Buying your first home comes with more questions than any one article can answer, but a handful come up again and again. Below are straight, plain-language answers to the ones we hear most often from first home buyers in Wantirna and the surrounding eastern suburbs, covering whether a broker is worth using, what buying actually costs beyond the deposit, and whether you might qualify for government support.

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Are Mortgage Brokers Worth It?

A mortgage broker's job is to compare home loan options across a panel of lenders on your behalf, rather than only offering one bank's own products. For many first home buyers, that comparison is the main value: it can surface options you might not find by approaching a single bank directly, and a broker generally manages much of the paperwork and liaison with the lender for you. It's a fair question to ask how a broker is paid. Most brokers, including DFS, are paid a commission by the lender once a loan settles, not a fee charged to you directly. It's reasonable to ask any broker you're considering how they're paid and which lenders they work with before deciding whether to proceed.

A broker comparing your options across a panel of lenders is not the same as a whole-of-market comparison. Ask what panel a broker works from before assuming it covers every lender.

The Hidden Costs of Buying Your First Home

The deposit is usually the number first home buyers focus on, but it's rarely the only cost. Costs that catch people out include:

  • Stamp duty, unless you qualify for a first home buyer exemption or concession
  • Lenders mortgage insurance (LMI), which may apply if your deposit is below 20 percent of the purchase price
  • Conveyancing or solicitor fees for the legal side of the purchase
  • Building and pest inspections, plus loan application or valuation fees which vary by lender

The exact total depends on the purchase price, your deposit, and where you're buying, so it's worth getting a specific cost breakdown before you make an offer rather than relying on a general rule of thumb.

Do You Qualify for the First Home Guarantee?

The First Home Guarantee is a federal government scheme that can allow eligible first home buyers to purchase with a smaller deposit without paying LMI, subject to income caps, property price caps, and available places. Eligibility criteria change periodically, so it's worth checking your specific situation rather than assuming you do or don't qualify. See our First Home Guarantee page for current detail, or speak with us directly to check your eligibility.

Important

Places under the scheme are limited each financial year and criteria can change, so confirm current eligibility before making plans around it.

Broker vs Bank: Weighing It Up

Both paths can work. Here's a balanced look at the trade-offs.

Pros
  • Compares multiple lenders on one panel instead of a single bank's own products
  • Generally paid by the lender, not an upfront fee to you
  • Can help with paperwork and liaison throughout the application
Cons
  • Only compares lenders on that broker's panel, not literally every lender in the market
  • Commission structures vary between brokers, so it's worth asking how yours is paid
  • Going direct to one bank means you only see that bank's own products

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Frequently Asked Questions

Are mortgage brokers worth it?↓

For most borrowers, yes, though it depends on your situation. A broker compares options across a panel of lenders rather than one bank's own products, and generally manages much of the paperwork. Most brokers, including DFS, are paid by the lender once a loan settles rather than charging you directly, though it's worth asking any broker how they're paid before you engage them.

What hidden costs should first home buyers budget for beyond the deposit?↓

Beyond your deposit, budget for costs such as stamp duty (unless a first home buyer exemption applies), lenders mortgage insurance if your deposit is under 20 percent, conveyancing or legal fees, building and pest inspections, loan application or valuation fees, and moving costs. These vary by purchase price and circumstances, so a specific cost breakdown before you make an offer is worth getting.

Am I likely to get a lower interest rate by going directly to a bank instead of using a broker?↓

Not necessarily. The rate you're offered depends mainly on your circumstances and the lender's current offers rather than which channel you use. A broker's advantage is comparing multiple lenders on their panel at once, rather than seeing only one bank's own products.

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Note: This article provides general information only and does not take into account your personal circumstances. Eligibility for the First Home Guarantee and other schemes depends on criteria set by the relevant government body and may change. Seek advice specific to your situation before making a decision.