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Buying your first home is one of the biggest financial decisions you will ever make. At Lyan Finance, we work with first home buyers across Sydney and throughout Australia to help them understand their home loan options, access available grants and concessions, and find a loan structure that suits their situation.
Understanding Your First Home Buyer Eligibility
Before you apply for a home loan, it is important to understand your first home buyer eligibility. In Australia, eligibility criteria vary depending on the state or territory you are purchasing in, and the type of property you are buying. Generally, you must not have previously owned residential property in Australia, and you must intend to live in the property as your principal place of residence. Lyan Finance can help you work through the eligibility requirements that apply to your specific circumstances.
Federal Schemes Available to First Home Buyers
The Australian Government offers two key schemes to support first home buyers. The first is the Australian Government 5% Deposit Scheme, which allows eligible first home buyers to purchase a property with as little as a 5% deposit. Under this scheme, Housing Australia guarantees the difference between the deposit and 20% of the property value, which means no Lenders Mortgage Insurance (LMI) is payable. There are no income caps and no annual place limits. Eligible single parents or legal guardians can purchase with a 2% deposit. Property price caps apply and vary by location, with the Sydney cap set at $1,500,000. Applications are made through a panel of 31 participating lenders.
The second federal scheme is Help to Buy, which became operative from 5 December 2025. Under this program, the Australian Government contributes up to 40% of the purchase price for a new home and up to 30% for an existing home, in exchange for a proportional equity stake. A minimum 2% deposit is required, and income limits of $100,000 for individuals and $160,000 for joint applicants apply. Help to Buy cannot be combined with the 5% Deposit Scheme, but can generally be used alongside applicable state grants and duty concessions. It is not available in Tasmania.
First Home Buyer Grants and Stamp Duty Concessions by State
Across Australia, first home buyer grants and first home buyer stamp duty concessions differ significantly from state to state. In New South Wales, eligible first home buyers can access a $10,000 First Home Owner Grant for new builds, along with a full transfer duty exemption on properties up to $800,000. In Victoria, a $10,000 grant applies to new homes valued up to $750,000, with a full stamp duty exemption on properties up to $600,000. Queensland offers a $15,000 grant for new homes under $750,000 for contracts signed from 1 July 2026, with no transfer duty on new builds. South Australia provides a $15,000 grant with no property price cap for eligible contracts, along with a full transfer duty concession on new homes and vacant land. In Western Australia, a $10,000 grant applies to new homes, with a full duty exemption on homes up to $430,000 under the First Home Owner Rate. The Northern Territory offers the HomeGrown Territory Grant of $50,000 for new homes on contracts signed by 30 September 2027. In the Australian Capital Territory, the Home Buyer Concession Scheme from 1 July 2026 provides eligible buyers with a full exemption from conveyance duty regardless of property value or household income. Tasmania offers a $20,000 grant for new homes for eligible transactions from 1 July 2026, subject to assent.
It is worth noting that state and territory grants and stamp duty concessions can generally be used alongside the Australian Government 5% Deposit Scheme, which can make a meaningful difference to your first home buyer budget.
Low Deposit Options and Lenders Mortgage Insurance
One of the most common challenges for first home buyers is saving a sufficient deposit. Low deposit options, including the 5% deposit and 10% deposit pathways, are available through various lenders and government-backed schemes. Where a deposit is below 20% and no government guarantee applies, Lenders Mortgage Insurance (LMI) is typically payable. LMI protects the lender, not the borrower, and can add a significant cost to your loan. Lyan Finance can help you understand when LMI applies, how much it might cost, and whether a government scheme could help you avoid it.
If you have received money from a family member to help with your deposit, this is known as a gift deposit. Lenders have specific requirements around gifted funds, and Lyan Finance can help you understand what documentation is needed.
Choosing the Right Home Loan Structure
Once you understand your eligibility and deposit position, the next step is finding the right home loan structure. Lyan Finance works with a wide panel of lenders to compare home loan options across fixed interest rate and variable interest rate products. A fixed interest rate gives you certainty over your repayments for a set period, while a variable interest rate can offer more flexibility and features such as an offset account or redraw facility. An offset account links to your loan and reduces the interest you pay, while a redraw facility allows you to access any extra repayments you have made. Both features can be valuable tools for first home buyers looking to manage their finances effectively.
