Buying your first home can feel complex. Multiple lenders, government schemes, eligibility rules, and paperwork often make the process unclear.
Doma Finance simplifies this by providing structured guidance, access to lending options, and clear explanations at every stage.
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What We Offer
• Access to 40+ lenders across Australia, including major banks and specialist lenders
• Guidance with the First Home Buyer Grant and low-deposit government schemes
• Access to cashback offers currently available with selected banks
• A free home loan health check, with no obligation
• A fast, digital application process, designed to reduce delays and paperwork
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Understanding Your Borrowing Power
Before you start viewing properties, you need to know how much you can borrow. Lenders assess:
• Income (salary, casual, business, rental)
• Existing liabilities (credit cards, car loans, HECS/HELP)
• Living expenses and dependants
• Credit history
Key Insight
Your approved borrowing limit may be higher than what is comfortable long term.
How Doma Finance Helps:
• Calculates your borrowing power across multiple lenders
• Identifies lender-specific flexibility
• Focuses on sustainable repayments, not maximum limits
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Setting a Realistic Budget
Overcommitting to repayments is a common first-home buyer risk.
Why this matters
• Higher stress during interest rate rises
• Limited financial flexibility
• Difficulty managing unexpected expenses
Example
Repayment Example
Loan: $550,000 | Rate: 6% | Term: 30 years
Approx. monthly repayments: $3,300
If your comfortable budget is $2,800/month, adjust the property price or deposit accordingly.
How Doma Finance Helps:
• Reviews repayment scenarios
• Aligns loan size with your lifestyle goals
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Deposit and Upfront Costs
Typical upfront costs
• Deposit (5%–20%)
• Stamp duty (often reduced or waived)
• Legal or conveyancing fees
• Building & pest inspection
• Lenders Mortgage Insurance (if applicable)
QLD Example
Property price: $600,000
Deposit (5%): $30,000
Stamp duty: $0 (with concession)
Other costs: approx. $3,000
Total upfront funds: approx. $33,000
How Doma Finance Helps:
• Confirms total upfront funds required
• Explains concessions and exemptions
• Structures loans to minimise unnecessary costs
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Saving for Your First Home
Building a deposit can feel like the longest part of the journey. But your historical rental payments can sometimes help you reach your goal sooner.
Lenders may accept consistent past rent payments as proof of ‘genuine savings’, showing you can manage regular repayments. This strengthens your application for low-deposit schemes like the First Home Guarantee.
Tips to Maximise This:
• Keep clear records of all rental payments (bank statements, receipts)
• Maintain a regular savings pattern alongside rent
• Combine with other savings or grants for a stronger deposit
How Doma Finance Helps:
• Assesses whether your rental history qualifies as genuine savings
• Incorporates this into your borrowing power calculation
• Guides you on combining rental proof with government incentives
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Government Incentives for First Home Buyers
Australian federal and state governments offer several incentives to help eligible first-home buyers enter the property market. Incentives vary by location, property type, and personal circumstances.
Important
Eligibility rules, price caps, and availability can change. Incentives are assessed based on your individual situation.
7.1 First Home Owner Grant (FHOG)
A one-off grant provided by state and territory governments. Typically for new homes or substantially renovated properties. Owner-occupancy requirements apply. Grant amounts vary by state.
7.2 Home Guarantee Scheme
Allows eligible buyers to purchase with a low deposit and no LMI. Includes:
• First Home Guarantee
• Regional Home Guarantee
• Family Home Guarantee
Key updates:
• Income caps removed
• No limited places
• Increased property price caps
7.3 Family Home Guarantee
For eligible single parents or guardians with dependent children. Deposit from 2%, no LMI, may apply even if previously owned property in certain circumstances.
7.4 First Home Super Saver Scheme (FHSSS)
Allows saving via superannuation with tax benefits. Voluntary contributions up to $15,000/year, $50,000 total.
7.5 Stamp Duty Concessions and Exemptions
State-specific relief to reduce upfront costs. Full or partial exemptions depending on property value.
7.6 Shared Equity Schemes
Government contributes a portion of property price in exchange for equity share. Equity repaid over time or at sale.
7.7 State-Specific Incentives
Additional grants or shared equity programs vary by state. Often combinable with federal incentives, subject to rules.
Combining Incentives
Many buyers can combine FHOG, Home Guarantee, and stamp duty concessions, terms and conditions apply.
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Credit History and Debt Management
Lenders assess repayment history, credit enquiries, limits, and defaults. A $10,000 unused credit card limit can reduce borrowing power significantly.
