First Home Buyer Mortgage Broker, Australia.
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Buying your first home involves decisions you’ve never made before, on a timeline that doesn’t slow down for you. Rob Wise will explain everything clearly, find the right loan for your situation, and manage the entire process so you don’t have to work it out as you go.
Buying your first home is exciting. It’s also genuinely complicated. Here’s what most people don’t tell you.
Most first home buyers come to us having already spent weeks trying to piece things together.
Reading conflicting information online, getting different answers from different people, and still not feeling sure they actually understand what they’re doing.
That’s completely normal. Here’s what tends to catch people off guard.
The online calculators don't tell you what a lender will actually approve.
Online borrowing calculators give you a number. Lenders use a completely different set of criteria — your income type, your expenses, your existing debts, your credit history, your deposit source, and a serviceability buffer (currently at least 3% above the actual rate). The number a calculator gives you can be significantly higher than what a lender will formally approve. Getting this wrong means looking at properties you can’t actually finance.
A 5% deposit might be enough, or it might not. The answer depends on a lot of things you may not have been told.
Some lenders will consider 5% with genuine savings. Others require 10% or more. Lenders Mortgage Insurance (LMI) applies in most cases where you’re borrowing more than 80% of the property’s value, and it can add tens of thousands of dollars to your costs if you’re not expecting it. Whether you qualify for the First Home Guarantee (which allows eligible buyers to purchase with 5% deposit and no LMI) depends on your income, the property price, and the lender’s participation. These rules change. They also vary by lender.
The First Home Owner Grant, the First Home Guarantee and stamp duty concessions are three different things, and not everyone qualifies for all of them.
The Queensland First Home Owner Grant is $30,000 for eligible buyers purchasing or building a new home, subject to property price caps and eligibility criteria. The Federal First Home Guarantee is a separate scheme allowing eligible buyers to purchase with a 5% deposit without paying LMI. Stamp duty concessions in Queensland apply differently depending on whether the property is new or established. Getting these mixed up — or assuming you qualify when you don’t — can create serious budget problems. *Eligibility criteria, caps and scheme availability are subject to change. Verify current details with your broker and the relevant government authority.
Every loan application you submit shows up on your credit file. Too many applications in a short period can reduce your borrowing power.
Many first home buyers don’t realise that applying to multiple lenders — or applying to one that doesn’t suit their profile — creates credit enquiries that lenders can see and factor into their assessment. Going in without knowing which lender is most likely to say yes isn’t just frustrating. It can actively make things harder.
The gap between "I want to buy" and "I can actually buy" is usually longer than people expect, if they haven't planned it properly.
Lenders typically want to see genuine savings held in your name for at least three months. Some require longer. If your deposit includes gifted money, an inheritance, or funds from the sale of assets, different rules apply. Building a clean lending profile — the kind that gives you access to the most options — takes time. Starting the conversation early is almost always worth it.
Buying your first home can feel overwhelming, but the right loan can make the journey a lot clearer. Wiser Home Loans helps first home buyers move forward with confidence and clarity.
What Wiser Home Loans does for first home buyers, specifically.
Here's what Rob does for first home buyers, and what you're responsible for at each stage.
Gives you a realistic borrowing capacity figure, not a calculator estimate.
In your first call, Rob works through your actual income, expenses, debts and deposit position the way a lender would. He’ll give you a clear, informed view of what you’re likely to be able to borrow, what might reduce that figure, and what you could do to improve it if needed. This is the number you should be working with before you start going to open homes.
Works out what government schemes and grants you actually qualify for, and applies them correctly.
Rob will check your eligibility for the Queensland First Home Owner Grant ($30,000 for eligible new homes), the Federal First Home Guarantee (5% deposit, no LMI for eligible buyers), and the relevant Queensland stamp duty concessions. He’ll explain clearly what each one means for your budget, and make sure they’re factored into your application correctly. Subject to current eligibility criteria and scheme availability — verify with Rob at time of application.
Finds the lender most likely to approve your application, before any formal application is submitted.
Explains the recommended loan in plain English — rate, structure, features — so you know exactly what you're agreeing to.
You’ll receive a written proposal from Rob before anything is lodged. It explains why he’s recommending that specific product, what the rate and comparison rate are, what features come with it (offset account, redraw, fixed vs variable), and what the trade-offs are. There are no surprises when you get to signing.
Prepares and lodges your application, then manages the process through to settlement.
