Mortgage Broker for First Home Buyers
Buying your first home is stressful, Alcove will calm your thinking, bring confidence and clarity to your first property move.
How we help
Over the past 12 years, we have helped 1,000s of clients navigate the challenge of successfully buying their first home. Purchasing not just a property but a quality asset that sets them up for their family's financial future. We're committed to helping you feel confident through a process you haven't yet experienced, to achieve an outcome that truly works for your future.
We know this can be a bewildering time for you. Exciting. Challenging. Confusing.
Questions running through your mind
How much deposit do I need?
Do I buy an investment or a home?
Do I need pre-approval now?
Is there a government scheme?
Do I buy now or wait?
Is the market running away from me?
Your first property purchase won't be your last, so it's essential to think creatively about the right strategy for your future.
Most of the buyers we work with come back to us as their refinance mortgage broker within a few years, once equity has built and the next move is in view.
Buy a home for today
Is it better to buy a quality property as a home today, that will grow strongly with a plan to sell when you're ready for your next home?
Buy a home for tomorrow
Is it better to buy a quality asset as a home for the future, one that will appreciate strongly, with a plan to move in when you're ready?
Buy an investment property
Is it better to buy a quality asset as an investment, one that will appreciate strongly, with a plan to sell or keep in the future?
Mortgage Advice
There is more to mortgages than fees and rates; we understand what makes great mortgage advice, and we have a clear culture that provides best practice guidance.
What does a first home buyer mortgage broker do?
A first home buyer mortgage broker compares lenders on your behalf, works out which deposit schemes and grants you qualify for, and manages your application from pre-approval through to settlement, at no direct cost to you, since brokers are paid by the lender rather than the client.
At Alcove, this work sits with Jack Elliott, our National First Home Buyer Mortgage Specialist and co-host of the First Home Unlocked podcast, backed by a wider team of more than 30 strategists, credit specialists and loan processors. Since Chris Bates and Ben Sum founded the business in 2014, the team has settled over $3 billion in home loans for thousands of Australian families, including plenty buying their very first property.
How much deposit do I need to buy my first home?
Most first home buyers need somewhere between 5% and 20% of the purchase price, depending on which lending pathway suits them, and a 5% deposit first home buyer pathway is realistic for far more people than it used to be.
The main options we work through with a first home buyer loan include:
5% Deposit Scheme
Introduced in 2020, with further relaxed qualification criteria, it is an excellent option for nearly all First Home Buyers.
Lenders Mortgage Insurance (LMI)
When a 20% deposit is out of reach, LMI is an excellent option to enter the market sooner, not later.
90% Professional Loans
For certain professions, a 10% deposit is all you need to avoid LMI and to buy today without other costs.
Guarantor Loans
A family guarantor can significantly help First Home Buyers to buy sooner, rather than later, without a deposit.
Investment Loans
Investment Loans are often used to purchase better-quality assets, particularly for those living at home.
Low Deposit Lenders
Low-deposit non-bank lenders are available, providing the ability to buy sooner, not later.
Government Equity Schemes
Governments' co-ownership schemes enable you to buy beyond your capacity today in partnership.
If a first home loan deposit scheme applies to your situation, we'll walk you through it before you start looking, not after you've fallen for a property that doesn't fit the criteria. Getting your first home buyer home loan structured properly from the outset also makes every later step, from pre-approval to settlement, more predictable. That's exactly the kind of maths a first home buyer mortgage broker spends every day untangling.
What is the Australian Government 5% Deposit Scheme and am I eligible?
The 5% Deposit Scheme, previously known as the First Home Guarantee Scheme, is run by the federal government and lets eligible buyers purchase with as little as a 5% deposit, with the government guaranteeing the shortfall instead of you paying LMI.
Working out your first home buyer eligibility generally comes down to a mix of factors, including:
- Being an Australian citizen or permanent resident
- Never having owned property or land in Australia (or not in the last 10 years)
- Buying under a property price cap set for your state or region
- Intending to live in the property rather than rent it out
Caps and criteria are reviewed periodically, so we always check your first home buyer 5% Deposit Scheme position against the current rules before you start house-hunting, rather than working from figures that may have moved on since we last looked. This is one of the areas where a first home buyer mortgage broker earns their keep, since the caps change without much warning.
Do first home buyers still pay stamp duty?
Whether you pay stamp duty as a first home buyer, and how much, depends heavily on which state you're buying in and what the property costs.
- NSW – a first home buyer stamp duty exemption applies below a set property value, with a partial concession above that up to a higher threshold.
- VIC – first home buyer stamp duty VIC settings offer a full exemption under a certain price point, and a sliding concession above it.
- QLD – concessions apply to both vacant land and existing homes, scaled to price.
Because these thresholds move with each state budget, we check the current stamp duty first home buyer settings for your state when you're ready to buy, rather than quoting a number that might already be out of date. A first home buyer mortgage broker should always confirm this before you exchange contracts, not after.
Can I get a first home owner grant?
Depending on your state, you may also be able to combine a first home buyer grant with your deposit scheme and stamp duty relief, and that combination can meaningfully change your numbers.
- A first home buyer grant NSW applies to new homes under a set value, sometimes still referred to by its older name, the First Home Owner Grant NSW.
- A first home buyer grant QLD is available for new builds, also under a value cap.
- Other states and territories run comparable grant programs with their own value caps and build requirements.