Interest rate discounts may also be available depending on your loan size, lender, and loan type. Lyan Finance takes the time to compare your options and explain the differences in plain language so you can make an informed decision.
The First Home Super Saver Scheme
The First Home Super Saver Scheme allows eligible first home buyers to save money for a deposit inside their superannuation fund, taking advantage of the concessional tax treatment that applies to super contributions. This can be a useful way to grow your deposit faster, and Lyan Finance can explain how this scheme works alongside your broader home loan planning.
Getting Pre-Approval
Obtaining pre-approval on your first home loan gives you a clearer picture of your borrowing capacity before you start making offers on properties. A pre-approval is an assessment by a lender that indicates how much they may be willing to lend you, subject to full assessment and verification. Lyan Finance can help you prepare a strong first home loan application and connect you with lenders suited to your circumstances.
Whether you are just starting to explore your options or are ready to take the next step, the team at Lyan Finance is here to support first home buyers at every stage of the process. Contact us today to speak with a mortgage broker who understands the needs of first home buyers across Sydney and Australia.
Step 1: Initial Consultation
We start with a conversation. Whether you reach out by phone, email, or through our website, we take the time to understand your situation, your goals, and what you are hoping to achieve. There is no pressure and no jargon - just a friendly chat to get things moving in the right direction.
Step 2: Fact-Finding and Assessment
Next, we take a closer look at your financial position. We gather details about your income, expenses, assets, and liabilities. This helps us build a clear picture of your borrowing capacity and identify the right loan options for your needs.
Step 3: Research and Loan Comparison
With access to a wide panel of lenders, we do the legwork for you. We compare hundreds of loan products to find options that suit your goals, whether you are buying your first home, refinancing, or investing in property.
Step 4: Loan Recommendation
We present you with our recommended loan options in plain language. We walk you through the features, interest rates, fees, and repayment structures so you can make a confident and informed decision.
Step 5: Application Preparation
Once you are happy with your chosen loan, we prepare and submit your application on your behalf. We handle the paperwork, liaise with the lender, and make sure everything is in order to give your application the best chance of approval.
Step 6: Approval and Settlement
We keep you updated every step of the way through the approval process. Once your loan is approved, we work closely with your solicitor or conveyancer to ensure settlement goes smoothly and on time.
Step 7: Ongoing Support
Our relationship does not end at settlement. We stay in touch to make sure your loan continues to work for you. As your circumstances change or better options become available, we are here to review your loan and help you stay ahead.
Huge thanks to Andrew from Lyan Finance! He is such a friendly, professional, and fast-working broker. He made the whole process smooth and stress-free, and I couldn't be happier with the service I received. I'm completely satisfied and will definitely reach out to him again in the future!
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I highly recommend Andrew. I have had some complicated mortgage issues and Andrew has worked efficiently with my solicitor, bank and building company. He is very prompt at getting things done. He has made the whole process go along smoothly Andrew has been very patient with all my questions.
Rachel Newman
Andrew has been my broker for more than 10 years. I purchased my second property with his assistance and we have gone through a number of refinancing since then for my two properties. He has been very professional and helpful. My interest is very much looked after. I highly recommend him.
Reggie CRUZ
I had an exceptional experience with Andrew An. From start to finish, he demonstrated professionalism, expertise, and a genuine commitment to finding the best mortgage solution for me. His knowledge of the market was impressive, and he took the time to explain every detail clearly, making the entire process smooth and stress-free. He was always available to answer my questions and provided timely updates. Thanks to Andrew's hard work, I secured a fantastic mortgage rate and my home buying experience was a success. I highly recommend Andrew An to anyone looking for top-notch mortgage services!
Jackson H
Lyan Finance is here to help first home buyers across Sydney and Australia understand their options and move forward with confidence. Book an appointment with our team today.
Contact UsGetting started is straightforward. You can reach out to us by phone, email, or through our website to book an initial consultation. This first conversation is a chance for us to learn about your situation, what you are hoping to achieve, and any questions you might have. There is no obligation involved in having that initial chat. From there, if you are ready to move forward, we will guide you through each step of the process, from gathering your documents through to submitting your application and beyond. At Lyan Finance, we believe that good communication and a clear process make a real difference, and we are here to support you every step of the way.
