Buying your first home is a major milestone, and it can feel exciting, overwhelming and everything in between. That’s why we’ve created the Eynesbury First Home Buyer Hub: offering you a step-by-step guide, checklist and even common pitfalls to help you understand the process, feel confident in your decisions and know exactly what to expect along the way.
Whether you’re just starting to explore your options or already working towards pre-approval, this hub breaks down each stage of the journey in simple, practical terms.
No jargon. No guesswork. Just the information you need to make smart choices and take the next step towards owning your first home.
Below you’ll find a complete set of downloadable resources created especially for first home buyers. From easy-to-follow process guides and helpful checklists to common pitfalls and FAQs, everything here is designed to simplify the journey and build your confidence.
Buying your first home is a big step and these tools will help you understand what to expect, avoid costly mistakes and make informed decisions from start to finish.
Buying a home gives you many benefits, including:
Renting offers flexibility of location, whilst buying helps you build a financial asset that may grow in value over time. For many people, home ownership is still one of the most reliable ways to build wealth in Australia.
A mortgage broker is a licensed home-loan expert who helps you:
Mortgage brokers are paid by the lender in most cases, not the buyer, so there’s usually no cost to use one. A good mortgage broker can simplify the process and help you avoid costly mistakes.
Pre-approval is when a lender reviews your finances and confirms how much you can borrow, subject to final checks. It usually lasts 60–90 days, however you can renew it if needed.
Pre-approval helps because:
Your mortgage broker will organise pre-approval for you.
A 20% deposit is the traditional benchmark, because it avoids lenders mortgage insurance and may get you a lower interest rate. But first-home buyers often enter the market with 5–10% deposits, especially when using government support programs.
Examples:
Keep in mind that you’ll need money for other upfront costs like conveyancing, taxes and moving of furniture for example.
Depending on your situation, you may qualify for support such as:
Victoria
Federal
Grants and eligibility rules can change, so it’s a good idea to ask your mortgage broker for the current options.
LMI is a fee borrowers pay when they have less than a 20% deposit (you’re borrowing more than 80% of the property value). It protects the lender, not the buyer, if the loan can’t be repaid.
LMI can be:
Some government programs (like the First Home Guarantee or Victorian Homebuyer Fund discussed in Q5) can help buyers avoid LMI, even with a smaller deposit.
In Victoria, first home buyers are exempt from stamp duty if the property’s purchase price is $600,000 or less.
If the purchase price is between $600,001 and $750,000, stamp duty is paid on a sliding scale.
If you pay more than $750,000, first home buyer duty relief does not apply.
The property purchased can be a new or established home, or vacant land intended for building your first home.
The State Revenue Office’s stamp duty calculator will tell you how much stamp duty (land transfer tax) you can expect to pay on the purchase of your new home, otherwise your accountant or mortgage broker will be able to help you.
A variable home loan has an interest rate that can rise or fall over time based on economic conditions and lender pricing.
Advantages:
Disadvantages:
Variable home loans are popular with buyers who want flexibility or expect rates to change.
A fixed home loan locks in your interest rate for a set period, often 1, 2, 3 or 5 years.
Advantages:
Disadvantages:
Some lenders offer split loans, letting you fix part and keep part variable.
Yes, some lenders allow a family guarantee, where a parent uses part of their property equity to secure your loan.
Benefits can include:
However:
Most guarantees can be released after your loan reduces enough or the property value increases.
Yes, a conveyancer or solicitor handles the legal work involved with buying property. This includes:
They also make sure your interests are protected and the contract conditions are fair. Your mortgage broker will usually engage a conveyancer or solicitor on your behalf before you sign the contract.
Settlement is the day the property legally becomes yours. This is when:
After settlement, you can collect your keys and move in. In Victoria, most purchase contracts have a settlement period of 30, 60 or 90 days, depending on what’s agreed.
Owning a home comes with ongoing expenses beyond the loan itself. These may include:
It’s a good idea to budget for these costs so you’re not caught by surprise.
Choose from a range of land, house & land or townhouse options and become an Eynesburian today.
From large premium blocks to budget friendly smaller lots or primely located land close to amenities, Eynesbury has you covered.
Eynesbury works closely with many reputable builders to offer a wide range of house and land packages to cater for varying needs, budgets and styles.
Eynesbury offers a full range of spacious, stylish and functional Townhouses, all are full turn-key and ready to go.
Looking to rent in the West? Leap Real Estate provide residential property management for within Eynesbury and right across Melbourne.
There’s no better way to understand life at Eynesbury than through the people who call it home. Discover firsthand stories from our residents as they share what makes this community so special to them.
Get in touch about pricing, availability, and the latest land releases.
