Government incentives to help you achieve your home ownership goals

Aspiring to become a homeowner is one thing, actually planning how you’re going to pull it off is another, especially in Australia’s record-hot property market.

Fortunately, there are some new government initiatives to help you achieve your home ownership goals— possibly sooner than expected.

1. First Home Loan Deposit Scheme (FHLDS) expansion and increased price caps

Under the FHLDS, 10,000 additional places will be available from 1 July 2021. The federal government has also increased the maximum purchase price by an additional $150,000 in some states and territories. Click here to see the updated property price caps.

2. New Home Guarantee construction extension

The New Home Guarantee has been expanded with an additional 10,000 places available and will now have a construction commencement timeframe of 12 months.

Eligible first homebuyers can use the New Home Guarantee in conjunction with other government programs, like the First Home Super Saver SchemeHomeBuilder grant or state and territory First Home Owner Grants and stamp duty concessions.

Qualifying for one of these incentives may give you the confidence and financial boost to start looking, but if you’re still overwhelmed about how to find the right professional to help you, how to figure out how much to borrow, and how to choose the right finance option, follow these steps to make this process a success.

1. Visit your mortgage broker

As mortgage brokers, we have access to multiple lenders and finance products, providing you with multiple choices for your credit needs. We can compare rates across lenders, giving us insight into the most suitable rate and product for your needs and objectives, compared to a bank representative who only has access to their own branded product.

2. Prepare for your first meeting

Before your first face-to-face meeting, we’ll likely conduct a ‘needs analysis’ and ‘fact find’ to better understand your needs, objectives and financial situation. You should be prepared to provide us with information about your employment history, assets and expenses.

You should also come prepared with the following questions:

  • The type of loans offered, terms, repayment options and interest rate types
  • The ongoing fees attached to various loans, including early exit fees, late payments, break and redraw fees
  • The typical timeframe for loan settlement
  • What services they provide post-settlement

We will likely ask you about:

  • Your medium and long-term financial goals
  • The amount you want to borrow
  • Comparisons of your home loan options and your understanding of the fees, costs and conditions

Arming yourself with the right questions and knowing what we’ll ask you will make you feel prepared and informed.

3. Prepare your documents

The next step is to assemble your documents, including your ID, transaction statements, tax returns, rental income statements, ‘contract of sale’ and proof of deposit.

As daunting as it may seem to buy your first home, or your second, we’re here to guide you through the process so you feel informed and empowered to make the right decisions.

If you need help getting started get in touch today.

Are you a first homebuyer looking for


We can help get you into your new home.

We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.

Enquire today!

your numbers

Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.

View calculators

With 40+ lenders to choose from, the options are never ending!

A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz