No. Most lenders ask for around 10%, some accept 5%, and through government guarantee programs certain buyers can get started with as little as 2%.

It depends on your situation, but options exist across the 2-20% range. A larger deposit generally means fewer extra costs (like Lenders Mortgage Insurance), while a smaller deposit can get you into the market sooner.

LMI applies when your deposit is under 20% of the purchase price, and typically costs 1-3% of your laon balance. It can be paid upfront or added onto your loan.

Yes - deposits can come from personal savings, a gifted deposit from family, or the proceed of selling an asset. Family guarantor arrangements may also open up lower-deposit options.

It's a federal program (administered by the National Housing Finance and Investment Corporation) that lets eligible buyers purchase with a smaller deposit - as little as 5% under the First Home Guarantee and Regional First Home Guarantee, or as little as 2% under the Family Home Guarantee. Eligibility depends on your circumstances, so it's worth checking directly with a broker.

Often, yes. Lenders generally want to see an ABN registered for 24+ monthsand income that comfortably supports your household and the mortgage - but every lender's differs, which is where comparing options helps.

Casual employment can still qualify, lenders typically look for 6+ months in current role, similar industry as your previous role, and 12+ months if your previous role was in a different industry, rather than ruling casual work out altogether.

Not necessarily. A credit score above 600 is preferred by most lenders, but scores below that, and even old defaults can often still be worked with. Being upfront about your credit history from the start makes it easier to find the right solution.

Budget for stamp duty (concessions often apply for the first home owners), legal/conveyancing fees, a valuation fee, a pest and building inspection, and loan application or moving costs.

The First Homeowner Grant (FHOG) varies by state - for example, grants are available for eligible new builds in NSW, QLD and VIC, alongside stamp duty concessions that differ state by state. Amounts and thresholds change periodically, so always confirm current figures.

I/O repayments are lower short-term but don't reduce what you owe during the interest only period. P&I repayments are higher but steadily reduce your loan balance - most first home buyers are better served by P&I unless there's a specific reason to consider I/O.

An offset account is a linked savings account where your balance reduces the interest charged on your mortgage, while your money stays accessible.

A redraw facility lets you pull back extra repayments you've made, though not all lenders offer it and fees may apply.

Generally: 100 points of ID, your last two payslips, your latest income statement, 90 days of bank statements from your saving account and salary credit account, recent loan/credit card statements.

Self-employed applicants also need 2 years tax returns and accountant details.

Broadley: get pre-approved, research and inspect properties, make an offer or bid, engage a conveyancer, pay your initial and balance deposits, provide updated documents for full approval, sign your mortgage contract, arrange home insurance, complete a final inspection, then settle and move in.

A broker compares options across 30+ lenders (rather than just one bank's products), can access solutions some banks can't offer directly, and works on your behalf rather than the lender's - at no direct cost to you in most cases.