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Buying your first home is one of the biggest financial decisions you will ever make. At Balcombe Financial, we work with first home buyers across Bayside, Victoria and right across Australia to help them understand their options, access available support, and move forward with confidence.
Understanding Your First Home Buyer Options
There are more ways to get into the property market than many first home buyers realise. From government grants to low deposit options, the landscape has changed significantly in recent years. Balcombe Financial takes the time to walk you through what is available so you can make informed decisions that suit your situation.
The Australian Government's 5% Deposit Scheme allows eligible first home buyers to purchase a property with as little as a 5% deposit, with the government guaranteeing the difference up to 20% of the property value. This means no Lenders Mortgage Insurance (LMI) is payable, which can save thousands of dollars. There are no income caps and no annual place limits under this scheme. Applications are made through a participating lender, and Balcombe Financial can help you identify which lenders are on the panel and which home loan structures may be available to you.
For eligible single parents or legal guardians, a 2% deposit option is available under the same scheme. The Help to Buy program is another federal initiative, where the government takes an equity stake of up to 40% in a new home or up to 30% in an existing home, requiring a minimum 2% deposit. Income limits apply under Help to Buy, and it cannot be combined with the 5% Deposit Scheme.
First Home Buyer Grants and Stamp Duty Concessions
First home buyer grants and stamp duty concessions vary depending on which state or territory you are purchasing in. In Victoria, the First Home Owner Grant (FHOG) provides $10,000 for eligible buyers purchasing a new home valued up to $750,000. Victoria also offers a full stamp duty exemption on properties valued up to $600,000, with a sliding scale concession applying on properties valued between $600,001 and $750,000. Both new and established homes can qualify for the Victorian duty exemption where the property will be your principal place of residence.
In Queensland, the FHOG is $15,000 for new homes valued under $750,000 for contracts signed from 1 July 2026. Queensland also offers stamp duty concessions for first home buyers on both established and new homes. In South Australia, the grant is $15,000 with no property price cap for eligible contracts entered into on or after 6 June 2024. The Northern Territory offers a HomeGrown Territory Grant of $50,000 for eligible buyers purchasing or building a new home under contracts signed between 1 October 2024 and 30 September 2027.
Balcombe Financial works with first home buyers across all states and territories, so whether you are purchasing in Victoria or anywhere else in Australia, we can help you understand which first home buyer grants and first home buyer stamp duty concessions may apply to your purchase.
Low Deposit Options and the First Home Super Saver Scheme
Saving a deposit is often the hardest part of buying your first home. Beyond the 5% Deposit Scheme, there are other low deposit options worth exploring. Some lenders accept a gift deposit from a family member as part of your genuine savings, and Balcombe Financial can help you understand how different lenders assess this.
The First Home Super Saver Scheme (FHSS) allows first home buyers to make voluntary contributions into their superannuation fund and then apply to release those funds toward a home deposit. Up to $15,000 of personal contributions from any one financial year can be released, with a total cap of $50,000. Concessional contributions are taxed at 15% rather than at your marginal income tax rate, which can make saving through super more efficient. Buyers generally need to obtain a determination from the ATO before signing a purchase contract, so planning ahead matters.
Choosing the Right Home Loan Structure
Once you understand your first home buyer eligibility and the grants available to you, the next step is finding a home loan that suits your needs. Balcombe Financial helps first home buyers compare a range of home loan options, including fixed interest rate loans, variable interest rate loans, and split loan structures.
A fixed interest rate gives you certainty over your repayments for a set period, which can be helpful when you are budgeting carefully in the early years of homeownership. A variable interest rate can offer more flexibility, including features like an offset account or redraw facility, which can help you reduce the interest you pay over time. Many first home buyers benefit from having both options explained clearly before committing to a structure.
Interest rate discounts are also something Balcombe Financial actively looks for on your behalf. With access to a wide panel of lenders, we compare rates and loan features to help you find a structure that works within your first home buyer budget.
