Deposit, Grants, LMI & Parental Help Explained. We’re Here to Help You Every Step of the Way.
Buying your first home doesn’t need to be overwhelming. Whether you’re just starting to save for a deposit or comparing loan options, Bheja.ai helps you get clarity, eligibility, and expert support—in minutes.
Age: 32
Profession: Engineer
Salary: $95,000
Deposit: $35,000
Location: Brisbane
Was keen to buy but didn’t want to wait another 1–2 years to save a 20% deposit.
Went ahead with a 10% deposit and paid Lenders Mortgage Insurance (~$8,500) to get into the market faster.
Plan : Plans to refinance and drop LMI once LVR drops below 80%.
Disclaimer:
The case studies provided above are examples only and based on common lending scenarios. They are intended for general information purposes and do not constitute financial advice. Individual circumstances, lender policies, and scheme eligibility may vary. Please consult a licensed mortgage broker or financial adviser before making any home loan decisions.
Focused on overcoming entry barriers, FHBs prioritise saving a deposit and leveraging government support. Their decisions are shaped by affordability and navigating extra costs like LMI.
A primary hurdle, involving strategies like automating savings, debt reduction, and leveraging schemes like the First Home Super Saver Scheme for tax benefits.
Exploring eligibility for grants (FHOG) and guarantees (FHBG, RFHBG) that can significantly reduce required deposits and waive LMI.
Understanding Lenders Mortgage Insurance and exploring ways to avoid it, such as saving a 20% deposit or using a guarantor.
Accounting for not just the loan principal but also stamp duty, legal fees, and other transaction costs to avoid financial surprises.
Watch out! If you are self-employed, you need different kinds of loans.
Lenders often perceive self-employed income as less stable, requiring specific documentation and potentially different loan products. It's crucial to understand these unique requirements.
The home loan process is a structured journey with six critical stages. Understanding this path demystifies the process, reduces anxiety, and empowers you to be prepared for every milestone. Follow the steps from initial thought to final ownership.
The research phase. You assess financial goals, calculate borrowing power, and gather documents. Key Decision: "Am I financially ready to begin this journey?"
A game-changing step where you get conditional approval from a lender. Key Decision: "Which lender should I approach to get a realistic budget and strengthen my position as a buyer?"
Now you compare the market. Key Decisions: "Fixed or variable rate? Which features like offset accounts are essential for my lifestyle? What are the true costs?"
With a property chosen, you submit your formal application for unconditional approval. Key Decision: "Have I provided all documentation accurately to ensure a smooth and fast approval?"
The legal finalisation of the purchase. Key Decisions: "Do I fully understand the loan contract? Have I engaged the right legal support for settlement?"
Your journey continues as a homeowner. Key Decision: "How can I manage my loan effectively, and when should I review it to ensure I still have the best deal?"
