First Home Buyer Broker
Need a first home buyer broker who explains the numbers and handles the bank end-to-end? We compare 35+ lenders, map your deposit and LMI options, check first-home buyer schemes and stamp duty concessions, and push for a lender-verified pre-approval you can actually use. If you want the step-by-step process first, start with our First Home Buyer Guide.
Information is general only and doesn’t take your personal objectives, financial situation or needs into account. Final pricing requires a full application and lender approval.
Updated 24 Feb 2026.
We compare 35+ lenders for first-home buyers
Melbourne • Ballarat • Australia-wide (video meetings)Logos/colours are illustrative. We access a broad lender panel through industry aggregators and match lender policy to your situation (not just the headline rate).
Why first-home buyers choose Rate Challenge
First-home finance isn’t just “what’s the best rate?”. It’s borrowing power, deposit rules, genuine savings, timing (auction vs private sale), and choosing a lender whose policy fits your income and your property type. We turn the whole thing into a clear plan: what you can comfortably borrow, what your deposit unlocks at different LVR tiers, and what’s required for a clean approval.
We also do the hard work properly: correct documents, correct structure (offset/redraw, fixed/variable/split), and a lender-verified pre-approval—so your finance clause is credible. Then we stay on it through valuation, formal approval, settlement, and ongoing reviews (“rate challenge”) once you’ve moved in.
Our first-home buyer process
This is how we move you from “can we buy?” to “keys in hand”, with fewer surprises.
We model repayments with buffers, not fantasies. You’ll see what’s comfortable and what’s risky.
We show what changes at 5%, 10% and 20% deposit (including LMI and approvals).
We check first-home buyer schemes and stamp duty rules relevant to your state and price range.
We choose the lender that fits your situation and push for a lender-verified pre-approval.
We help you set finance dates and run the numbers so you don’t overpay or overcommit.
We coordinate valuations and conditions and keep your file moving until settlement is done.
Deposit, LMI and first-home buyer schemes
Deposit strategy is where most first-home buyers win or lose time. We’ll show you when it’s smarter to buy sooner with LMI (if safe), versus waiting to avoid it. If a scheme is relevant, we’ll help you confirm it and plan around its limits. You can also use our First-Home Buyer Scheme Calculator to sanity-check scenarios before we speak.
Broker fees & lender commissions (clear and upfront)
On standard home loans we typically charge no broker fee. Brokers are generally paid a commission by the lender for arranging and maintaining the loan. We’ll explain how this works, what it means for your options, and you can request full commission disclosure at any time.
Loan options — when to use what
Variable rate
Flexible, usually supports extra repayments and offset on many products. Good when you want the option to refinance, you plan to build a buffer quickly, or your timeline could change. Repayments can move with the market—so we model your tolerance.
Fixed rate
Helpful for budgeting certainty early on. Fixed loans can limit extra repayments/offset and may have break costs if you change the loan. We compare fixed terms and reversion pricing so you don’t get a nasty surprise later.
Split loan
Combines fixed + variable. Lock part for stability while keeping flexibility (and often offset) on the variable split. We size splits around your cash-flow and savings habits.
Offset vs redraw
Both reduce interest by lowering your effective balance. Offset keeps cash in a linked account (often cleaner if the home later becomes an investment). Redraw attaches to the loan and may have limits. We’ll set the structure around your real-life banking.
Tools & guides for first-home buyers
First-Home Buyer Scheme Calculator
Check deposit paths and scheme-style scenarios so you know how far your savings can stretch.
First-Home Buyer Guide
Step-by-step overview from deposit to settlement. Ideal reading before your first broker call.
Mortgage Repayment Calculator
Model repayments at different rates and terms so you don’t overcommit on your first home.
Where we help first-home buyers
Local insight in Victoria, plus Australia-wide support via phone and video.
Visit or book a call
Melbourne • Ballarat • Australia-wide (video meetings)Suite 334/585 Little Collins Street, Melbourne VIC 3000
Unit 63/17 Armstrong St S, Ballarat Central VIC 3350
0407 908 024
Australia-wide support via phone and video. Evening calls available.
Rate Challenge ABN 79 956 089 604 (Credit Representative No. 567366) is authorised under Australian Credit Licence No. 390261.
First-home buyer FAQs
How much deposit do I really need?
We map options from 5% to 20% deposit, explain how LMI affects approvals and cost, and show repayments at different rates. The goal is a safe purchase plan (not just a fast one).
Do you charge a broker fee?
On standard home loans we typically charge no broker fee. Lenders generally pay brokers commission for arranging and maintaining the loan. We’ll explain this clearly and you can request full commission disclosure any time.
What does a lender-verified pre-approval look like?
It means the lender has reviewed your documents and servicing (not just an online estimate). Conditions are clear, so finance timelines are credible when offering or bidding.
Should I buy established or build new?
Established homes can be quicker; new builds can involve progress payments and builder timelines. We compare total cost, inclusions and how lenders treat construction so cash-flow stays calm.
Fixed or variable — which is smarter right now?
Depends on your cash-flow and certainty needs. Variable maximises flexibility and often offset; fixed gives repayment certainty for a period; split combines both. We model scenarios so your structure matches your real banking habits.
What’s the difference between offset and redraw?
Both reduce interest by lowering your effective balance. Offset keeps funds in a linked account (often cleaner if you ever rent the property later). Redraw attaches to the loan and may have limits.
Can family help with the deposit?
Yes—gifted funds, guarantor/family pledge, or co-purchase. Each path has different policy and legal considerations. We’ll outline trade-offs and coordinate with your conveyancer so everyone understands obligations.
How long does it take to buy?
Many first-home buyers reach pre-approval in 1–2 weeks depending on documents. After contract, settlement commonly runs 21–45 days. We set dates that protect you and keep the deal moving.