Pre-Approval and Your First Home Loan Application
Getting pre-approval before you start making offers gives you a clearer picture of what you can borrow and shows sellers you are a serious buyer. Balcombe Financial guides first home buyers through the pre-approval process and the first home loan application, helping you prepare your documents and understand what lenders are looking for.
We also help you build a practical first home buyer checklist so nothing gets missed along the way. From confirming your first home buyer eligibility for grants and concessions to understanding your borrowing capacity, Balcombe Financial is here to support you at every stage of buying your first home.
Step 1: Initial Conversation
We start with a relaxed, no-obligation chat to understand your situation, your goals, and what you're looking to achieve. No paperwork, no pressure.
Step 2: Fact Find & Assessment
We take a closer look at your finances, including income, expenses, assets and liabilities, so we can understand your borrowing position and tailor our approach accordingly.
Step 3: Loan Strategy & Lender Selection
Drawing on our panel of over 40 lenders, we identify the most suitable options for your circumstances and present you with clear, comparable recommendations.
Step 4: Application Preparation
Once you're happy with the direction, we prepare and package your application thoroughly, making sure everything is in order before anything is submitted to a lender.
Step 5: Lodgement & Approval
We lodge your application and manage the process with the lender from start to finish, keeping you updated along the way so you're never left wondering what's happening.
Step 6: Formal Approval & Signing
Once your loan is formally approved, we walk you through the loan documents so you understand exactly what you're signing and what comes next.
Step 7: Settlement & Beyond
We stay with you through to settlement and beyond. Whether you have questions down the track or your circumstances change, we're always here to help.
Balcombe Financial has been absolutely helpful throughout the process of my construction loan. Amazingly proffesional and responsive. Michael is full of knowledge and knows his proffesion very well. Would highly recommend Balcombe Financial. Thank you Michael.
James O'Haire
We were extremely happy with the service and outcomes provided by Michael Flinos and Balcombe Financial. Michael gave us confidence early in the process as he worked with us to understand the complexity of our portfolio of loans. Michael then found solutions that best suited our needs, provided considerable savings and improved our flexibility. We are thrilled with the refinancing outcomes Michael enabled us to achieve and are we pleased to have Balcombe Financial as one of our trusted advisors. In addition to the excellent outcomes Michael was great to work with and helped us maintain momentum when the other challenges of life distracted us. In our next project with Balcombe Financial Michael is assisting us with a new project and our overall financing strategy. Very professional, client focussed, easy to work with and highly recommended.
Andrew O'Brien
Michael was fantastic to deal with and got my complicated financials sorted out and finance approved without any fuss. Would highly recommend.
Terry Wheeler
I have known Michael Flinos for more than a decade. Michael is a true Professional who is an authentic, subject matter expert in his domain and has great knowledge in the Financial services space and is extremely thorough and diligent. In all my dealings with Michael, I have been impressed with his knowledge, his ability to research products which are fit for purpose and his can do nature. He has a friendly and polite demeanor and is always prepared to go the extra nine yards to get the job done. I would not hesitate to recommend Michael's services to anyone who is looking for a commercially compelling solution to their requirements.
Bill Keramidas
The timeframe for a home loan application can vary depending on the lender, the complexity of your situation, and how quickly supporting documents are provided. In general, once a formal application is submitted, lenders may take anywhere from a few days to a few weeks to assess and provide a decision. At Balcombe Financial, we work to keep the process moving as efficiently as possible by preparing your application thoroughly from the start and staying in regular contact with the lender on your behalf. We will keep you updated throughout the process so you always know where things stand and what to expect next.
Absolutely. Buying your first home is one of the biggest financial decisions you will ever make, and it can feel overwhelming when you are not sure where to start. At Balcombe Financial, we work with first home buyers regularly and understand the questions and concerns that come with the process. We take the time to explain how home loans work, what to expect at each stage, and what government grants or schemes you may be eligible to explore. We do not make assumptions about what you already know, and we are always happy to answer questions no matter how basic they may seem. Our aim is to make sure you feel prepared and supported.
