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Buying your first home is one of the biggest financial decisions you will ever make, and it can feel overwhelming when you are not sure where to start. At Indian Ocean Finance, we work with first home buyers across Australia to help them understand their home loan options, make sense of the grants and schemes available, and put together a plan that suits their situation. We are based in Perth and we are here to help you feel confident and informed every step of the way.
Understanding Your First Home Buyer Budget
Before you start looking at properties, it helps to have a clear picture of what you can afford. Your first home buyer budget is shaped by your income, your savings, your existing debts, and the type of home loan you are looking at. At Indian Ocean Finance, we can help you work through these numbers so you have a realistic idea of your borrowing position. You can also use our borrowing capacity calculator to get a quick estimate before we chat.
One of the most common concerns for first home buyers is the deposit. Many people assume they need a full 20% saved before they can apply for a home loan, but that is not always the case. There are low deposit options available, including the Australian Government 5% Deposit Scheme, which allows eligible first home buyers to purchase a property with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). Eligible single parents or legal guardians may be able to purchase with just a 2% deposit under the same scheme. This scheme has no income caps and no annual place limits, which makes it accessible to a wider group of buyers. Applications are made through a panel of 31 participating lenders, and Indian Ocean Finance can help you identify which lenders are right for your circumstances.
Another federal option is the Help to Buy scheme, which launched in December 2025. Under this program, the Australian Government contributes up to 40% of the purchase price for a new home or up to 30% for an existing home, in exchange for an equity stake. A minimum 2% deposit is required, and income limits apply. This scheme cannot be combined with the 5% Deposit Scheme, so it is worth getting advice on which option suits your situation best.
The First Home Super Saver Scheme is another option worth knowing about. It allows eligible buyers to make voluntary contributions to their superannuation fund and then withdraw those contributions, along with associated earnings, to use toward a home deposit. This can be a tax-effective way to save, and Indian Ocean Finance can point you toward the right professionals to help you understand whether it suits your circumstances.
First Home Buyer Grants and Stamp Duty Concessions
Depending on where you are buying, you may be eligible for first home owner grants (FHOG) and first home buyer stamp duty concessions that can significantly reduce the upfront cost of buying your first home. These vary by state and territory, so it is important to understand what applies in your location.
In Western Australia, the First Home Owner Grant provides $10,000 for eligible new homes, with a value cap of $750,000 south of the 26th parallel and $1,000,000 north. The First Home Owner Rate offers a full duty exemption on homes up to $430,000, phasing out to $530,000, with expanded concessions available in the Perth Metropolitan and Peel regions for transactions from 21 March 2025.
In Queensland, first home buyers can access $15,000 toward a new home valued under $750,000 for contracts signed from 1 July 2026. Stamp duty concessions are also available, including no transfer duty on established homes up to $700,000 and a full transfer duty concession on new builds with no price cap on residential land.
In New South Wales, the First Home Owner Grant is $10,000 for new builds or substantially renovated homes, with a full transfer duty exemption on properties up to $800,000. In Victoria, the grant is $10,000 for new homes valued up to $750,000, with a full stamp duty exemption on properties up to $600,000. South Australia offers $15,000 for new homes with no property price cap for eligible contracts entered into on or after 6 June 2024, plus full transfer duty concessions on new homes and vacant land.
In the Northern Territory, the HomeGrown Territory Grant offers $50,000 for new homes on contracts signed by 30 September 2027, which is one of the most generous grants currently available in the country. The ACT has replaced its grant with the Home Buyer Concession Scheme, which from 1 July 2026 provides eligible buyers with a full exemption from conveyance duty regardless of property value or household income.
State and territory grants and stamp duty concessions can generally be used alongside the Australian Government 5% Deposit Scheme, which means eligible first home buyers may be able to stack multiple forms of support to reduce their upfront costs.
Home Loan Options for First Home Buyers
Choosing the right home loan is just as important as finding the right property. At Indian Ocean Finance, we help first home buyers compare home loan options across a wide panel of lenders. This includes understanding the difference between a fixed interest rate and a variable interest rate, and what features like an offset account or redraw facility can mean for your repayments over time.
