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Home loans
Buying your next home or an investment property in Melbourne. We compare lenders and structure the loan around your plans.
Find out more : Home loansD-05
First home buyers
First Home Buyer Loans in Melbourne
Plain English. Properly structured.
Buying your first home is a big step, and there's a lot of jargon between you and the keys. We help first home buyers across Melbourne's south-east understand what they can borrow, what support might be available, and how the whole process actually runs.
01 — What it is
First home buyers, in plain English.
A first home buyer loan is a standard home loan, but the path to getting one looks a little different. You may be eligible for government support in Victoria, such as a first home owner grant for new homes, stamp duty concessions or exemptions, or a federal scheme that lets you buy with a smaller deposit without paying lenders mortgage insurance. Each has its own eligibility rules and caps, and they change from time to time, so we check what applies to you at the time you buy.
Your deposit is usually the biggest hurdle. Lenders want to see genuine savings, which generally means money you've built up yourself over a period of time, though some accept a gift from family or rent you've paid. If your deposit is smaller, lenders mortgage insurance may apply, or a family member may be able to help with a guarantee using equity in their own home.
Then comes the order of operations: pre-approval, house hunting, making an offer or bidding at auction, signing the contract, formal approval, building and pest inspections, and settlement. It's a lot the first time. We walk you through it, tell you what's coming next, and keep in touch with your conveyancer so nothing falls through the gaps.
We're based in Oakleigh and help first home buyers looking right across the south-east, whether it's an apartment in Carnegie, a townhouse in Clayton or a unit in Oakleigh itself.
02 — Who it suits
Is this the right fit?
- [A]People buying their first home in Victoria
- [B]Couples combining incomes and savings for a deposit
- [C]Buyers with a smaller deposit wondering about lenders mortgage insurance
- [D]Families considering a guarantor arrangement to help a child buy
- [E]First home buyers looking at new builds or house-and-land packages
- [F]Anyone who wants the process explained properly before they start
03 — How it works with us
From first chat to settlement.
- 01Stage 1 of 4Get the lay of the land
Get the lay of the land
We chat about your income, savings and where you'd like to buy, then explain which government support might apply and roughly what you could borrow.
- 02Stage 2 of 4Build the plan
Build the plan
If you're ready, we compare lenders and line up the right loan. If you're not quite there, we tell you what to work on, like saving history or reducing card limits.
- 03Stage 3 of 4Pre-approval and house hunting
Pre-approval and house hunting
We lodge your pre-approval so you can shop with a clear budget. We stay on call while you inspect, bid and negotiate.
- 04Stage 4 of 4Contract to keys
Contract to keys
Once you sign, we push the formal approval through, coordinate with your conveyancer and lender, and keep you updated until settlement day.
04 — What lenders look at
What you'll need.
| Ref | Item | Why it matters |
|---|---|---|
| M-01 | Photo ID | Driver's licence and passport for each buyer. |
| M-02 | Payslips | Usually your two most recent, plus your latest income statement. |
| M-03 | Genuine savings | Statements showing your deposit building over time, not just appearing. |
| M-04 | Rental ledger | If you rent, some lenders count your rent history as evidence of savings ability. |
| M-05 | Debts and limits | Credit cards, buy now pay later, HECS-HELP and car loans all affect borrowing power. |
| M-06 | Gift letter | If family are contributing, the lender will want a signed statement that it is a gift. |
| M-07 | Grant and concession forms | Where eligible. We help you work out which apply and when they need to be lodged. |
05 — Common mistakes
What to avoid.
Check 01
Forgetting about card limits
Check 02
Bidding without pre-approval
Check 03
Assuming you qualify for a scheme
Check 04
Changing jobs mid-process
Q-01What government help is there for first home buyers in Victoria?
Depending on what and where you buy, you may be eligible for a grant on new homes, stamp duty concessions or exemptions, and federal schemes that allow a smaller deposit. Rules and caps change, so we check what applies when you are ready to buy.
Q-02Can my parents help me buy my first home?
Yes, in a few ways. They could gift money towards your deposit, or act as guarantor using equity in their own home. A guarantee carries real responsibility for them, so everyone should get independent advice before signing.
Q-03Do I need a 20% deposit?
Not necessarily. Many lenders will lend with a smaller deposit, though lenders mortgage insurance may apply. Some government schemes and guarantor loans can help avoid it. We'll help you understand your options.
Q-04Does HECS-HELP debt affect my borrowing power?
It can. Lenders factor in your compulsory repayments when assessing what you can afford. It is not a deal-breaker, but it is part of the picture.
Q-05How long does pre-approval last?
Most pre-approvals last a few months, depending on the lender. If yours expires before you buy, we can usually refresh it with updated documents.
Q-06Should I buy an apartment, townhouse or house first?
That's a personal decision, but some lenders have tighter rules on small apartments or certain developments. We'll tell you early if a property type could limit your lender options.
07 — Related
Related loans.
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Self-employed & low doc
Home loans for business owners, contractors and sole traders, including low doc options when tax returns lag behind.
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Refinancing
Switching lenders, releasing equity or restructuring your loans. We check whether a move actually leaves you better off.
Find out more : RefinancingFrom the blog
First Home Buyers5 min read
First Home Buyer Guide for Melbourne's South-East
Buying your first home in Oakleigh, Clayton, Carnegie or nearby? Here's how to work out your budget, what government support is available, and how the buying process works.
08 — Enquire
Tell us what you're planning.
No cost and no obligation. We'll help you understand your options and what the next step looks like.
Prefer email? Write to help@ridgefinance.au.