How a mortgage broker can help first home buyers

Buying your first home is exciting, but the paperwork, jargon and government schemes involved can make it feel like a lot to take on by yourself. A mortgage broker‘s job is to make that process simpler, at no cost to you. 

Here’s how we help first home buyers move from saving a deposit to picking up the keys, and how to make the most of the schemes on offer right now.

We’ll walk you through the home loan process from start to finish

Image: Pexels

A mortgage broker acts on your behalf to arrange a home loan with a lender that suits your situation. We take the time to understand your income, expenses and goals, then compare options across our panel of 30+ lenders to find something that fits, rather than pointing you toward one bank’s product.

We look at interest rates, loan features, whether Lenders Mortgage Insurance applies, and any ongoing fees, so you understand exactly what you’re signing up for before you commit. We’re bound by a duty to act in your best interests, and everything is explained up front.

We don’t charge for this service. We’re paid a commission by the lender you choose, both at settlement and as a smaller ongoing payment over the life of the loan, so our advice comes at no cost to you.

We’ll help you get pre-approved sooner

Image: Pexels

Pre-approval gives you a clear idea of what you can borrow before you start inspecting properties, so you’re not falling for a home that’s out of reach. Because we work with lenders’ policies every day, we can usually tell early on which lender is likely to approve your application and get you there faster than going direct.

Applying for pre-approval yourself means working through a lender’s own screening process, which doesn’t always leave room to explain your full financial picture. Going through a mortgage broker gives you a broader read on your borrowing capacity across more than one lender’s criteria.

What to bring to your first conversation

To get moving quickly, it helps to have a few things ready:

• Recent payslips and proof of any other income
• Your last two or three months of bank statements
• Details of any existing debts, such as car loans or credit cards
• Proof of your savings or deposit, including any assistance from family
• Your identification documents

We’ll talk you through exactly what’s needed once we understand your situation, so don’t worry if you don’t have everything sorted yet.

We’ll help you make the most of the Australian Government 5% Deposit Scheme

Image: Pexels

Since 1 October 2025, the Home Guarantee Scheme has been expanded and renamed the Australian Government 5% Deposit Scheme, removing income caps and the annual limit on places for first home buyers. Property price caps also rose sharply. Newcastle, Lake Macquarie, and the Central Coast now sit at the same $1.5 million cap as Sydney, while other parts of the Hunter, including Maitland and Singleton, currently sit closer to $800,000.

Caps are set by postcode and reviewed regularly, so we’ll confirm the exact figure for your target suburb before you make an offer. Under the scheme, eligible first home buyers can purchase with a deposit as low as 5% and avoid paying Lenders Mortgage Insurance altogether.

We’ll help you weigh up the Help to Buy scheme, too

If your income sits under the threshold, currently $103,000 for individuals or $165,000 for couples and single parents, the federal Help to Buy scheme is worth a look. The government contributes up to 30% of the purchase price for an existing home, or 40% for a new build, in exchange for an equivalent share in your property. That means a smaller loan and a deposit as low as 2%, with no Lenders Mortgage Insurance.

You can’t combine Help to Buy with the 5% Deposit Scheme, and only a small number of lenders currently offer it, so it won’t suit everyone. We’ll help you weigh it up against your other options rather than assume it’s the right fit.

We’ll help you claim what else NSW offers

On top of federal support, first home buyers in NSW may also be eligible for:

• The First Home Owner Grant: $10,000 for a new home valued up to $600,000, or a house and land package up to $750,000 combined
• The First Home Buyers Assistance Scheme: a full stamp duty exemption on homes up to $800,000, with a concessional rate up to $1,000,000

These thresholds move over time, so we’ll check exactly where you stand before you sign anything.

Get support from start to finish with Watson Mortgages

A mortgage broker takes you from that first conversation through to settlement, helping you avoid costly missteps like the wrong loan structure or avoidable fees. Across Newcastle, Maitland, Singleton, and the Central Coast, our brokers, Gary Gilbert and Nestor Ramirez, bring 60+ years of combined experience to conversations like this one.

For expert mortgage advice, get in touch online or book a free 15-minute Discovery Call to find out where you stand. We’ll help you find a home loan that works for your circumstances.

Disclaimer

Watson Mortgages Pty Ltd (Nestor Ramirez Credit Representative Number 378816) is authorised under Australian Credit Licence 389328.

Watson Mortgages Pty Ltd ABN 29 642 538 967 is a separate entity to Elliot Watson Financial Planning Pty Ltd.  Elliot Watson Financial Planning Pty Ltd is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.