A mortgage broker acts as the link between you and a range of lenders, including banks, credit unions, and non-bank lenders. Rather than you having to approach each lender individually, a mortgage broker does the legwork on your behalf. At Balcombe Financial, we take the time to understand your personal situation, your goals, and your financial position before researching loan options that may suit your needs. We handle the paperwork, communicate with lenders, and guide you through each step of the process. Our role is to make the home loan process more manageable and to help you feel informed and confident at every stage.
While the exact documents required can vary depending on your situation and the lender, there are some common items that most applications will require. These typically include proof of identity such as a passport or driver's licence, recent payslips or tax returns to confirm your income, bank statements showing your savings and expenses, and details of any existing debts or liabilities. If you are self-employed, you may need to provide additional documentation such as business financial statements or tax assessments. At Balcombe Financial, we will walk you through exactly what is needed for your specific application so you can gather everything in an organised way and avoid unnecessary delays.
Balcombe Financial assists clients with a broad range of lending needs. This includes home loans for owner-occupiers, investment property loans, refinancing existing loans, construction loans, and loans for self-employed individuals. We also assist with commercial lending for business owners. Whether you are purchasing your first home, looking to grow a property portfolio, or exploring options for your business, we can help you understand what may be available to you. Every client's situation is different, so we always start with a conversation to understand your specific needs before exploring what options might be worth considering.
When you go directly to a bank, you only see the products that particular bank offers. At Balcombe Financial, we work with a wide range of lenders, which means we can present you with a broader selection of loan options to compare. We take the time to understand your circumstances and help you weigh up your choices in a way that makes sense for your situation. Beyond that, we handle much of the communication and administration involved in applying for a loan, which can save you a significant amount of time and effort. Our goal is to make sure you feel supported and well-informed throughout the entire process.
Not at all. While Balcombe Financial is based in Bayside, Victoria, we work with clients right across Australia. Thanks to phone, email, and video calls, we are able to provide the same level of personalised service to clients regardless of where they are located. Whether you are in regional Victoria, interstate, or anywhere else in the country, we are well-equipped to assist you with your lending needs. We believe that access to quality mortgage broking support should not be limited by geography, and we are committed to making ourselves available and accessible to clients no matter where they call home.
Refinancing means replacing your existing home loan with a new one, either with your current lender or a different one. People refinance for a variety of reasons, such as looking for a loan with different features, consolidating debt, or accessing equity in their property for renovations or other purposes. Whether refinancing makes sense for your situation depends on a number of factors, including your current loan terms, any fees involved in switching, and your financial goals. At Balcombe Financial, we can help you review your current loan and compare it against other options so you can make an informed decision. We will always be upfront about the costs and considerations involved.
A fixed rate home loan locks in your repayment amount for a set period, which means your repayments stay the same regardless of any changes in the broader lending environment during that time. This can make budgeting more predictable. A variable rate loan, on the other hand, can change over time in line with lender decisions, which means your repayments may go up or down. Some loans also offer a split option, where part of your loan is fixed and part is variable. Each option has its own advantages and trade-offs depending on your circumstances and priorities. At Balcombe Financial, we can help you understand the differences and think through which structure may suit your needs.
In most cases, our mortgage broking service comes at no direct cost to you as the client. Balcombe Financial is typically paid a commission by the lender once your loan settles. We are required by law to be transparent about how we are paid, and we will always disclose this information to you clearly before you proceed. This means you can access our knowledge, support, and lender connections without paying out of pocket for the service. If there are any situations where a fee may apply, we will always discuss this with you upfront so there are no surprises along the way.
Balcombe Financial works with first home buyers across Bayside and Australia to help them understand their home loan options and access the support available to them. Book an appointment with our team today.
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