Buy your first home with a broker on your side.

That is where a good mortgage broker in Albury & Wodonga comes in. Our job is to sit on your side of the table and make the whole thing feel manageable. Working with a mortgage broker for first home loans means you have got someone who can compare lenders for you, explain what each option really means for your situation, and guide you through the parts that tend to trip people up the first time around.

Every situation is different, so the right path for you might look nothing like a friend's or a sibling's. We take the time to understand where you are now, what you are aiming for, and what feels comfortable to you. The relationship does not end at settlement either, and down the track, if reviewing your loan ever makes sense, the same refinancing mortgage broker can walk you through your options with no pressure.

What a First Home Loan Involves

A first home loan works much like any other home loan, though a few things tend to matter more when you are buying for the first time. Getting clear on the basics early helps you set realistic expectations and avoid surprises once you start looking at properties, which is exactly the kind of clarity most first home buyers are after:

The Deposit You Need

Most lenders like to see a deposit of around 20% of the property value, which helps you avoid lenders mortgage insurance (LMI). That said, plenty of buyers get in with far less, sometimes as little as 5%, often with the help of a government guarantee or by paying LMI. How much you genuinely need will depend on the lender, the property, and your wider financial picture.

The Costs Beyond the Purchase Price

The deposit is only part of the upfront picture. Depending on where and what you buy, you may also need to budget for stamp duty (or a concession on it), conveyancing or legal fees, building and pest inspections, loan establishment costs, and the everyday expenses of moving in. Some of these can be reduced or waived for eligible buyers, so it is worth checking before you commit.

The Loan Features Worth Understanding

Beyond the interest rate, features such as an offset account, redraw, the choice between fixed and variable rates, and the loan term can all shape what a loan costs you over time. Not every feature suits every buyer, and paying for ones you will never use can quietly add to your repayments. We can talk through which features might actually earn their keep for the way you plan to live and pay.

• Be at least 18 years of age when the loan starts
• Be an Australian citizen or permanent resident, though some lenders consider other visa holders
• Be buying a home you intend to live in, at least to begin with
• Have a deposit, even a modest one, plus funds for the costs around the purchase
• Show income a lender can rely on, whether you are employed, casual, or self-employed
• Have a credit history that is in reasonable shape

Every lender sets its own bar, so some are more flexible than others and the exact requirements can vary quite a bit. Treat the points above as a general guide rather than a fixed checklist. Government grants and schemes then add their own rules on top, such as conditions tied to whether you have owned property before, the type of home, and its value, and these can differ between New South Wales and Victoria. The surest way to know what applies to you is to let us check your situation against the right lenders.

How Much You Might Be Able to Borrow

Your borrowing capacity is the amount a lender may be willing to lend you, and it often surprises buyers in both directions. It is shaped by more than your income, and fairly small changes in your situation can move the number more than you would expect. Knowing what lenders look at puts you in a stronger position well before you apply. They weigh up a few main areas:

Income and Employment

Lenders look closely at how much you earn and how stable that income is. Steady full-time work is usually viewed favourably, while casual, contract, or self-employed income may be assessed differently and could need a longer track record. If you receive overtime, bonuses, or commissions, a lender may only count part of it, depending on their policy.

Everyday Expenses and Existing Debts

Your regular spending and any current commitments reduce how much you can comfortably repay, so they feed directly into your borrowing capacity. A car loan, a personal loan, buy now pay later accounts, and even unused credit card limits can all lower the amount a lender will offer. Tidying these up before you apply can sometimes make a noticeable difference.

Savings and Deposit History

Many lenders want to see what they call genuine savings, which usually means money you have built up steadily rather than a recent windfall. A consistent savings pattern can also work in your favour as a sign that you can manage repayments. Gifts from family may be accepted too, though how they are treated can vary depending on the lender.

Credit History and Conduct

Your credit report gives lenders a sense of how you have handled money in the past. Missed payments, defaults, or a very thin credit file can all play a part in how an application is assessed. The reassuring part is that many issues can be worked around or improved with a little time and the right approach.

