Skip to content

    Can We Afford It?

    First Home Buyer Hub

    Resources & Guides

    Deposit calculations, government grants, mortgage terms and free calculators for the Australian property market.

    Government Scheme

    5% Deposit Scheme: 5% Deposit, No LMI

    Eligible first home buyers purchase with a 5% deposit and pay no lenders mortgage insurance. Since 1 October 2025 there is no income test and no limit on places. Government-backed, free to apply.

    Buying

    First Home Buyer Guide

    Deposit, grants, LMI and pre-approval: each step from income check to settlement day.

    Investing

    Property Investor Playbook

    Negative gearing, rental yield, CGT discount, depreciation schedules, and borrowing strategies.

    Finance

    Refinancing Guide

    When and how to refinance, how to compare comparison rates, and what break costs to watch for.

    Your buying journey

    Six steps from income check to settlement day.

    1. 1

      Know your budget

      The 30% income rule keeps housing costs at or below 30% of gross income. Above 30% is considered housing stress. The calculator shows your rent and buy budget at every salary level.

      TIP

      Enter your salary to see what you can afford across 15,000+ Australian suburbs.

    2. 2

      Save your deposit

      Most lenders require a 10–20% deposit. A 20% deposit avoids LMI, which can cost an extra $10,000–$30,000. The First Home Super Saver Scheme lets you withdraw voluntary super contributions for a deposit at a lower tax rate.

      TIP

      The calculator shows how long saving a deposit takes, from your monthly savings rate and the suburb's median price.

    3. 3

      Understand your borrowing power

      Lenders assess repayments at your interest rate plus a 3% serviceability buffer. This stress test reduces the maximum you can borrow. Pre-approval sets a borrowing ceiling before you make offers. It is valid for 3–6 months.

      TIP

      Pre-approval before an auction strengthens an offer. It shows sellers you are a serious buyer.

    4. 4

      Access government grants & schemes

      First home buyers can combine the 5% Deposit Scheme (no LMI), the First Home Owner Grant ($10,000 to $50,000 for new homes) and stamp duty concessions in most states. Together they can save tens of thousands.

      TIP

      The grants page lists each state's grant with its source. A mortgage broker can check which schemes you qualify for.

    5. 5

      Find the right suburb

      Affordability varies between and within suburbs. The map shows which suburbs fit your budget, by rent or purchase price, in every Australian state and territory. Status bands show the patterns.

      TIP

      Filter by state, adjust your salary, and switch between rent and buy to compare suburbs in your target area.

    6. 6

      Secure your loan

      Compare interest rates, loan features (offset accounts, redraw, fixed vs variable) and the comparison rate. On a $600,000 25-year loan, 6.0% instead of 6.5% saves $185 a month, about $55,600 over the term. A mortgage broker compares loans across its lender panel.

      TIP

      Split loans (part fixed, part variable) are a common way to balance repayment certainty and flexibility when rates change.

    Next steps

    Find suburbs in your budget with the calculator, then contact a broker or agent.

    Back to calculatorFind a broker