Melbourne’s Trusted & Tailored Mortgage Solutions
Melbourne’s Trusted & Tailored Mortgage Solutions
Buying your first home is one of the biggest financial decisions you will make. Shern Advisory Mortgage Brokers takes the complexity out of it, helping you compare first home buyer loan options from 40+ lenders, securing your best interest rate, and managing the whole process from pre-approval through to settlement.
That means no awkward bank appointments, no confusing paperwork to figure out alone, and no guessing games about what you can actually afford.
Here is why so many Australians choose us to get their first foot in the door:
To be eligible for first home buyer loan schemes and grants in Australia, you generally need to meet the following eligibility criteria.
Sound like you? Let’s check.
Individual circumstances vary and eligibility can depend on many factors including your financial situation, the property you are purchasing, and which scheme you are applying for. Shern Advisory Mortgage Brokers reviews your eligibility as part of your free initial assessment with no cost and no obligation.
The Australian Government and Victorian Government fund several schemes that reduce upfront costs, cut stamp duty, or allow eligible first home buyers to purchase with a smaller deposit. These schemes are administered by Housing Australia and the State Revenue Office of Victoria.
Buying your first home in Australia means you have access to support that previous generations simply did not.
Shern Advisory Mortgage Brokers identifies which schemes you qualify for as part of your assessment and manages all grant applications on your behalf.
Yes, really.
Most first home buyers in Australia are sitting on thousands of dollars in grants and concessions they don’t even know about. Don’t be one of them!
Understanding your upfront costs before you start is one of the most effective ways to fast track your path to home ownership. Here are the main costs to account for:
Lenders mortgage insurance protects the lender, not you, if you default on your loan when your deposit is below 20% of the property value. LMI can add $8,000 to $20,000 or more to your upfront costs depending on your loan size and deposit percentage. Many first home buyers avoid LMI through the First Home Guarantee scheme, professional LMI waiver programs, or by saving a 20% deposit.
Stamp duty is a state government tax on property transfers. In Victoria, eligible first home buyers may receive a full exemption on properties up to $600,000, or a concession on properties up to $750,000. Above $750,000, full stamp duty applies. The amount varies significantly depending on the purchase price, so it is important to calculate this before you start making offers.
The standard deposit is 20% of the purchase price, which avoids LMI. However, eligible first home buyers may be able to purchase with as little as 2% to 5% through government guarantee schemes. Having a larger deposit can reduce the amount borrowed, leading to lower interest payments over the life of the loan, and may also qualify borrowers for better interest rates.
You will need a solicitor or conveyancer to handle the legal transfer of the property. Budget approximately $1,500 to $2,500 for this depending on the complexity of the purchase.
Pre-purchase building and pest inspections typically cost $400 to $800. While not legally required, they are strongly recommended, identifying structural issues or pest damage before you are contractually committed can save thousands. Do not skip this step. A few hundred dollars upfront can protect you from tens of thousands in nasty surprises down the track.
Shern Advisory Mortgage Brokers manages the whole process for you. Most first home buyers receive a conditional approval decision within two to five business days of submitting their full application. No chasing lenders, no endless hold music, no wondering what is happening next.
We review your financial situation, income, spending habits, deposit size, and goals. We calculate your borrowing power, identify which government schemes you qualify for, and confirm your eligibility criteria across different lenders. No credit check. No obligation. You will finally know exactly where you stand, and that feeling is priceless.
We search 40+ lenders and present you with the loan options that best suit your situation. We explain the differences in plain English — interest rates, fees, features, offset accounts, repayment types — so you can make a fully informed decision. We are legally required to recommend what is in your best interests, so you know the recommendation you receive is genuinely right for you.
We prepare and lodge your loan application with supporting documents. We manage the communication with the lender on your behalf, chasing any additional information required and keeping you informed throughout. Once conditionally approved, you have a clear budget to search for properties with confidence.
Once you find a property and exchange contracts, we manage the formal approval process through to settlement. We liaise with the lender, your solicitor or conveyancer, and the vendor’s agent. After settlement, we stay in touch with regular rate reviews to make sure your loan remains competitive as the market changes.
Shern Advisory Mortgage Brokers is a boutique Melbourne mortgage brokerage with over 20 years of combined experience. We specialise in first home buyer loans, professional loans for teachers, nurses, and other essential workers, as well as investment loans and refinancing. Unlike a bank, we compare 40+ lenders and are legally required to act in your best interests. That is a big deal when you are making the biggest purchase of your life.
Shern Advisory Mortgage Brokers is an accredited member of the Mortgage and Finance Association of Australia (MFAA). MFAA accreditation requires ongoing professional development, ethical conduct, and compliance with Australian credit law, including the best interests duty. In short, we are held to a higher standard, and first home buyers deserve nothing less.
We hold an Australian Credit Licence issued by the Australian Securities and Investments Commission. All advice is provided under the best interests duty framework, which legally requires us to recommend what is best for you, not for the financial institution.
Jason Kuan is the principal broker at Shern Advisory Mortgage Brokers. Before entering mortgage broking in 2013, Jason worked in real estate sales and market research across Melbourne, giving him an understanding of the property market that goes beyond lending. He has helped hundreds of first home buyers navigate the home buying journey across Melbourne CBD and surrounding suburbs.
Shern Advisory Mortgage Brokers holds a 4.9-star Google rating from verified clients including first home buyers, investors, and refinancers. Read what our satisfied customers say.
