Buying your first home may be closer than you think.
Buying your first home is exciting, but it can also feel overwhelming.
With rising property prices, changing Australian Government initiatives and hundreds of home loan options available, it’s easy to wonder where to begin—or whether buying a home is even possible.
The good news is, you don’t have to navigate the journey alone.
At Pair Finance, we believe every first home buyer deserves clear advice, personalised guidance and someone who genuinely cares about helping them achieve their goal of home ownership.
As a boutique mortgage broking firm, we take the time to understand your individual circumstances and develop a strategy tailored to your goals. From your very first conversation through to settlement, you’ll work directly with Celeste Chung, Principal Mortgage Broker, who will guide you through every stage of the process.
Whether you’re ready to buy today or you’re only just starting to save for a deposit, we’ll help you understand your borrowing capacity, compare home loan options and determine which Australian Government initiatives may help you achieve home ownership sooner.
We’ll guide you through the available programs, including:
Australian Government 5% Deposit Scheme
helping eligible first home buyers purchase with a minimum 5% deposit, or eligible single parents and legal guardians with a minimum 2% deposit, without paying Lenders Mortgage Insurance (LMI).
Australian Government
Help to Buy Scheme
a shared equity initiative that may help eligible Australians buy a home with a minimum 2% deposit by contributing up to 30% of the purchase price for an existing home or up to 40% for a newly built home
First Home Owner
Grant
a state and territory government grant that may be available to eligible buyers purchasing or building a new home.
First Home Super Saver Scheme
allowing eligible Australians to save for their first home by making voluntary superannuation contributions that may later be withdrawn to help fund a deposit.
State and Territory Stamp Duty Exemptions and Concessions
which may significantly reduce your upfront purchase costs, depending on where you’re buying and your eligibility
Even if you don’t have a deposit yet, don’t wait until you’ve saved enough before seeking advice. The earlier we start planning together, the more opportunities we’ll have to build a savings strategy, improve your borrowing position and prepare you to buy when the time is right.
Buying your first home isn’t just about finding the right loan—it’s about having the right plan and the right partner by your side. That’s exactly what we’re here to provide.
How We Help First Home Buyers
As a first home buyer, you probably have plenty of questions — that’s normal. We're here to simplify the process so you can move forward with confidence.
With Pair Finance, you’ll get:
Personalised home loan advice based on your goals
Access to a wide panel of banks (not just the big banks)
Help accessing first home buyer grants and schemes
Support with paperwork, pre-approval and everything in between
Whether you’re just getting started or ready to make an offer, we’re here to help you move forward with confidence.
Government Support for First Home Buyers
1. 5% Deposit Scheme
(Formerly known as First Home Buyer Guarantee Scheme)
What you need to know:
Unlimited spots available (no more waiting lists).
No income limits.
Applies to new or existing homes, off-the-plan, units, townhouses, house-and-land packages, and vacant land with separate contract to build a home
Available only through participating banks.
This scheme is designed to help single parents or single legal guardians enter the housing market with a minimal deposit of 2% and without paying LMI. Housing Australia guarantees up to 18% of the property value to the bank — reducing your upfront mortgage requirement.
If your home loan is supported by the Scheme, the guarantee stays in place until the life of the loan (up to 30 years). Unless one of these happens:
You no longer live in the property (without an approved exemption)
You rent out the home
You refinance with a bank outside the Scheme
Your loan balance drops below 80% of the property’s value
You borrow extra money against the property
You sell the home
If coverage ends because of the above-mentioned circumstances and your LVR is still above 80%, your bank may charge LMI or extra costs.
What do I need for my application?
When applying through a participating bank, you’ll typically need:
Photo ID such as Driver’s Licence and Passport
Evidence of citizenship or residency
Medicare card
A completed and signed Home Buyer Declaration
Income and financial documents
Will I be able to refinance my home loan?
Yes — you can refinance with another Participating Bank and keep your Scheme benefit, but only if you don’t:
Increase the loan amount
Extend the term
Make other changes that affect eligibility
Refinancing with a non-participating bank means you’ll lose the guarantee.
Pair Finance can help you apply through a participating bank and handle the application process and all the paperwork for you.
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You may qualify if you:
Are an Australian citizen or Permanent Resident
Are over 18
Are a first home buyer (or haven’t owned a property in the last 10 years)
Plan to live in the property as your main residence
Move in within 12 months and stay for at least 12 months
What is Lender’s Mortgage Insurance (LMI)?