Rob prepares your application — complete, accurate and with the right supporting documents from the start. Once lodged, he tracks it with the lender, responds to their requests, liaises with your conveyancer or solicitor, and keeps you updated. If there’s a problem, Rob is the one dealing with it. You focus on finding the right property. He handles the paperwork. [Subject to lender assessment and individual circumstances.]
Answers every question clearly — including the ones you feel embarrassed to ask.
First home buying involves a lot of terminology that feels like it should be obvious but isn’t. LVR, LMI, offset accounts, redraw facilities, comparison rates, fixed vs variable, split loans — Rob explains all of it in plain English, as many times as you need. There are no stupid questions when you’re spending this much money.
Comparing loans from a panel of leading lenders
Wiser Home Loans Pty Ltd · ABN 37 692 735 087 · Credit Representative 575264 authorised under Australian Credit Licence 389328
The first home buyer process, explained step by step.
Step 1 · The discovery call (30 minutes, no cost, no obligation)
Your job: show up and talk through your situation. Rob will ask about your income, your savings, your debts and your goals. You don't need to bring documents to this call — just an honest picture of where you're at. By the end of this call, you'll know: approximately what you can borrow, whether you're likely to qualify for any grants or schemes, what — if anything — you should address before applying, and what the next step looks like for your specific situation. Cost: free. Commitment: none. You leave knowing where you stand. No forms, no commitment.
Step 2 · Document gathering — typically a few days
Your job: provide the documents Rob asks for. Rob will send you a clear list of what's needed. Typically: payslips or tax returns, bank statements showing savings history, identification, and details of any existing debts. He'll tell you exactly what each document is for and flag anything that might need explaining to a lender upfront. Rob's job: review everything and identify the right lender before lodging anything. You don't sit on hold with banks. Rob does that.
Step 3 · Loan recommendation — Rob presents your options
Your job: review the proposal and ask questions. Rob will send you a written recommendation: the loan product he's suggesting, why, the rate and comparison rate, the features, the estimated repayments, and the costs (including any applicable fees, LMI or government charges). You'll have time to read it, ask questions, and make sure you're completely comfortable before anything is lodged. You won't be chasing anyone. Rob is your single point of contact from here to the day you settle. *Subject to lender assessment and individual circumstances.
Step 4 · Pre-approval — typically a few business days to a couple of weeks
Your job: sign the application authorisation. Once you're happy with Rob's recommendation, he prepares and lodges your formal application with the lender. He handles the submission, responds to any lender queries, and chases progress on your behalf. When conditional approval (pre-approval) is received, Rob will explain exactly what it means — what you're approved for, how long it's valid, and what conditions apply. Most lenders reach conditional approval within a few business days to two weeks of receiving a complete application. [Subject to lender processing times and individual circumstances.] You leave knowing where you stand. No forms, no commitment.
Step 5 · Property search — you're in the driver's seat
Your job: find the right property within your approved borrowing range. With a pre-approval in hand, you know exactly what you can spend and what conditions apply. Rob is available throughout this stage to answer questions about specific properties — whether they might affect your loan, what a particular contract condition means, or whether you should speak to a conveyancer about something. You're not on your own. You don't sit on hold with banks. Rob does that.
Step 6 · Formal approval and settlement — typically 4–6 weeks after your offer is accepted
Your job: sign documents and work with your conveyancer. Once your offer is accepted and contracts are exchanged, Rob lodges for formal (unconditional) approval. He coordinates with your conveyancer and the lender, makes sure all conditions are met, and ensures your loan is ready to fund on settlement day. He'll be in contact throughout and will confirm everything is on track before settlement. Settlement timelines depend on your contract terms, the lender's processing times, and your conveyancer. Rob will keep you informed at each stage. [Subject to lender assessment and individual circumstances.]
Most clients receive their pre-approval within a few business days of submitting their application.
*Subject to lender criteria and individual circumstances.
Amazing service Rob and the team at Wiser Home Loans knows their stuff inside and out. The depth of knowledge he brings is impressive. lenders, products, your specific situation. Honest advice, no jargon, and he genuinely cares about getting the right outcome. Made the whole process easy. If you're on the Gold Coast and need a home loan, look no further. Highly recommend.
Questions first home buyers ask us all the time.
How much deposit do I actually need to buy my first home?
The minimum deposit most lenders will consider is 5% of the purchase price, provided you have a history of genuine savings and meet the lender’s other criteria. However, borrowing more than 80% of the property’s value (i.e. a deposit of less than 20%) typically triggers Lenders Mortgage Insurance (LMI), which is a one-off cost that can range from a few thousand dollars to significantly more, depending on your loan amount and deposit size.