Our service is completely free to borrowers. We are paid by the lender upon settlement. There are no hidden fees, no application costs charged to you, and no obligation at any stage before you choose to proceed. Seriously, what have you got to lose?
Whether you are just starting to research your options or ready to apply, Shern Advisory Mortgage Brokers is here to help you buy sooner with the right loan, the right rate, and the right government scheme for your situation. Free assessment, no credit impact and a response within 24 hours. Your first home is closer than you think. Take the first step today and let us do the hard work.
► Start Your First Home Buyer Assessment →Prefer to call? +61 433 147 323
A first home buyer loan is a home loan taken out by someone who has never previously owned residential property in Australia. First home buyers may be eligible for government schemes such as the First Home Guarantee, the First Home Owner Grant, and stamp duty exemptions that are not available to repeat buyers or investors. The loan itself works the same as any standard home loan, but the eligibility for these schemes can significantly reduce upfront costs.
The standard deposit requirement is 20% of the purchase price to avoid lenders mortgage insurance. However, eligible first home buyers may be able to purchase with as little as 2% through the Family Home Guarantee, or 5% through the First Home Guarantee or Regional First Home Buyer Guarantee, without paying LMI. Some lenders also offer professional LMI waiver programs for certain occupations. Having a larger deposit can reduce the amount borrowed, leading to lower interest payments over the life of the loan, and may also qualify borrowers for better interest rates.
Lenders mortgage insurance (LMI) is an insurance policy that protects the lender, not the borrower, so if you default on your loan and the lender cannot recover the full amount owed. LMI applies when your deposit is below 20% of the property value.
On a $600,000 property with a 10% deposit, LMI can cost $10,000 to $18,000. Eligible first home buyers can avoid paying LMI through the First Home Guarantee scheme or through professional LMI waiver programs available from certain lenders. Shern Advisory Mortgage Brokers identifies the most suitable path to avoid or minimise LMI as part of your free assessment.
The First Home Guarantee is a federal government scheme administered by Housing Australia that allows eligible first home buyers to purchase with a 5% deposit without paying lenders mortgage insurance. The government guarantees the remaining deposit shortfall to the lender. It is part of the broader Home Guarantee Scheme and has a limited number of places each financial year.
To be eligible, you must be an Australian citizen or permanent resident, meet income caps, intend to live in the property as your primary residence, and purchase within the applicable property price caps for your state and residency status, purchase price, and property type.
The First Home Owner Grant (FHOG) in Victoria is a $10,000 one-off payment from the Victorian Government for eligible first home buyers who are purchasing or building a new home. The property must be valued at $750,000 or less. The grant is funded under state legislation and is separate from the federal First Home Guarantee scheme. You cannot receive the FHOG for purchasing an existing property. Shern Advisory Mortgage Brokers manages the application process on your behalf as part of the loan settlement.
Stamp duty is a state government tax charged on the transfer of property ownership. In Victoria, eligible first home buyers may receive a full exemption on properties valued up to $600,000, and a concession on properties up to $750,000. Above $750,000, full stamp duty applies at standard rates. The exact amount varies depending on the purchase price and property type. For example, on a $500,000 property, a first home buyer may pay $0 in stamp duty, while the standard rate would be approximately $21,970.
Borrowing power is the maximum loan amount a lender will approve based on your financial situation. Lenders calculate borrowing power using several factors including your gross income, spending habits and living expenses, existing debts and liabilities, credit history, deposit size, and the loan's interest rates and repayment type. Shern Advisory Mortgage Brokers provides a free borrowing power assessment as part of the initial consultation.
A fixed rate home loan locks your interest rate for a set period, usually one to five years, giving you certainty over your monthly repayment regardless of RBA cash rate changes.
A variable interest rate home loan moves with the market so your repayments can go up or down, but variable loans offer more flexible features like offset accounts and unlimited extra repayments.
A split home loan combines both: a portion is fixed for repayment certainty and a portion is variable for flexibility. The right choice depends on your individual circumstances, risk tolerance, and how long you plan to stay in the property.
An offset account is a transaction account linked to your home loan. The balance in your offset account reduces the interest charged on your loan. For example, if you have a $500,000 loan and $20,000 in your offset account, you only pay interest on $480,000. Over the life of a loan this can save thousands in interest and help you pay off the loan faster.
Pre-approval timelines vary depending on the lender and how quickly you can provide the required documentation. With Shern Advisory Mortgage Brokers managing the process, most clients receive a conditional approval decision within two to five business days of submitting a complete application. Some lenders can issue conditional approvals more quickly for straightforward applications. Pre-approval is typically valid for 90 days, though this can vary by lender.
Yes, using a mortgage broker as a first home buyer is one of the most effective ways to access better interest rates, lower fees, and suitable government scheme eligibility.
Brokers are legally required to act in your best interests and are paid by the lender upon settlement, meaning the service is free to you. First home buyers in particular benefit from broker guidance on grant applications, scheme eligibility, stamp duty, and loan structure, all of which can significantly impact your upfront costs and long-term repayments.
After receiving conditional approval, you can search for properties with a clear budget. Once you find a property and sign a contract, your broker submits the formal loan application to the lender. The lender conducts a property valuation and final credit assessment before issuing formal loan approval.
You then sign the loan documents, and on settlement day the lender releases the funds, the property is legally transferred to your name, and you receive the keys. Read our first home buyer guides on the blog for more detail on each stage of the home buying journey.