It is a fee charged when your deposit is less than 20%. It protects the bank (not you) if you default on your loan
A. Single Parents or Legal Guardian’s 2% Deposit
(Formerly known as Family Home Guarantee Scheme)
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You may qualify if you:
Are an Australian citizen or permanent resident
Are over 18
Must be a single parent or single legal guardian of one or more dependent children
Must not own other residential property at settlement
What are the property price caps?
To qualify for the government’s first home buyer schemes, the property you’re buying must fall under set price limits. These vary by state and whether you’re buying in a capital city, a major regional centre, or elsewhere in the state.
For example, in New South Wales, the cap is $1,500,000 in Sydney and regional centres such as Newcastle, Lake Macquarie, and Illawarra, while in the rest of the state it’s $800,000.
How long does the Scheme last on my loan?
The Australian Government has recently simplified and expanded its schemes to make it easier for first home buyers to get into the market. As of October 2025, places are uncapped, income caps have been removed, and property price caps have been lifted.
Here are the three key programs you should know about:
Buy your first home with just a 5% deposit and avoid paying Lender’s Mortgage Insurance (LMI). Housing Australia provides a guarantee of up to 15% of the property value to the bank, meaning you can borrow up to 95% of purchase price.
Example: On a $1,000,000 property in Sydney, you could get started with $50,000 instead of $200,000, and save tens of thousands by skipping LMI.
2. First Home Super Saver Scheme
This scheme helps you grow your deposit faster using super. You make voluntary contributions into super (taxed at 15%), then apply to withdraw those funds to buy your first home.
It’s a smart way to save tax while building your deposit.
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You may be eligible if you:
Are 18 or older
Are a first home buyer
Plan to live in the home for at least 6 months within the first year
Request a withdrawal and buy within 12 months
What is the catch?
You must enter a contract to purchase or build residential premises within 12 months of release (extensions may be possible).
You must notify the ATO within a set timeframe after entering the contract—typically 90 days.
If you don’t proceed, you can either recontribute the amount, request an extension, or face tax consequences including FHSS tax.
Can I reapply if I didn’t succeed before?
Yes—if you applied but didn’t release funds before the specified date, and now meet the criteria, you may now be eligible to reapply.
What you need to know:
Save up to $15,000 per year (maximum $50,000 in total).
Applies to eligible voluntary contributions since 1 July 2017
Apply through the ATO to release funds
Once released, you have 12 months to purchase or build a home (extensions available).
How do I apply and how long does it take?
Contribute first—make sure your super fund supports FHSS.
Request an FHSS determination through myGov (ATO > Super > Manage > First home saver).
Then request release—it typically takes 15–20 business days for processing.
3. Help to Buy Scheme
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You may be eligible if you:
Are 18 or older
Are a first home buyer
Plan to live in the home for at least 6 months within the first year
Request a withdrawal and buy within 12 months
Important to understand
This is not free money — it reduces your loan size and entry cost, but you share future growth with the government.
It’s designed for buyers who can manage repayments but struggle with a full deposit or large loan.
their share over time or repay it when you sell
A shared equity scheme where the government contributes up to 30–40% toward the purchase price, reducing your loan size and deposit requirement. Instead of a guarantee, the government contributes part of the purchase price in exchange for a share of the property’s value.
How it works:
You may be able to buy with as little as a 2% deposit
The government contributes up to 30% (existing homes) or 40% (new homes)
You take out a smaller loan
The government shares in future value changes
You can buy back
How About the Old Schemes?
The previous Home Guarantee programs (First Home Guarantee, Family Home Guarantee, Regional Guarantee) have now been rolled into the 5% Deposit Scheme.
State-based support like the First Home Owner Grant and stamp duty concessions still apply, and you can often combine them with the federal schemes. Pair Finance will help you make the most of all available support.
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You may qualify if you:
Are buying a new home worth up to $600,000, or land + build worth up to $750,000
Are over 18 and buying as an individual
Are a first home buyer and an Australian citizen or permanent resident
First Home Owner Grant
The First Home Owner Grant (FHOG) is a one-time payment to help cover the cost of buying or building a new home.
In New South Wales (NSW), you can get $10,000 if you are:
Buying a new home worth up to $600,000
Buying land and new building (combined value up to $750,000)
Purchasing a substantially renovated homes up to $600,000