First home buyers

Your first home, done right.

Buying your first home should not feel like a lucky dip. Here's how Hypercube Finance structures a first home buyer loan — grants, deposit strategy, and all — for clients across Australia.

The basics

What you actually need to know.

As a first home buyer in Victoria, you're eligible for a stack of concessions and grants that most people only half-understand. The First Home Owner Grant (FHOG), the Victorian stamp duty concession, the First Home Guarantee (5% deposit, no LMI), the Family Home Guarantee, and the regional and housing-specific schemes all interact differently depending on property type, price and buyer profile. Picking the right combination can save five figures on settlement day.

This page sits under our broader home loans offering and is written specifically for first-time buyers across Australia. Grants, concessions and low-deposit schemes vary by state — we'll walk you through the ones that apply in yours. If you've never owned property before and you're trying to work out where to even start, this is the right page.

FHOG: $10,000 grant for new-build first homes in Victoria (eligibility rules apply)
Victorian stamp duty: full exemption up to $600k, tapered concession to $750k for first home buyers
First Home Guarantee: 5% deposit, no LMI, up to set price caps
Family Home Guarantee: 2% deposit for eligible single parents
Guarantor structures: family equity used as additional security to avoid LMI

Deposit strategy

5%, 10% or 20% — which path makes sense?

The 5% path

Fastest way into the market. Usually means either the Home Guarantee Scheme (if you qualify and a spot is available) or LMI capitalised into the loan. Works when price growth is outpacing your ability to save a bigger deposit, and when you've actually stress-tested the repayment at higher rates.

The 20% path

Cleanest structure. No LMI, better rates, more lender choice, and more breathing room if life changes. Makes sense when you can realistically get there within 12–18 months and prices aren't running away from you. We'll model both paths with real numbers in the discovery call.

Common first home buyer mistakes.

We see the same avoidable mistakes over and over. Here are the ones most likely to cost you money or a clean approval:

Going unconditional without formal pre-approval
Using Afterpay or BNPL in the three months before application — lenders read it as discretionary stress
Underestimating stamp duty, transfer fees, LMI, pest & building and moving costs
Applying to multiple lenders on your own (each application hits your credit file)
Locking into a fixed rate with no offset account when you've got cash to park
Buying the property before thinking about whether it'll become a rental in 3–5 years

Q&A

First home buyer FAQs

Do I get the FHOG if I buy an established home?

In Victoria the FHOG is only payable on new builds — newly constructed, substantially renovated, or off-the-plan — up to the price cap. Established homes are not eligible for the FHOG, but you can still access the stamp duty concession and the Home Guarantee Scheme.

Can I use my parents as guarantors and still access the FHOG?

Yes. A family guarantor structure and the FHOG are independent mechanisms. You can use both if you qualify for each. We'll map the combination so you don't accidentally disqualify yourself from one while setting up the other.

How much do I actually need saved?

For a 5% deposit purchase, you'll need the 5% of the purchase price, plus funds for stamp duty (reduced or waived for FHBs), conveyancing, pest & building, loan application fees and a small settlement buffer. We'll produce a line-by-line funds-to-complete worksheet at the strategy stage.

Does pre-approval cost me anything?

No. A formal pre-approval through us costs you nothing. It does, however, involve a credit enquiry on your file — which is why we recommend only doing it with one lender, chosen deliberately, rather than scattering applications across several.

Should I buy with a partner, or separately?

It depends on income, asset protection, and what you plan to do later. Two names on title usually unlocks more borrowing power. One name on title can make more sense for specific ownership, tax, or relationship structuring reasons. This is one of the things we'll walk through in discovery.

Keep exploring

General advice disclaimer. The information on this page is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you before acting on it, and seek professional advice where relevant.

Ready to structure this properly?

Book a 30-minute discovery call. No cost, no obligation, and a clear next step at the end of it.

Book a Discovery Call