Government Support That May Help First Home Buyers

First home buyers in our region may have access to a range of government grants, concessions, and schemes, and these can take a real bite out of your upfront costs. Because Albury sits in New South Wales and Wodonga sits in Victoria, the support on offer can differ depending on which side of the border you buy, and the rules do change from time to time. Everything here is general, and eligibility always comes down to your circumstances. Here is a rundown of the support that might help:

First Home Owner Grants

Both New South Wales and Victoria offer a First Home Owner Grant (FHOG) of around $10,000 for eligible buyers, though it is generally limited to newly built homes and comes with price caps that differ by state. Established homes usually do not qualify for the grant, so it tends to matter most if you are buying or building something new.

Stamp Duty Concessions

Stamp duty is often one of the largest upfront costs, and eligible buyers may pay a reduced amount, or nothing at all, up to certain property values. The thresholds are set by each state and are not the same in New South Wales and Victoria, so an identical purchase price could be treated quite differently depending on where the property sits. It is worth confirming early, since it can change what you can realistically afford.

Low Deposit Guarantee

The federal Australian Government 5% Deposit Scheme (previously known as the Home Guarantee Scheme) can let eligible buyers purchase with a deposit as low as 5% without paying LMI, because the government guarantees part of the loan to the lender. It is a guarantee rather than a cash payment. You still apply through a participating lender rather than the government directly, and the usual lending checks still apply. Recent changes have widened who can take part, although property price caps and other conditions may still apply depending on your circumstances.

Shared Equity and Super Savings

There are also schemes that work in other ways, such as a shared equity arrangement where the government takes a stake in the property to help bridge the gap, and an option that lets you set aside part of your deposit through your superannuation. Each comes with its own rules and trade-offs and will not suit everyone, so it is worth weighing them up properly, ideally with someone who can match them to your situation.

Going Direct or Working With a Broker

There is no single right way to arrange a home loan, and plenty of people go straight to their own bank. It can still help to see what tends to change when you have a broker alongside you, so you can choose the path that feels right for you.

Neither path is wrong, and the best choice depends on how much you would like to take on yourself. If you would rather have a guide for the parts that feel unfamiliar, that is exactly what we are here for.

Mistakes First Home Buyers Often Make

Most of the stress around a first purchase comes from a handful of avoidable missteps. None of them are unusual, and all of them are far easier to sidestep when you know what to watch for. A little awareness here can save you money and a fair bit of worry:

Underestimating the Full Cost

It is easy to fixate on the deposit and forget the extras, then get caught short close to settlement. Building a realistic budget that includes stamp duty, fees, inspections, and a buffer for the unexpected helps you avoid an awkward scramble at the worst possible moment.

Stretching the Budget Too Far

Borrowing the very most a lender will offer is not always wise, since life rarely stays exactly as it looks on application day. Rates may rise, circumstances may shift, and a repayment that feels fine today could feel tight later on. Leaving yourself a little breathing room is usually the more comfortable call.

Leaving Support on the Table

Plenty of buyers miss out on grants or concessions simply because they did not know they qualified, or applied at the wrong time. Checking what may be available before you sign anything can make a meaningful difference to your upfront costs.

Applying Before You're Ready

Several applications in a short space of time, or applying without a clear picture of your position, can dent both your chances and your credit file. A bit of preparation, and a quick chat first, usually leads to a smoother run.

Why First Home Buyers Choose Loan Street Finance

Plenty of brokers can arrange a loan. What tends to bring first home buyers our way, and keep them coming back, is the way the whole thing feels from start to finish.

If that sounds like the kind of broker you want beside you, we would be glad to hear from you whenever you are ready. There is no pressure and no obligation, just a friendly chat to point you in the right direction.

Could Now Be the Right Time

Everyone's timing is different, and there is rarely a perfect moment. Still, a few simple signs can suggest you are in a good spot to start exploring what may be possible:

• You have started putting money aside, even if you are not at 20% yet
• You have steady income, or income you can show over a little time
• You have got a rough sense of the areas you would like to live in
• You are curious about your real borrowing power
• You would like someone to walk you through the options without the pressure

Buying your first home should feel like a positive step, not a stressful one. The team at Loan Street Finance is here to break things down, answer your questions, and help you feel good about your next move, whatever stage you are at. If you would like to see what your options might look like, you are welcome to reach out for a relaxed, no-obligation chat, or to book a quick first home loan assessment. Just clear, friendly guidance from people who do this every day.