Your first home, done right.

Buying your first home shouldn't feel like a lucky dip. Here is how Hypercube Finance structures a first home buyer loan, including grants and deposit strategy, for clients across Australia.

What you need to know.

First home buyers in Victoria can access a range of grants and concessions 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), and the Family Home Guarantee each apply differently depending on property type, price and buyer profile. The right combination can save five figures on settlement day.

This page sits under home loans and is written for first-time buyers across Australia. Grants, concessions and low-deposit schemes vary by state, and we'll take you through the ones that apply in yours. If you've never owned property and aren't sure where to start, start here.

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

Which deposit path makes sense: 5%, 10% or 20%?

The 5% path

The fastest way into the market. It usually means the 5% Deposit Scheme (formerly the Home Guarantee Scheme), if you qualify, or LMI capitalised into the loan. It works when prices are rising faster than you can save a bigger deposit, and when you've stress-tested the repayments at higher rates.

The 20% path

The cleanest structure. You avoid LMI, get better rates and more lender choice, and have more room if life changes. It makes sense when you can realistically get there within 12 to 18 months and prices aren't running away from you. We'll model both paths with your real numbers in the discovery call.

Common first home buyer mistakes.

We see the same avoidable mistakes again and again. These 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 you apply, which lenders read 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 without thinking about whether the property will become a rental in 3 to 5 years

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 use the stamp duty concession and the 5% Deposit Scheme.

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

Yes. A family guarantor structure and the FHOG are separate, and you can use both if you qualify for each. We'll plan the combination so that setting up one doesn't disqualify you from the other.

How much do I need saved?

For a 5% deposit purchase, you'll need 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 prepare 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 put a credit enquiry on your file, so we recommend applying with one carefully chosen lender rather than spreading applications across several.

Should I buy with a partner, or separately?

It depends on your incomes, asset protection and what you plan to do later. Two names on title usually means more borrowing power. One name can make more sense for specific ownership, tax or relationship reasons. We'll work through this in the discovery call.

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. There's no cost or obligation, and you'll leave with a clear next step.

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