Buying Your First Home - The Right Way
//First Time Home Buyer's Guide
Breaking down a big goal into a manageable process
Buying your first home is a thrilling milestone, filled with excitement and pride, but it can also feel overwhelming due to the complexity of contracts, jargon, inspections, and financial decisions. . At InDepth Mortgage, we specialize in simplifying this journey for you, and with you.
The Home Loan Process
From your initial inquiry to settlement day, here’s a clear breakdown of the steps to owning your first home with InDepth Mortgage.
Loan Process
10%1. Get Started With A Chat
It begins with a quick, one-minute chat to share your basics. We’ll then schedule a meeting—in person or online—to discuss your goals, financial situation, and opportunities. This helps us tailor our approach to your unique needs.
Loan Process
30%2. Research and Recommendations
Once we understand your requirements, InDepth Mortgage researches options from dozens of lenders to present personalised loan recommendations. We’ll highlight the pros and cons, ensuring the choices align with your budget, lifestyle and objectives.
Loan Process
50%3. Handle the Paperwork
Selected a lender? Relax while we manage the details. We’ll prepare, sign, and submit your application to secure pre-approval, getting you ready to move forward.
Loan Process
60%4. Discover Your Borrowing Power
With pre-approval in hand, you’ll know exactly how much you can borrow—valid for up to three months. This empowers you to house hunt with clarity and confidence.
Loan Process
90%5. Secure the Property
Found your dream home and made an offer? We’ll monitor your application closely, handling any hurdles to keep things on track while you celebrate the progress.
Loan Process
100%6. Settlement Day
The big moment arrives! We’ll coordinate the final details, notify you when funds are released, and ensure a smooth handover. Time to enjoy your new home.
Loan Types and Features
No two home loans are identical, just like no two buyers are the same. An InDepth Mortgage broker will help you explore various options to find the perfect fit. Here’s an overview of common loan types:
- Variable Rate Loan
The interest rate fluctuates with market changes, offering flexibility such as unlimited extra repayments, redraw facilities, and offset accounts. It’s great for adaptability but exposes you to potential rate increases. - Fixed Rate Loan
Lock in your interest rate and repayments for a set period, providing stability and protection from market rises—no surprises during the term. - Split Loan
Combine the best of both worlds: Fix a portion of your loan for security while keeping the rest variable for flexibility. - Packaged Loan
Bundle your loan with other products from the lender for discounts on rates, waived fees, and perks on related services, often with a single annual fee. - Introductory Rate Loan (Honeymoon Loan)
Enjoy a low interest rate for an initial period (e.g., one year), after which it reverts to a standard variable rate—ideal for easing into repayments. - Interest-Only Loan
Pay just the interest for a fixed term, keeping the principal unchanged and repayments lower initially, though the full amount must be repaid later. - Guarantor Home Loan
Leverage equity from a family member’s property (like parents, in-laws, or grandparents) to secure your loan with a smaller deposit, potentially avoiding Lenders Mortgage Insurance (LMI).
Ready to discuss which option suits you? Get in touch with an InDepth Mortgage broker today.
Use our tools to estimate key figures and make informed decisions.
Skilled GuidanceProfessional AssistanceSafe & Secure Process
Government Grants and Schemes
As a first-time buyer, you may qualify for federal and state incentives to make homeownership more accessible. These include grants, stamp duty concessions, and low-deposit schemes. Eligibility varies by location, income, and property type—common options allow buying with as little as 5% deposit while waiving LMI. Speak to an InDepth Mortgage specialist to check your eligibility and maximize benefits.
Deposit Requirements
To avoid LMI (Lender’s Mortgage Insurance – an added cost), different situations have different solutions.
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Loan to Value Ratio (LVR)
LVR is the amount you need to borrow, calculated as a percentage of the property's 'lender-assessed value'.
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Deposit Required and Why
A home loan deposit is your initial contribution to the purchase price of a property
Standard Deposit of 20%; no LMI
Certain Lenders Not Charging LMI up to 85% LVR
Certain professions (e.g., medical) may qualify for 10% deposits without LMI.
Government schemes may potentially enable 5% deposits for first buyers (with some LMI payable)
Guarantor loans can reduce or eliminate the need for a large deposit and LMI.
The InDepth Advantage
Why Finance Your First Home With InDepth?
At InDepth Mortgage, we have a deep knowledge of the market, products, and various loan policies. We specialise in first-home buyer incentives, low-deposit options, and guarantor loans. Unlike banks (or listing agents for that matter), we work for you, comparing options to find the lowest rates and best terms. We'll explain everything clearly, from principal and interest vs. interest-only repayments to features like offset and redraw accounts, just to name a few.