Lyan Finance can assist with a wide variety of lending needs. Whether you are purchasing your first home, upgrading to a larger property, investing in real estate, refinancing an existing loan, or looking at options for a construction loan, we are here to help. We also assist self-employed borrowers, who often face additional complexity when applying for finance. Our role is to understand your specific situation and connect you with lenders who have products suited to your needs. No two clients are the same, and we approach each situation individually rather than applying a one-size-fits-all solution.
A mortgage broker acts as the link between you and a range of lenders, including banks, credit unions, and other financial institutions. Rather than you having to contact each lender individually, a mortgage broker does that work on your behalf. At Lyan Finance, we take the time to understand your financial situation, your goals, and what you are looking for in a home loan. We then research options from our panel of lenders and present you with choices that suit your circumstances. We also handle much of the paperwork and communication with lenders throughout the application process, which can save you a significant amount of time and effort.
In most cases, there is no direct cost to you for using our mortgage broking services. Lyan Finance is typically paid a commission by the lender once your loan settles. We are required by law to disclose any commissions or fees to you upfront, so you will always know exactly how we are compensated before you proceed. This transparency is something we take seriously. If there are any situations where a fee may apply, we will always discuss this with you clearly and in advance. Our goal is to make sure you feel informed and comfortable at every step, with no surprises along the way.
While the exact documents required can vary depending on your situation and the lender, there are some common items that most lenders will ask for. These typically include proof of identity, recent payslips or evidence of income, tax returns (particularly for self-employed borrowers), bank statements, details of any existing debts or liabilities, and information about the property you are looking to purchase. At Lyan Finance, we will provide you with a clear checklist tailored to your circumstances so you know exactly what to gather. Being well-prepared with your documents from the beginning can help avoid unnecessary delays in the application process.
Yes, refinancing is one of the most common reasons people come to us. There are many reasons why someone might consider refinancing, such as wanting to access equity in their property, consolidating debts, changing their loan structure, or simply reviewing whether their current loan still suits their needs. At Lyan Finance, we can review your existing loan and compare it against options available through our lender panel. We will explain the potential costs involved in refinancing, such as exit fees or application fees, so you can make an informed decision. Refinancing is not always the right move for everyone, and we will always give you an honest assessment of your situation.
Not at all. While Lyan Finance is based in Sydney, we work with clients right across Australia. Thanks to phone, email, and video calls, we are able to provide the same level of personalised service to clients whether they are in Melbourne, Brisbane, Perth, or a regional area. The home loan process can be managed entirely remotely if that suits you, and many of our clients prefer the convenience of being able to communicate with us from wherever they are. If you are local to Sydney and would prefer a face-to-face meeting, we are happy to arrange that as well. We work around what suits you best.
Absolutely. Buying your first home is one of the biggest financial decisions you will ever make, and it can feel overwhelming when you are not sure where to start. At Lyan Finance, we work with first home buyers regularly and understand the questions and concerns that come with the process. We can walk you through how home loans work, explain the different loan types available, and help you understand what government grants or schemes you may be eligible to apply for, such as the First Home Owner Grant. We take the time to explain things in plain language so you feel confident and informed throughout the process.
The timeline for a home loan can vary depending on a number of factors, including the lender you apply with, the complexity of your financial situation, and how quickly documentation is provided. Generally speaking, once a full application is submitted with all required documents, lenders can take anywhere from a few days to a few weeks to issue a formal approval. At Lyan Finance, we work to keep the process moving as smoothly as possible by helping you prepare your documents correctly from the start and staying in regular contact with the lender on your behalf. We will keep you updated throughout so you always know where things stand.
When you go directly to a bank, you are only seeing what that one lender has to offer. At Lyan Finance, we work with a wide range of lenders, which means we can present you with a broader set of options to consider. We are not tied to any single institution, so our focus is on finding a loan that suits your needs rather than promoting one particular product. We also provide personalised guidance throughout the entire process, from your first enquiry through to settlement. For many people, having someone in their corner who understands the lending process and can explain things clearly makes a real difference.