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First Home Buyer Loans Melbourne | RCMR Finance
Buying your first home in Melbourne is one of the biggest financial steps you’ll ever take. At RCMR Finance, we make it simpler. As experienced mortgage brokers working with first home buyers across Melbourne, 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 people who genuinely want 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.
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First Home Buyer 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’re entitled to.
What are the First Home Buyer Grants and Schemes 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:
1. 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
2. First Home Guarantee (FHBG) — buy your first home with as little as a 5% deposit without paying lenders mortgage insurance (LMI), supported by a government guarantee
3. Victorian Stamp Duty Exemption — first home buyers in Victoria may be exempt from or eligible for a concession on stamp duty depending on the property value
4. First Home Super Saver Scheme (FHSS) — save for your deposit inside your superannuation fund and access those savings tax-effectively when you’re ready to buy.
Eligibility conditions apply to all schemes. 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 a range of factors including your income, existing debts, living expenses, deposit size, and credit history. Most lenders require a minimum deposit of 5–20% of the property’s purchase price.As a general guide:
–5% deposit — possible with the First Home Guarantee scheme, avoiding LMI
–10% deposit — increases your lender options significantly
–20% deposit — avoids LMI entirely and unlocks the most competitive rates
The best way to understand your borrowing power is to speak with a mortgage 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’s 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 the settlement application, the process could take up to 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.