A fixed interest rate locks in your repayments for a set period, which can make budgeting more predictable. A variable interest rate moves with the market, and may come with more flexibility, including access to interest rate discounts as lenders compete for your business. Some first home buyers choose a split loan, which combines both. An offset account is a transaction account linked to your home loan, where the balance reduces the interest you are charged. A redraw facility lets you access extra repayments you have made if you need funds later. These features can make a real difference to the total cost of your loan over time.
When you are ready to move forward, getting pre-approval on your first home loan application can give you confidence when you start making offers on properties. Pre-approval gives you a clear picture of how much a lender may be willing to lend, based on your financial situation at the time of assessment. It is not a guarantee of final approval, but it is a useful step in the process.
At Indian Ocean Finance, we take the time to understand your situation and help you compare your options clearly. Whether you are thinking about a gift deposit, exploring the Regional First Home Buyer Guarantee, or working through your first home buyer checklist, we are here to help you feel prepared and informed.
Step 1: Get in Touch
The first step is a simple conversation. Reach out to us by phone, email, or through our website. We will have a quick chat to understand what you are looking for and answer any early questions you might have. There is no obligation and no pressure.
Step 2: Discovery and Fact-Find
We take the time to understand your full financial picture. This includes your income, expenses, savings, debts, and goals. The more we know, the better we can help. This step helps us find the right loan for your situation, not just any loan.
Step 3: Loan Research and Strategy
Using the information you have shared, we search across a wide panel of lenders to find loan options that suit your needs. We compare interest rates, fees, features, and flexibility so you do not have to.
Step 4: Loan Recommendation
We present you with our recommended loan options in plain language. We explain the pros and cons of each option so you can make a confident, informed decision. No jargon, no confusion.
Step 5: Application Preparation
Once you choose a loan, we handle the paperwork. We prepare your application, gather the required documents, and submit everything to the lender on your behalf. We make sure your application is complete and accurate to give it the best chance of approval.
Step 6: Approval and Settlement
We stay in close contact with the lender throughout the assessment process. We keep you updated every step of the way and work to resolve any questions the lender may have quickly. Once approved, we guide you through to settlement so everything goes smoothly.
Step 7: Ongoing Support
Our relationship does not end at settlement. We check in regularly to make sure your loan is still working for you. As your life changes, we are here to help you review your loan, refinance if needed, or plan your next property move.
I couldn’t recommend Shannon highly enough! She helped me through the purchase of my investment property and made the whole finance process straightforward and easy to understand. More recently, Shannon helped me consolidate and restructure my investment lending, securing me a better interest rate and putting me in a much better position financially. Throughout both processes she has been extremely helpful, responsive and proactive, and always takes the time to explain the different options and what makes the most sense for my situation. It’s great having someone you can trust to look beyond just getting the loan approved and continue looking for ways to improve things afterwards Thanks again Shannon, definitely 5 stars from me ⭐️⭐️⭐️⭐️⭐️
Zac van Buren
Shannon is the most attentive and supportive mortgage broker that I’ve ever engaged to help me through my house purchases, as well as being an amazing person, please consider her for your next move 🏡
Abbey B
We’ve used Shannon twice now and couldn’t be happier with the service. Shannon is extremely customer-focused, always taking the time to understand our needs and ensure our best interests come first. The entire mortgage process has been straightforward and stress-free, with excellent communication throughout. Most importantly, Shannon has consistently worked hard to secure us competitive rates and great outcomes. We wouldn’t hesitate to recommend Shannon to anyone looking for a mortgage broker.
Michael Page
Shannon has helped me over the years purchase two homes with one just being a couple of months ago. Shannon is very professional, friendly and answered all questions promptly and made it easy to understand. Buying a home can be exciting but daunting as well but Shannon made it as easy as possible and put my mind at ease.
Caitlyn Bailey
Refinancing means replacing your existing home loan with a new one, either with your current lender or a different one. People refinance for a variety of reasons, such as wanting to access the equity in their property, consolidate debts, change their loan structure, or simply review whether their current loan still suits their needs. Whether refinancing is worth considering depends entirely on your personal circumstances, and it is not a decision that suits everyone. At Indian Ocean Finance, we can sit down with you, take a close look at your current loan, and help you understand what your options are. We will never push you towards a decision that does not make sense for your situation.