If you’re eligible for the Federal First Home Guarantee, you may be able to purchase with a 5% deposit without paying LMI, because the Government guarantees the remaining amount to the lender. Places in this scheme are limited and eligibility criteria apply.
Rob can check whether you qualify and which lenders participate. If you have a 20% deposit, LMI doesn’t apply and you’ll typically have access to a broader range of lenders and products. [Subject to lender criteria and individual circumstances.]
Do I qualify for the Queensland First Home Owner Grant?
The Queensland First Home Owner Grant (FHOG) is $30,000 for eligible buyers who are purchasing or building a new home valued at $750,000 or less. It is not available for established (previously occupied) homes. To be eligible, you must be an Australian citizen or permanent resident, be buying or building in Queensland, be 18 years or older, not have previously owned a home in Australia, and intend to live in the property as your principal place of residence for at least 12 months.
The grant is paid by the Queensland Office of State Revenue, but your application is typically submitted through your lender. Rob handles this as part of your loan application. Eligibility criteria and grant amounts are subject to change. Verify current details at qro.qld.gov.au or with Rob at the time of your application.
Do first home buyers pay stamp duty in Queensland?
Queensland offers transfer duty (stamp duty) concessions for first home buyers, but the benefit depends on the property type and price. For homes valued up to $500,000, eligible first home buyers pay no transfer duty. For homes between $500,000 and $550,000, a concession applies on a sliding scale. Above $550,000, the full transfer duty rate applies.
For vacant land being purchased to build on, different thresholds apply. These concessions apply only if you are buying your principal place of residence and meet the eligibility criteria. If you’re buying an investment property, standard duty rates apply.
Rob will work out the applicable duty for your specific purchase as part of your borrowing assessment. Thresholds and rates are subject to change. Verify current figures at qro.qld.gov.au.
How much can I borrow as a first home buyer?
Your borrowing capacity depends on your gross income, your living expenses, any existing debts (car loans, HECS/HELP debt, credit card limits), your deposit size, and the type of income you earn. Lenders also apply a serviceability buffer — currently at least 3% above the actual loan rate — to test whether you could still meet repayments if rates increased.
There’s no reliable way to know your true borrowing capacity without a proper assessment. Rob will work through your full picture and give you a realistic figure — not a calculator estimate. This is one of the most valuable things you get from your first call.
I have a HECS/HELP debt. Does that affect my ability to get a home loan?
Yes, it can. HECS/HELP debt is factored into your serviceability assessment by most lenders because repayments are compulsory once your income exceeds the repayment threshold. Even if you’re not currently making repayments, lenders may include an estimated repayment amount in their assessment of your expenses.
The impact on your borrowing capacity depends on the size of your debt and your income. It’s rarely a dealbreaker — but it’s a factor Rob will assess accurately from the start so you have a realistic picture.
Why should I use a mortgage broker instead of just going to my bank?
When you go to your bank, you see one lender’s products assessed against one lender’s criteria. If your application doesn’t fit perfectly, you may be declined — or approved for less than you expected — with no real explanation of why.
Rob compares options across 70 lenders. He knows which lenders are most likely to assess your income type favourably, which have more flexible policies for smaller deposits, and which are currently fastest to process. He identifies the best fit before any application is submitted, prepares your application properly, and manages the whole process on your behalf. In most cases, his service costs you nothing directly — he’s paid a commission by the lender once your loan settles.
I have a blemish on my credit history. Can I still get a home loan?
Possibly, yes. It depends on the nature of the mark, when it occurred, and how your overall credit profile looks. Some lenders have stricter policies than others — but there are lenders who are more flexible with imperfect credit histories, provided the rest of the application is strong.
Rob will review your credit position as part of your initial assessment and advise honestly on your options. If there are steps you should take to improve your credit file before applying, he’ll tell you that too. [Subject to individual circumstances and lender criteria.]
I'm not ready to buy yet. Is it too early to speak to a broker?
No. In fact, speaking to Rob 6–12 months before you want to buy is one of the most useful things you can do. He’ll tell you: what your borrowing capacity looks like today, what you’d need to improve it, how much deposit you’ll need for the price range you’re aiming for, and what timeline makes sense. A lot of first home buyers find that a single early conversation saves them months of uncertainty.
Have a different question? Get in touch.
Ready to find out what you can borrow?
Book a free 30-minute call with Rob. Tell him about your situation. He'll give you an honest picture of what you can borrow, what your options look like, and whether now is the right time to move, or what you'd need to do to get there.