First Home Buyers

Your Guide to Buying Your First Home

Buying your first home is one of the most significant financial decisions you will ever make. At Lexor Finance, we work with first home buyers across Truganina, Victoria and throughout Australia to help them understand their home loan options and take a confident step toward property ownership.

Understanding First Home Buyer Eligibility

Before you begin your first home loan application, it is important to understand what you may be entitled to. First home buyer eligibility varies depending on the state or territory in which you are purchasing, the type of property you are buying, and the schemes you wish to access. In Victoria, for example, the first home buyer duty exemption applies to properties valued up to $600,000, with a sliding scale concession on properties valued between $600,001 and $750,000. These first home buyer stamp duty concessions can represent a meaningful saving and are worth factoring into your first home buyer budget from the outset.

At the federal level, a number of programmes are available to eligible first home buyers. The Australian Government 5% Deposit Scheme, operative from 1 October 2025, allows eligible buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance (LMI). Housing Australia guarantees the difference between the deposit and 20% of the property value. There are no income caps and no annual place limits under this scheme. In Victoria, the property price cap under this scheme is $950,000 for capital city and regional centres, and $650,000 for other areas.

First Home Owner Grants and Government Support

First home owner grants (FHOG) are available in most states and territories, though the amounts and conditions differ. In Victoria, the FHOG provides $10,000 for new homes valued up to $750,000 and does not apply to established homes. In Queensland, the grant is $15,000 for new homes valued under $750,000 for contracts signed from 1 July 2026. South Australia offers $15,000 for new homes with no property price cap for eligible contracts entered into on or after 6 June 2024. The Northern Territory offers the most substantial support, with a HomeGrown Territory Grant of $50,000 for eligible first home buyers purchasing or building a new home under contracts signed between 1 October 2024 and 30 September 2027.

These first home buyer grants can generally be used alongside the Australian Government 5% Deposit Scheme, which means eligible buyers may be able to combine multiple forms of support. Lexor Finance can help you understand which programmes may apply to your situation.

Low Deposit Options and the First Home Loan Deposit Scheme

One of the most common concerns for first home buyers is saving a sufficient deposit. The First Home Loan Deposit Scheme addresses this directly by allowing eligible buyers to enter the market with as little as a 5% deposit. Eligible single parents or legal guardians may access the scheme with a 2% deposit. Applications are made through a participating lender panel and cannot be made directly to Housing Australia.

For those who have been building savings through superannuation, the First Home Super Saver Scheme (FHSS) allows eligible first home buyers to release up to $50,000 in voluntary contributions toward a home deposit. Concessional contributions are taxed at 15% rather than at marginal income tax rates, which can make this a tax-effective way to save. Buyers generally need to obtain a determination from the Australian Taxation Office before signing a purchase contract.

Lexor Finance can also assist you in understanding gift deposit arrangements and how they may be treated by lenders when you apply for a home loan.

Choosing the Right Home Loan Structure

Once you have a clear picture of your first home buyer budget and the grants or concessions available to you, the next step is understanding your home loan options. Lenders offer a range of structures including a fixed interest rate, a variable interest rate, and split loan arrangements that combine both. A fixed interest rate provides certainty over repayments for a set period, while a variable interest rate may offer features such as an offset account or redraw facility that can help reduce the total interest paid over the life of the loan.

Interest rate discounts may also be available depending on the lender and the loan product. Lexor Finance works with a panel of lenders and can help you compare the features that matter most to your circumstances, including offset account access, redraw options, and the overall interest rate on offer.

Pre-Approval and the First Home Loan Application

Obtaining pre-approval before you begin searching for a property gives you a clear understanding of your borrowing capacity and strengthens your position when making an offer. A pre-approval is an assessment by a lender of your ability to service a loan, based on your income, expenses, and financial history. It is not a guarantee of final approval, but it is a useful tool for first home buyers who want to search with confidence.

The first home loan application process involves gathering documentation related to your income, employment, assets, and liabilities. Lexor Finance guides clients through what is required at each stage and liaises with lenders on your behalf. Our team is based in Truganina and works with first home buyers across Victoria and Australia, bringing genuine care and industry knowledge to every conversation.

If you are considering a construction loan to build your first home rather than purchasing an established property, there are additional considerations around draw-down schedules and progress payments that Lexor Finance can help you understand.

Buying your first home involves many moving parts. Lexor Finance is here to help you understand the options available, the grants and concessions you may qualify for, and the loan structures that suit your situation.

The Simple Steps

Step 1: Initial Conversation
We start with a simple chat to get to know you and understand what you are looking for. Whether you are buying a home, investing in property, or looking for a business loan, this is your chance to ask questions and share your goals. There is no obligation and no pressure.

Step 2: Understanding Your Situation
Next, we take a closer look at your financial position. We will ask about your income, expenses, assets, and any existing debts. This helps us build a clear picture of where you stand and what options are available to you.

