How We Helped a First Home Buyer in Werribee

When Priya first came to us, she had been renting in Melbourne's west for five years and was determined to own her first home. Like many first home buyers, she felt overwhelmed by the process — saving for a deposit, understanding government grants, and figuring out which lender would give her the best deal. Here's how we helped her make it happen.

The Situation

Priya is a 28-year-old allied health professional earning a steady income. She had her eye on a brand-new three-bedroom house-and-land package in Werribee priced at $480,000. She had saved a 10% deposit of $48,000, which was a fantastic effort, but she was worried about Lenders Mortgage Insurance (LMI) and wasn't sure if she qualified for any government assistance.

"I'd been saving for three years and just didn't know if it was enough. I was getting different advice from everyone — friends, family, even the bank. I needed someone who actually knew the system."

What We Did

Identified Government Grant Eligibility

As a first home buyer purchasing a new home under $600,000 in Victoria, Priya was eligible for both the First Home Owner Grant (FHOG) of $10,000 (available for new homes only) and a full stamp duty exemption. This alone saved her over $25,000 that she would have otherwise had to pay upfront.

Compared 12 Lenders

Rather than going straight to her bank, we compared offers from 12 different lenders on Priya's behalf. The difference between the highest and lowest rate was significant — over 0.8% — which translates to tens of thousands of dollars over the life of the loan.

Avoided LMI with the First Home Guarantee

With only a 10% deposit, Priya would normally have been required to pay LMI — which on a $480,000 loan could have cost around $8,000. We secured her a place under the First Home Guarantee scheme, which allowed her to purchase with just 5% deposit (she had double that) without paying any LMI at all.

Managed the Entire Process

We handled all the paperwork, coordinated with the lender and her conveyancer, and kept Priya updated every step of the way. From pre-approval to settlement, the whole process took just five weeks.

The Result

• Property purchased: 3-bedroom home in Werribee for $480,000
• Deposit: 10% ($48,000) from personal savings
• FHOG received: $10,000
• Stamp duty saved: ~$15,000 (full exemption)
• LMI saved: ~$8,000 (via First Home Guarantee)
• Interest rate secured: 5.34% (vs 6.15% from her bank)
• Time from enquiry to settlement: 5 weeks

"I honestly couldn't believe how smooth it was. I thought buying a home would be the most stressful thing I'd ever do, but having someone guide me through every step made all the difference. I saved over $30,000 that I didn't even know I was entitled to."

Key Takeaway

First home buyers often don't realise how much government assistance is available, or how much rates can vary between lenders. A mortgage broker doesn't cost you anything — and in Priya's case, the savings were life-changing. If you're thinking about buying your first home, the best first step is a quick chat to understand your options.