First home buyer loans in Geelong

What a first home buyer loan involves

A first home loan is not just about the interest rate. For a first purchase the structure matters as much as the number: how your deposit is assembled, whether you pay lenders mortgage insurance, which government schemes you stack, and which lender will accept your income on the day. Across Geelong we see buyers in very different situations - a single buyer saving toward a unit in Newtown, a couple targeting a house-and-land package in Armstrong Creek, or a family stepping up from renting in Corio. The right loan looks different for each, and a broker maps the options to your circumstances rather than to one bank's product set.

The broker starts by confirming your genuine borrowing power - your income, existing commitments, dependants and living costs - against each lender's serviceability calculator. Because lenders are required by APRA (the Australian Prudential Regulation Authority) to assess your repayments at roughly 3% above the actual rate, the number a bank will lend can sit well below what a basic online calculator suggests. Knowing your real figure before you bid at an auction or sign a contract is what stops a first purchase falling over late.

The Victorian First Home Owner Grant in Geelong

The Victorian First Home Owner Grant pays $10,000 toward an eligible new home - one that has never been lived in - valued at $750,000 or less. It applies to newly built houses, off-the-plan apartments and house-and-land packages, which makes it especially relevant in Geelong's growth corridors like Armstrong Creek, Mount Duneed and the newer estates around Lara and Leopold. The grant does not apply to established homes. At least one buyer must live in the property as their main residence for a continuous 12 months, starting within 12 months of settlement or completion. The grant is administered by the State Revenue Office Victoria, and a licensed broker can help you identify the right questions to check against the specific property before you commit.

Stamp duty exemptions and concessions for first home buyers

Separate from the grant, Victoria gives first home buyers a significant break on land transfer duty (stamp duty). If your home is valued at $600,000 or less, you pay no stamp duty at all. Between $600,001 and $750,000 a sliding-scale concession reduces the duty, phasing back to the full amount at $750,000. Unlike the grant, this concession applies to both new and established homes, as long as the property becomes your principal place of residence. For a first buyer in Geelong this is often worth more than the grant itself, and the two can be used together where you qualify. These thresholds are set by the State Revenue Office Victoria; the figures here are general information, so confirm your exact position before you budget around them.

The First Home Guarantee and low-deposit home loans in Geelong

The federal First Home Guarantee lets eligible first buyers purchase with as little as a 5% deposit without paying lenders mortgage insurance (LMI), because the government guarantees the gap to the lender. From 1 October 2025 the scheme removed its income limits and annual place caps, which has opened it up to far more buyers. Geelong gets a meaningful advantage here: because Greater Geelong may be treated differently from other regional areas. Caps and eligibility can change, and a few kilometres can affect which settings apply, so it is worth checking the specific suburb with a participating lender before you rely on the guarantee in your budget.

How much deposit do you need?

Most lenders look for at least 5% in genuine savings, plus enough to cover purchase costs. Under the First Home Guarantee, 5% can be enough to avoid LMI entirely. Outside the scheme, a deposit below 20% usually means paying LMI, which can be added to the loan rather than paid up front. Family guarantor arrangements - where a parent uses equity in their own home as additional security - can reduce or remove that cost as well. A broker runs the numbers across these paths so you can see the real difference in up-front cost and monthly repayment before you decide which one suits you.

It also pays to plan the timing. Pre-approval typically takes around five business days for a clean salaried application, and it gives you a clear ceiling to bid or negotiate to. Pre-approval is not a formal offer of credit - the lender still assesses the property and your final position - but it puts you on solid ground when a Geelong home you want comes up.

How the first home buyer review works

Submit the short form with your deposit, income and the area you are looking in. A licensed broker can review your situation, identify the right grant and concession questions, and compare lender policy for the structure that fits. Broker fees, commissions and authorisation details should be disclosed to you in writing before you decide whether to proceed.

Information on this page is general only and does not take into account your individual situation, objectives or needs. Grant and duty figures are current as at June 2026 and set by the State Revenue Office Victoria; confirm current settings before acting. Any indication of borrowing power is not an offer of credit and is subject to a lender's approval.