How Doma Finance Helps:
• Soft credit checks (no impact on score)
• Matches you with suitable lenders
• Avoids unnecessary declines
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The Buying Process
Loan pre-approval
Property search
Make an offer or attend auction
Formal approval
Settlement
Understanding this sequence reduces risk and delays.
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After Signing a Contract
Immediate Actions:
• Return loan documents promptly
• Engage a solicitor or conveyancer
• Complete building & pest inspections
• Pay deposit by the due date
How Doma Finance Helps:
• Coordinates with solicitor and lender
• Tracks progress to settlement
• Keeps you informed of deadlines
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Common Mistakes First-Home Buyers Make
• Forgetting hidden costs
• Ignoring credit score
• Using only one bank
• Overstretching repayments
• Delaying legal engagement
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Next Steps
Book Your Free First Home Buyer Appointment by texting to 0452 571 780 “Appointment”
Includes:
• Borrowing power assessment
• Repayment & budget review
• Soft credit check
• Lender comparison (40+ lenders)
• Guidance to settlement and beyond
No obligation. No pressure.
Additional Borrowing Consideration
HECS / HELP Debt and Serviceability
Some lenders may exclude HECS/HELP debt from their serviceability calculations, or apply a reduced assessment, depending on your income level and lender policy.
This can improve borrowing power for eligible first-home buyers.
How this works
• Certain banks do not factor HECS repayments into serviceability once income exceeds a specific threshold
• Other lenders may apply a reduced loading rather than full exclusion
• Assessment methods vary significantly between lenders
Important
HECS is not automatically excluded. Acceptance depends on lender policy, income level, loan structure and current assessment rules. Terms and conditions apply.
When this may help
• Higher borrowing capacity
• Improved loan affordability
• Better outcomes for buyers with strong income growth
Key conditions
• HECS debt must still be declared in full
• Exclusion is lender-specific and not guaranteed
• Policies may change without notice
• Government guarantee schemes may apply additional assessment rules
How Doma Finance helps
• Identifies lenders that may exclude or reduce HECS impact
• Tests serviceability across multiple banks
• Structures applications conservatively to meet policy requirements
• Ensures full disclosure and compliance
Disclosure Reminder
HECS/HELP debts must always be disclosed accurately. Incorrect or omitted information may result in declined applications or future compliance issues.
WAYS TO IMPROVE SERVICEABILITY (LEGALLY)
For First Home Buyers | Australia
Serviceability is how lenders assess whether you can afford a home loan now and into the future. It is often the key factor that determines how much you can borrow, even more than your deposit.
Below are legitimate ways serviceability may be improved, subject to lender policy and individual circumstances.
1. Using Rental History as Genuine Savings
Some lenders may accept consistent historical rental payments as evidence of genuine savings.
Why this helps:
• Demonstrates repayment discipline
• Strengthens eligibility for low-deposit schemes
• Supports applications under the Home Guarantee Scheme
Conditions apply:
• Clear payment history required
• Rental history acceptance varies by lender
2. Using Room or Boarder Rental Income
Some banks may consider income from renting out a room, even if you are purchasing as an owner-occupier, including under low-deposit government guarantee schemes (below 5%).
Why this helps:
• Improves serviceability
• Increases borrowing capacity
• Supports affordability for first-home buyers
Important considerations:
• Income is often shaded, not fully accepted
• Lease or market rent evidence may be required
• Not all lenders allow this under government schemes
3. HECS / HELP Debt Assessment
Some lenders may exclude HECS/HELP repayments from serviceability calculations, or apply a reduced impact, once income exceeds certain thresholds.
Why this helps:
• Higher assessed borrowing power
• Improved loan affordability
HECS must always be declared.
Exclusion is lender-specific. Terms and conditions apply.
4. Credit Card Limits and Existing Debts
Lenders assess credit limits, not balances.
Why this matters:
• A $10,000 unused credit card limit can reduce borrowing power significantly
• Reducing or closing limits can improve serviceability
5. Choosing the Right Lender Policy
Each bank applies different assessment rules for:
• Living expenses
• Income shading
• Government schemes
• Rental income
• HECS and liabilities
Serviceability outcomes can vary materially between lenders for the same borrower.
How Doma Finance Helps
Doma Finance:
• Tests serviceability across 40+ lenders
• Identifies policy advantages that apply to your situation
• Ensures compliance with government schemes
• Structures applications conservatively to reduce risk
Important Disclosure
All income, debts and arrangements must be declared accurately.
Policies change and acceptance is not guaranteed.
Disclaimer
This guide provides general information only. Eligibility, programs, and rules may change. Personalised advice is recommended before making financial decisions.
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Key Insight