Grant amounts and thresholds are adjusted periodically, so we confirm exactly what you're entitled to as part of building your strategy, rather than working from a figure that may have changed. Ask your first home buyer mortgage broker to check both the grant and the exemption together before you set a budget.
What is the First Home Super Saver (FHSS) Scheme?
The FHSS scheme lets you save part of your deposit inside superannuation, where it can benefit from concessional tax treatment, then withdraw it later specifically to put toward your first home.
If you've been salary sacrificing into super with a first home in mind, the First Home Super Saver (FHSS) scheme is worth checking well before you sign a contract. Timing your withdrawal matters, so a first home buyer mortgage broker should help you plan around it rather than working it out after the fact.
Should I buy a home to live in or an investment property first?
There's no single right answer here. It depends on where you want to live, what you can afford, and how you want your first purchase to work for your future.
- Buy a home for today – a quality property to live in now, with a plan to sell when you're ready for your next home.
- Buy a home for tomorrow – a property you can grow into, bought today with a plan to move in once it suits your life.
- Buy an investment property – an asset chosen for its growth potential, with a plan to sell or hold it over the long term.
If the investment route appeals more than living in the property yourself, our investment property mortgage broker team can walk you through how that path differs from a straightforward first home purchase. A first home buyer mortgage broker can help you weigh the two up properly before you commit to either.
Do I need pre-approval now?
Getting pre-approval before you seriously start inspecting properties means you know your real budget and can move quickly once you find the right place, rather than falling for something you can't actually finance.
We build your pre-approval around a full picture of your deposit, income and the schemes you qualify for, so it reflects what you can genuinely borrow as a first home buyer, not a generic bank estimate. This is exactly where a first home buyer mortgage broker adds the most value early on.
Do I buy now or wait? Is the market running away from me?
The right time to buy usually has more to do with your own deposit, income and life stage than with trying to predict where the market goes next.
Waiting for a "perfect" moment often means waiting indefinitely, since property markets move in cycles that are hard to time, even for professionals. We'd rather help you build a strategy around your own readiness than have you guess at timing.
How does the process of buying your first home with Alcove work?
Here's what working with a first home buyer mortgage broker looks like with us, step by step:
Discovery Call
Your first home buyer mortgage broker talks through your goals, your deposit and where you are in life, all over the phone or video.
Strategy
We assess the lending market and the government schemes and grants you qualify for, then build a shortlist of options suited to you.
Pre-approval
We lodge your application with a lender suited to your situation, drawing on our lender relationships.
Buying
Once you're pre-approved, we can connect you with trusted Buyers Agents if you'd like extra support finding the right property.
Settlement
We manage the paperwork and keep things moving so settlement day goes smoothly.
Ongoing Support
We stay in touch after you've settled, including proactively checking your rate over time.
Do you meet with first home buyers in person?
We work with first home buyers entirely online, by phone or video call, so you can get started wherever you happen to be, without needing to book a face-to-face appointment.
This also means our team supports first home buyers right across Australia, not just in one city or region. Being a first home buyer mortgage broker Australia-wide is only really possible because we've built the process to work just as well on a screen as in a room.
Our office is based at Ground Floor, 73 Miller Street, North Sydney NSW 2060, though every appointment itself happens remotely.
Is Alcove a licensed and accredited mortgage broker?
As a first home buyer mortgage broker, Alcove operates as an Authorised Credit Representative, and the team's track record has also been recognised across the broking industry.
Credit services are provided by Canopy Private Pty Ltd (ASIC Authorised Credit Representative No. 462611) of Australian Finance Group Ltd (AFG), ABN 11 066 385 822, Australian Credit Licence 558709.
That accreditation has come with recognition including:
2025 NSW/ACT Champion
AFG Broker Awards NSW
2025 AFG Champion Broker
Finalist: AFG National Broker Awards
2024 The Adviser
#1 Elite Broker Ranking
2024 MPA
#3 Top 100 Broker Ranking
2024 MFAA Excellence
Finance Broker Business Award
Choosing a licensed first home buyer mortgage broker, rather than an unregulated "finance coach," is what makes that accreditation worth checking before you commit to anyone.
Listen to our podcast: First Home Unlocke
Jack Elliott and Chris Bates co-host First Home Unlocked, a podcast built specifically to walk first home buyers through the process, one milestone at a time, led by our own first home buyer mortgage broker, not an outside commentator.
FAQs
In many cases, yes, because they solve different problems: one reduces how big a deposit you need, the other helps you save the deposit itself. Eligibility for each is still assessed separately, so we check both for you.
Not necessarily. Between the First Home Guarantee Scheme, 90% professional loans and guarantor options, most first home buyers can avoid a full 20% deposit while still avoiding LMI. Working this out is one of the first things a first home buyer mortgage broker should map out with you.
No. At Alcove, you're not charged a fee to work with us. Brokers are paid a commission by the lender once your loan settles, so there's no direct cost to you for the support.
We work with first home buyers across Australia, entirely online, so wherever you're buying, the process works the same way. As a first home buyer mortgage broker, our team isn't limited to one postcode.
Timeframes vary by lender and how complete your documents are, so rather than quote a fixed number, we'll give you a realistic estimate once we understand your situation.
A bank can only offer you their own products. We compare across a panel of lenders, build a strategy around your deposit and the schemes you qualify for, and stay in touch after settlement rather than closing the file the day your loan is approved.
We’ve got time to talk
Book a chat with one of the team, and we’ll take it from there.
