First Home Buyers — Start Here
A reference page for people buying their first home
Welcome — and how to use this page
Buying your first home usually comes with a lot of information, opinions, and pressure — often before you even know what questions to ask.
This page is here to help you get oriented, not to rush you into decisions.
Most people:
- skim what’s relevant
- ignore the rest
- come back later
- and then speak to a broker when they’re ready
There’s no “right order” to read this page.
How this fits into Model Mortgages
Model Mortgages is a reference library.
It explains how lending decisions are made — so outcomes make sense when you encounter them.
Here’s how people typically use the system:
- Fact sheets explain what things are (LMI, guarantors, deposits)
- Structure exploration helps you see how choices affect what’s possible later
- PMIA episodes show how this plays out in real situations
- Brokers handle execution and personal advice when you want things done properly
This page brings those pieces together for first home buyers.
Who this page is for
This page is commonly used by:
- first home buyers buying alone or together
- couples buying at different income levels
- buyers using grants or concessions
- buyers receiving family help
- buyers trying to work out what’s realistic — not hypothetical
If you’re not sure where you fit yet, that’s normal.
Questions first home buyers actually ask
People buying their first home commonly ask:
- How much can I realistically borrow — not just on a calculator?
- How do deposits really work, and what counts?
- What is Lenders Mortgage Insurance (LMI), and when does it apply?
- Fixed vs variable — what actually matters at this stage?
- Can my parents help as guarantors, and what does that involve?
- What order should I do things in so I don’t get stuck later?
If these are your questions, you’re in the right place.
Common scenarios first home buyers explore
Many first home buyers explore scenarios such as:
- buying with a smaller deposit
- using a guarantor instead of cash
- deciding between fixed, variable, or split loans
- buying now vs waiting
- buying alone vs with a partner
- understanding how today’s choice affects upgrading later
You don’t need to solve all of these at once.
Optional: exploring structure (return later if you want)
Some first home buyers like to explore how different choices affect what they could do later — for example:
- upgrading to a second property
- buying an investment property
- changing timing or sequencing
- restructuring loans after purchase
This exploration:
- does not start an application
- does not require documents
- does not commit you to anything
- Explore possible scenarios
This is not a loan application.
Core home loan fact sheets (definitions)
These explain common terms and mechanics:
Loan types & features
Deposits & costs
Learn from real explanations (optional)
Some people prefer hearing how these things play out in real situations.
Selected episodes from Property & Mortgage Insights Australia explore:
- first home buyer decision points
- borrowing capacity surprises
- timing and sequencing mistakes
(You can explore these if and when you want.)
Prefer to talk it through?
Most first home buyers use this page to get their bearings — and then speak to a broker to help them move forward confidently.
Talk to a broker
Model Mortgages is a reference library. Execution and personal advice are handled separately.