Getting started is straightforward. The first step is simply reaching out to us for an initial conversation. There is no obligation involved, and this first chat is just about getting to know you, understanding your situation, and answering any questions you might have. From there, if you would like to move forward, we will guide you through what information and documents we will need to get the ball rolling. We work at a pace that suits you and will never pressure you into making decisions before you feel ready. You can contact us through our website, give us a call, or send us an email. We look forward to hearing from you and helping you take the next step.
The timeline can vary depending on a number of factors, including the lender, the complexity of your application, and how quickly documentation can be gathered and verified. In general, once a formal application is submitted, lenders typically take anywhere from a few days to a few weeks to assess and approve a loan. At Indian Ocean Finance, we work to keep things moving as efficiently as possible and will keep you updated throughout the process so you always know where things stand. We also do a lot of the preparation work upfront to help avoid unnecessary delays. We know that waiting can be stressful, and staying in communication with you is something we take seriously.
A mortgage broker acts as the go-between for you and a range of lenders, including banks, credit unions, and other financial institutions. Rather than you having to approach each lender on your own, a mortgage broker does the legwork for you. At Indian Ocean Finance, we take the time to understand your situation, your goals, and what you are hoping to achieve. We then research options across our panel of lenders and present you with choices that suit your circumstances. We handle the paperwork, liaise with lenders on your behalf, and keep you informed every step of the way. Our job is to make the whole process feel manageable and to make sure you feel supported from start to finish.
Indian Ocean Finance can assist with a broad range of lending needs. This includes home loans for owner-occupiers, investment property loans, refinancing existing loans, construction loans, and loans for self-employed borrowers. We also work with clients who have more complex financial situations and may have found it harder to get assistance elsewhere. Whether you are purchasing your first home, adding to a property portfolio, or looking to review your current loan arrangements, we are here to have a conversation and explore what options might be available to you. Every situation is different, and we take a personalised approach with every client we work with.
When you go directly to a bank, you only see what that one lender has to offer. At Indian Ocean Finance, we work with a wide range of lenders, which means we can present you with a variety of options rather than just one. We are not tied to any single institution, so our focus is entirely on finding something that works for your individual situation. We also take the time to explain your options in plain language so you can make an informed decision with confidence. Going through a mortgage broker also means you have someone in your corner who understands the process and can advocate for you throughout the application.
Yes, we can. Being self-employed can make the home loan process feel more complicated, and some lenders do have stricter requirements for self-employed borrowers. However, there are lenders on our panel who specialise in working with people who run their own businesses or work for themselves. The key is having the right documentation and presenting your financial situation clearly. At Indian Ocean Finance, we have experience working with self-employed clients and understand the nuances involved. We will work with you to understand your income structure, help you gather the right paperwork, and identify lenders who are well-suited to your circumstances. You should not feel like homeownership is out of reach just because you work for yourself.
Not at all. While Indian Ocean Finance is proudly based in Perth, we work with clients right across Australia. Thanks to technology and the ability to communicate remotely, we are able to assist people no matter where they are located. Whether you are in regional Western Australia, on the east coast, or somewhere in between, we can have conversations over the phone or video call, share documents electronically, and guide you through the process without you needing to be in the same city as us. We believe everyone deserves access to quality mortgage broking support, regardless of where they call home.
Absolutely. Buying your first home is one of the biggest financial decisions you will ever make, and it can feel overwhelming when you are not sure where to start. At Indian Ocean Finance, we work with first home buyers regularly and understand the questions and concerns that come with it. We take the time to walk you through the process from the very beginning, explaining things like how much you may need for a deposit, what government grants or schemes might be available to you, and what the overall home loan process looks like. We are here to make sure you feel informed and supported, not confused or rushed.
In most cases, our service comes at no direct cost to you as the borrower. Mortgage brokers are typically paid a commission by the lender once your loan settles. We are committed to being upfront and transparent about how we are paid, and we will always explain this to you clearly before we proceed. There are some situations where a fee may apply, and if that is the case, we will let you know well in advance so there are no surprises. Our goal is to make sure you feel informed and comfortable with the entire process, including how our service works from a cost perspective.
If you are a first home buyer and want to understand your home loan options, Indian Ocean Finance is ready to help. Book an appointment with our team and we will walk you through what is available for your situation.
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