Step 3: Researching Your Options
With access to a wide panel of lenders, we do the legwork for you. We compare loan products, interest rates, fees, and features to find solutions that suit your needs and goals - not just the first option that comes along.

Step 4: Presenting Our Recommendation
We present you with a clear recommendation and explain why it is the right fit for your situation. We walk you through the numbers in plain language so you can make a confident, informed decision.

Step 5: Preparing Your Application
Once you are happy to move forward, we prepare your application and gather the required documents. We handle the details carefully to give your application the best possible chance of approval.

Step 6: Lodging and Managing Your Application
We submit your application to the lender and stay on top of the process from there. We liaise with the lender on your behalf, respond to any requests quickly, and keep you updated every step of the way.

Step 7: Settlement and Beyond
Once your loan is approved and settled, our job is not done. We check in with you regularly to make sure your loan is still working for you. As your circumstances change, we are here to review your options and help you stay on track.

Client Testimonials

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Justin B

Alok was beyond helpful and fantastic to deal with from start to finish for our refinancing. Not only was he able to secure the maximum amount we required, but his customer relationship management software was exceptionally well set up, self-contained, and fantastic to use throughout the entire process. When we ran into a few inevitable hiccups along the way with our old lenders, Alok completely stepped up—keeping things calm, under control, and moving forward smoothly. He is an absolute professional and a genuinely great mortgage broker. I cannot recommend him highly enough. If you have any lending or refinancing needs, Alok is your man. A+ service all round!

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vishal vashisht

I would like to sincerely thank Alok for helping me secure my car loan at a much better rate than Toyota's financing. The entire process was smooth, professional, and stress-free from start to finish. He took the time to explain all the options available, found me a competitive loan with lower repayments, and ensured everything was approved quickly. His excellent communication and dedication saved me both time and money.

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Nagendra Chickmaglore

Honestly, I went in thinking this would be just another process—submit documents, wait around, chase updates… the usual. But Alok at Lexor Finance completely changed that experience for me. From day one, he was on top of everything. He kept me informed, guided me through each step, and was always there to answer questions or give advice. It never felt like I was just another file—he really made the whole process smooth and stress-free. What I appreciated the most was how he stayed with me throughout, not just at the start. That kind of support makes a huge difference. Really grateful for the way he handled everything. I’d absolutely recommend Alok to anyone looking for finance—he genuinely cares and delivers.

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Dheeraj

Alok was very professional and easy to communicate with throughout the process of buying my first home. Being a first time buyer, I was very anxious and had a lot of questions. Alok was knowledgeable and approachable enough to answer any queries, which really showed his experience. Would definitely utilise his services again in the future!

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Anurag Arora

Alok Shah is awesome at communication. He acted as our broker for the car loan. His communication and clarity is hard to match as I have compared him to 2 previous brokers I have dealt with and I can tell you that they were not even close to his working standards. He guided me on each and every step. Also how to deal with the car dealership as dealerships are know to delay after taking initial deposits. I hope that he stays like this so that a lot of people can benefit from his broking services. Thank you Alok ji 😊

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Changez Shaikh

Alok from Lexor finance is the absolute man. Involved in conversations from day one since I started looking for a company car. He gave me advice on which cars to look at, was involved in negotiations with dealers (he knows so many managers at dealerships) and lodged my finance application within a day and had an answer in another two days. I honestly have no words for the level of service that I have received from him. Safe to say, I will never be going with anyone else ever again. The absolute best! Thank you so much Alok and Lexor Finance. 🌟🌟🌟🌟🌟

Got Questions?

What types of loans can Lexor Finance help me with?

At Lexor Finance, we assist clients with a variety of lending needs. This includes home loans for those looking to purchase a property, refinancing for those wanting to review their current loan arrangements, investment property loans, car and vehicle finance, and business lending. Whether you are a first home buyer trying to understand your options, a business owner looking for equipment finance, or someone wanting to consolidate debt, we can look into what may be available to you. Every client's situation is different, so we take a personalised approach to make sure we are looking at options that are relevant to your specific circumstances and goals.

Is Lexor Finance able to help me if I live outside of Truganina or Victoria?

Absolutely. While Lexor Finance is based in Truganina, Victoria, we work with clients right across Australia. Thanks to phone and video consultations, we can connect with you no matter where you are located. Whether you are in regional Queensland, suburban Sydney, or anywhere else in the country, we are able to assist you with your finance needs. Distance is not a barrier to getting quality support and guidance. We are committed to making sure that all of our clients, regardless of location, receive the same level of care and attention throughout the process. Reach out to us and we can discuss how we can work together.

How do I get started with Lexor Finance?

Getting started is straightforward. You can reach out to us by phone or through our website to book an initial consultation. This first conversation is a chance for us to learn about your situation, what you are hoping to achieve, and answer any questions you might have. There is no pressure and no obligation at this stage. We simply want to understand your needs so we can give you a clear picture of how we might be able to help. Whether you are just starting to think about your options or you are ready to move forward, we are here to have a genuine conversation and support you through the process at a pace that suits you.