↗
Which lenders offer the Australian Government 5% Deposit Scheme?
The Government’s participating-lender list includes ANZ, NAB, Westpac and Commonwealth Bank, alongside other lenders. Use the official link below for the current full list.
I arrange loans only through lenders I’m currently accredited with on my panel. I do not have access to every lender on the Government’s list. I focus on a strong fit for your income, deposit, property and the lender’s credit policy—not a blanket “biggest bank is best” rule.
Rate and fees matter, but so do assessment, service and valuation. A low rate is little help if the lender cannot support the property or its valuation creates a cash shortfall. Valuations and approval are the lender’s decisions. For construction, I also check the land/build structure and contract timing.
FIRST-HOME QUESTIONS
Buying a property
Contracts, inspections and the people who help you get the keys.
Who is a conveyancer, and when do I need one?
A licensed conveyancer or property solicitor handles the legal side of buying: reviewing the contract and Section 32 statement, explaining legal obligations and arranging the property transfer and settlement.
Engage your own adviser before signing. I handle the loan process; they protect your legal position. Two different jobs, one important purchase.
What is a finance clause, or “subject to finance”?
It is a contract condition dealing with the buyer obtaining finance. Its protection depends on the exact wording, dates and notice requirements—it is not an automatic escape clause.
Have your conveyancer review it before signing and keep me informed of the deadline. Auction contracts usually cannot be made subject to finance without the seller’s agreement, so get advice beforehand.
Should I arrange a building and pest inspection?
Consider an independent inspection before you commit. A qualified inspector can identify issues that are easy to miss at an open home and help you understand possible repair needs. Pest inspections look for problems such as termite activity.
Ask your conveyancer about timing and appropriate contract conditions. For an auction, investigate before bidding. Check the inspector’s qualifications, insurance and report scope; an inspection cannot promise to find every defect.
For land and construction under the scheme, do I need both contracts together?
For a house-and-land package under the 5% Scheme, both contracts are needed before loan settlement. A separate land-and-builder pathway can allow an eligible build contract within 6 months of settlement, but the selected lender may require it earlier or not offer that structure.
Send me the proposed land and build details before committing. I check the finance route and contract requirements with the lender; your conveyancer reviews the legal documents.
Can you recommend a conveyancer or building and pest inspector?
I do not have one fixed recommendation for every buyer. Working through purchases with different professionals has shown me the value of clear communication, sound experience and people who keep things moving.
I may be able to point you towards options for your location and property. You choose and engage the provider independently, and should check their qualifications or licence, insurance, fees and scope of work. They are responsible for their own advice and work. I will explain any relevant referral relationship or benefit before you decide.
Consumer Affairs Victoria: expert property advice ↗ · Consumer Affairs Victoria: inspections ↗
FIRST-HOME QUESTIONS
Rates & loan features
A good loan needs more than a good-looking headline rate.
What is the best interest rate? (The question everyone asks.)
The lowest-looking number is a starting point, not the whole answer. The rate you can access depends on the lender, deposit, loan type and your circumstances.
I compare suitable options using the rate, fees, features and overall costs—not just the headline. An offset you use can matter more than an impressive feature you never touch. I explain the trade-offs rather than promise the lowest rate in the market.
What is an offset account?
An offset is a separate transaction or savings account linked to your home loan. Money in a 100% offset reduces the loan balance used to calculate interest.
For example, $20,000 in a linked 100% offset against a $500,000 loan means interest is calculated on $480,000. The loan balance is still $500,000. Check whether an offset is full or partial and whether its fees and rate are worthwhile for you.
What is redraw? Is it another bank account?
Redraw is a loan feature that may let you access extra repayments you have made above the required amount. It is not a separate everyday bank account.
Access depends on the lender’s terms, limits and fees. Offset keeps money in a linked account; redraw involves money paid into the loan. I help compare the features and access rules. Get tax advice before making decisions about future investment use.
Should I choose a fixed or variable interest rate?
A fixed rate can make repayments more predictable for a set period, but it can limit extra repayments and involve break costs. A variable rate can move up or down and may offer more flexible features.
Some borrowers split their loan. There is no single best choice for everyone: we compare your plans, budget, flexibility and the lender’s conditions.
Which bank or lender is best for a first-home buyer?
There is no single winner for every first-home buyer. The right fit depends on your income, deposit, residency, property, required features and timing.
I compare suitable options from my accredited lender panel, including how each lender is likely to assess your application and property. We consider rate, fees, policy fit, service and valuation risk together. I explain why an option fits your situation; I cannot guarantee a valuation or approval.
How can I pay off my mortgage faster?
Small, sustainable changes can help:
- Fortnightly payments: paying half your monthly amount every two weeks makes 26 half-payments—13 monthly equivalents a year. A lender’s recalculated fortnightly minimum may not do this.
- Extra repayments: add affordable regular amounts or lump sums, subject to your loan’s limits and fees.
- Use an offset: money in a linked offset can reduce the balance used to calculate interest.
Keep an emergency buffer, check fixed-loan restrictions and review whether the loan still suits you. I can help check the features and repayment setup before you change it.
Moneysmart: paying off your mortgage faster ↗ · Moneysmart: offset accounts ↗
General guidance for Victorian first-home buyers · Reviewed . Rules and lender requirements can change. Your circumstances, eligibility and final loan approval need individual checks.
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