First home buyers
Your first home, without the bank jargon.
From borrowing power to the keys in your hand - guided, step by step, by someone who works for you.
Buying your first home in Melbourne is one of the biggest financial steps you will ever take. At RCMR Finance, we make it simpler. We guide you through every step, from understanding how much you can borrow, to finding the right loan, to getting the keys in your hand. No confusing bank jargon. No pressure. Just clear, honest advice from someone who genuinely wants to see you get into your first home.
RCMR Finance works with first home buyers across South East Melbourne including Officer, Officer South, Clyde, Pakenham and surrounding areas. We also work remotely with clients across Victoria and Australia. Expert first home buyer advice is only a call or click away.
Tailored loan options
Options shaped around your deposit, income and goals rather than a one-size product.
Grants and schemes
We check every Victorian scheme you may qualify for, so you don't leave money you're entitled to on the table.
A whole panel of lenders
We do the comparison work so you can focus on finding the right home.
See it in numbers.
Borrowing power
A conservative estimate of what a lender might advance you, assessed with the regulatory buffer applied on top of the product rate.
Before tax, all applicants combined.
Lenders apply a minimum floor if you enter less than they expect.
Car, personal loans, HECS-HELP.
Lenders assess your limit, not your balance.
You may be able to borrow
$529,018
Indicative purchase price
$629,018
Loan plus your deposit, before stamp duty and costs.
Assessed at
9.09%
incl. buffer
Est. repayment
$3,202
per month
This is an estimate only, based on the figures you entered. It is not an offer of credit, a quote, or personal financial advice, and it does not account for your full circumstances. Your actual borrowing capacity, rate and repayments are subject to lender assessment and their credit criteria.
Questions
First Home Buyer Loans FAQs
What does a first home buyer mortgage broker do?
As your mortgage broker, RCMR Finance works for you, not the bank. We assess your financial situation, compare home loan options across a wide panel of Australian lenders, and recommend the loan that best suits your deposit, income and goals. We also help you navigate the grants and schemes available to first home buyers in Victoria, so you don't miss out on money you are entitled to.
What grants and schemes are available to first home buyers in Victoria?
As a first home buyer in Melbourne, you may be eligible for government support that reduces the upfront cost of buying. Key schemes include the First Home Owner Grant (FHOG) Victoria, a one-off $10,000 grant for eligible first home buyers purchasing or building a new home valued up to $750,000; the First Home Guarantee (FHBG), buy with as little as a 5% deposit without paying lenders mortgage insurance, supported by a government guarantee; the Victorian stamp duty exemption or concession, depending on the property value; and the First Home Super Saver Scheme (FHSS), save for your deposit inside your superannuation fund and access those savings tax-effectively.
Eligibility conditions apply to all schemes, and scheme rules change. RCMR Finance can assess which grants and schemes you may qualify for as part of your free assessment.
How much can I borrow as a first home buyer in Melbourne?
Your borrowing power depends on your income, existing debts, living expenses, deposit size and credit history. Most lenders require a minimum deposit of 5–20% of the purchase price. As a general guide: a 5% deposit is possible with the First Home Guarantee scheme, avoiding LMI; a 10% deposit increases your lender options significantly; and a 20% deposit avoids LMI entirely and unlocks the most competitive rates.
The best way to understand your borrowing power is to speak with a broker before you start inspecting properties, so you know exactly what you can afford and can move quickly when you find the right home.
How much deposit do I need to buy my first home in Melbourne?
Most lenders require a minimum deposit of 5% of the purchase price for first home buyers, though 20% avoids lenders mortgage insurance (LMI). Through the First Home Guarantee scheme, eligible buyers can purchase with as little as a 5% deposit without paying LMI, as the government guarantees the remaining amount.
Should I get pre-approval before inspecting homes?
Yes, and it is one of the most important steps. Pre-approval gives you a clear picture of your borrowing power, makes your offer more credible to vendors, and means you can move quickly when you find the right property. RCMR Finance can help you secure pre-approval as part of your free assessment.
Do I need a big income to get a home loan in Melbourne?
Not necessarily. Your borrowing power is assessed across multiple factors including income, expenses, debts, deposit size and credit history. Many first home buyers are surprised by what they can borrow, the best way to find out is to speak with a broker rather than assume.
How long does the home loan process take for first home buyers?
From application to settlement the process typically takes four to eight weeks, depending on the lender, property type and your circumstances. RCMR Finance manages the process end to end and keeps you informed at every stage so there are no surprises.
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Information on this site is general in nature and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for you before acting on it.