Buying your first home is one of life’s biggest milestones, but it can also feel like one of the most confusing. Between social media advice, well-meaning friends and family, and endless online opinions, it’s hard to know what’s fact and what’s fiction. So, lets clear the air. Here are some of the most common first home buyer myths – debunked!
 
Myth 1: You NEED a 20% deposit to buy a home.
While a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI) it is not a requirement. In fact, many lenders offer home loans as low as 5%, provided you meet certain criteria such as stable employment, good credit and a strong savings record. According to the Australian Securities and Investments Commission (ASIC), LMI is designed to protect the lender, not the borrower, meaning that it is an additional cost that can be avoided with a higher deposit, but it doesn’t block you from entering the market with less.
For eligible first home buyers, government initiatives can make buying with a smaller deposit even more achievable. So, even if you don’t have a full 20%, lenders are flexible in how they assess your deposit. Some may accept gifted funds from family or take into account consistent rent and savings patterns as proof of your ability to manage repayments.
The key takeaway? The 20% rule is more tradition than law. With the right strategy, and guidance, you can explore a wide range of lending and support options that fit your situation. A brokers role is to compare lenders, explain LMI implications, and help you structure you application in a way that maximises your borrowing power while keeping costs manageable.
 
Myth 2: you can’t buy if you have a HECS-HELP debt
A student loan won’t automatically stop you from getting a home loan. Lenders simply include your HECS or HELP repayment in your overall affordability assessment. As long as you can comfortably manage the repayment alongside other debts and living expenses, you are still a strong candidate. Its not about having a HECS debt, its about showing that you can manage your money responsibly.
 
Myth 3: You can’t get help as a first home buyer
There are multiple government grants and schemes designed to make your first step onto the property ladder easier, and they can make a significant difference to your borrowing power and upfront costs,
                First Homeowner Grant: This grant provides a one-off payment for eligible first home buyers purchasing or building a new home. The amount and eligibility criteria vary by state and territory, for example, up to $10,000 in New South Wales.
                The 5% Deposit Scheme: This program helps eligible buyers purchase with as little as 5% deposit, without paying Lenders Mortgage Insurance. The government acts as a guarantor for up to 15% of the loan, making it easier to get approved. 
                Stamp Duty Concessions and Exceptions: Many states and territories offer reduced or waived stamp duty for first home buyers, which can save you tens of thousands of dollars depending on the property value and location. For example, in NSW, homes valued up to $800,000 may qualify for a full exemption.
These incentives are designed to boost housing affordability and encourage first-time buyers to enter the market, an important economic policy goal given rising property prices and slower wage growth in recent years.

Myth 4: The process is too hard
Yes, buying your first home can feel complex, but it doesn’t have to be overwhelming. There is plenty of expert support and clear advice out there to make this process achievable. Mortgage brokers can walk you through the stages and help you secure the right loan for your goals.
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The Bottom Line
Don’t let outdated advice or online myths hold you back. The truth is first home buyers today have more tools, support and opportunities than ever before. With the right guidance, owning your first home might be closer than you think.
Mortgage brokers can play key roles here. They can help you navigate these myths and programs, check your eligibility, and structure your loan so you can make the most of every available benefit. 

Spring has long been known in Australia as the prime ‘selling season’. The warmer weather, the longer days, and the garden in bloom tend to make homes look their best. Yet, as we move from spring into the final quarter of the year, the property market generally shifts gears. Going from listing surges and auction flurries to a race against the looming holiday cut offs. For buyers, sellers, and brokers alike, that means preparation, timing, and strategy matter more than ever. So, what should you do?
 
Get Your Finances Ready Early
In the end-of-year rush market, time is of the essence. Especially when competition is strong.

          Why does this matter economically?
With interest rates and borrowing capacity shifting, those who are prepared tend to act first and more confidently. For example, a rate cut helps lift borrowing capacity, which in turn adds momentum to buyer demand. Also, as supply becomes constrained with fewer listings, the ratio of buyers to available properties decreases, meaning that any delay in financial readiness can cost more than just time.

​          What should you do?
Obtain a pre-approval for your loan. This sets out what you can borrow and demonstrates to sellers and agents you’re in the game. Also, pull together all your documentation early. This means payslips, tax returns, identification, loan states, and anything else important to obtaining your home loan. This helps you act fast when you find the right property. If you are self-employed, or have non-standard income, ensure that your finances are up to date so that lenders don’t hit delays. Or consider using a mortgage broker. A broker can compare multiple lends and help tailor the right loan structure for your situation, and coordinate the timeline from pre-approval, all the way to settlement.
Being finance-ready ahead of time means that you can stand in a stronger position to respond quickly when an opportunity presents, and that flexibility can be decisive.
 
Act Fast, But Don’t Rush
Spring listings generate excitement, and in many markets, homes sell quickly. But ‘fast’ should not mean ‘careless’.
Data shows that new listings increase in spring, creating more choice for buyers, but also more competition. At the same time, listings in 2025 were down year-on-year in many cities. For example, listings were down 12% nationally in August 2025. This means supply remains tight. When supply is constrained, and demand is rebuilding, clearances increase, and houses often command premiums.
So, when you identify a property you like, be ready to move. This means visit inspections quickly, talk to your broker about structure, and have building inspections lined up. Make sure that you don’t skip your due diligence in excitement. A building inspection, review of the contract terms, and clarity about your loan structure and settlement timeline are essential. Also, consider your deadlines. If you want to settle by year-end, check that settlement timeframes are realistic given your finances, the vendors timeline and settlement agent availability.
Balance speed with caution. In a busy market you want to act decisively, but not impulsively.
 
Plan for the Christmas Cut-Off
One of less discussed but critical elements of the end-of-year market is the operational constraint. Many lenders, brokers, and settlement agents reduce staff or close over the holiday period. If you aim for a settlement before year-end, any delay in finance approval, legal work or documentation can push you into January. Which may mean a change in costs, or less favourable rates. With may participants winding down over December, it is smart to build an extra buffer into your timeline. It is effectively a ‘deadline economy’ scenario. Everyone is aware of the calendar, and bottlenecks tend to emerge in those final weeks. We recommend asking your broker or lender about their cut-off date for year-end settlements with questions like;

• What is your cut-off date for year-end settlements in our region?
• What is the latest day you can handle a settlement and still make year end?

This helps you get an idea about a realistic timeline for settlement. It is also a good idea to keep in close touch with all parties so that if there is any hiccups they can be spotted and sorted ASAP.
 
Lean on the Experts
A busy end-of-year property market has many moving parts. From macroeconomic factors (interest rates, supply/demand) to micro-level execution (loan approval, contract review, settlement logistics). Having specialist support is invaluable.
A mortgage broker can gather lender options and may be able to secure better terms than going directly to a single bank. Given that time is an important factor in this season, the convenience and speed savings matter. Real estate agents with seasonal market experience often have insight into when the listing might appear, what vendors will accept, and how to potentially negotiate better terms in this calendar phase. Conveyancers and settlement agents who know the year-end cut-offs can help avoid undue delays and extra costs, saving you stress, time, and potentially money.
 
From spring open homes to summer settlements, the final quarter of the year is one of the most dynamic times in the Australian property market. You will be contending with local property fundamentals and broader forces of seasonality, interest rates, supply constraints and calendar logistics.
Whether you’re buying your first home, upsizing, downsizing or refinancing, the key is to prepare thoroughly, understand the market timing, and have the right support. Now is the perfect time to get your finances in shape, and if you decide to act, be ready to move with confidence.