Home Loan Basics: A First-Home Buyer’s Guide

Buying your first home is exciting — but the finance side can feel overwhelming. Here is a plain-English overview to help you start with confidence.

Deposit, pre-approval and LMI

Most lenders look for a deposit of around 20% of the purchase price. With a smaller deposit you can still buy, but you may pay Lenders Mortgage Insurance (LMI). Getting pre-approval before you shop tells you your budget and shows agents you are a serious buyer.

What lenders look at

Your income, existing debts, living expenses and credit history all shape how much you can borrow. Keeping your finances tidy in the months before you apply makes a real difference.

General information only, not financial advice. Speak with a licensed mortgage broker or your lender — the VMax team can introduce you to trusted partners.