First Home Buyers in Melbourne: Grants, Deposits, Loan Options and the Buying Process

Buying a first home in Melbourne involves three separate decisions: what you can repay comfortably, which property the lender will accept, and which government assistance you personally qualify for. This guide brings together Natloans’ published process, deposit examples, loan structures and public reviews, with official scheme corrections checked on 15 October 2026. A scheme place, grant or pre-approval is not final loan approval.

Victorian Grants and Concessions for First Home Buyers

The source advertises potential combined savings of around $41,000: around $31,000 in duty savings plus a $10,000 grant. This is an approximate promotional example, not a cash payment or an entitlement for every buyer. Both benefits require separate eligibility and the grant generally requires a qualifying new home. Do not subtract the headline amount from your cash requirement without an actual duty calculation and confirmed grant timing.

First Home Owner Grant (FHOG)

Victoria’s FHOG is $10,000 for eligible purchases or builds of a new home with a value of $750,000 or less. The definition can include a substantially renovated home that meets the new-home tests; an ordinary established home does not qualify. Applicants and spouses or partners must satisfy age, residency, previous ownership and previous grant rules, including applicable exceptions. The residence requirement is generally at least 12 continuous months beginning within 12 months of settlement or completion of construction. Confirm your exact facts with the State Revenue Office’s FHOG guidance; the price test uses the full contract value, not a reduced off-the-plan dutiable value.

Stamp Duty Exemption and Concession

Eligible first home buyers can receive a duty exemption for a dutiable value of $600,000 or less, or a concession from $600,001 to $750,000. Both new and established homes can qualify. Price alone is insufficient: applicant, partner, transaction and residence conditions apply. Dutiable value and purchase price are not always identical, especially with an eligible off-the-plan deduction. Above $750,000 there is no ordinary first-home-buyer duty concession, but other concessions may still apply. See SRO’s eligibility and duty rules. The source’s around-$31,000 saving is an illustration, not an individual assessment.

Australian Government 5% Deposit Scheme

The Australian Government 5% Deposit Scheme supports eligible buyers through participating lenders with a minimum 5% deposit and no Lenders Mortgage Insurance. The expanded scheme has no income cap and unlimited places; this does not remove lending or scheme eligibility requirements. Eligible new and established owner-occupied homes are covered. The Melbourne price cap is $950,000, inclusive, under the official price-cap factsheet; confirm the property’s location with the lender. A separate minimum-2% pathway applies to eligible single parents or legal guardians. The guarantee protects the lender, while you remain responsible for repayments and ongoing obligations. Outside the scheme, a deposit below 20% does not automatically mean every loan incurs LMI.

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme uses eligible voluntary super contributions to help save a deposit. Up to $15,000 of eligible contributions per financial year and $50,000 in total can count. The release calculation includes 85% of eligible concessional contributions and 100% of eligible non-concessional contributions, plus associated earnings. This corrects the source’s suggestion that all voluntary contributions are taxed at 15% and the full $50,000 can always be withdrawn unchanged. Eligibility, contribution limits, release tax and timing rules matter; a tax benefit is not guaranteed for every person. Obtain an ATO determination and follow the release procedure before relying on funds for a committed purchase. See ATO FHSS guidance.

Off-the-Plan Stamp Duty Concession

Under SRO’s off-the-plan rules, eligible construction costs occurring after the contract date can reduce dutiable value. It is not always a land-only calculation. The temporary concession covers eligible strata apartments and townhouses with common property for contracts signed from 21 October 2024 up to, but not including, 21 April 2027; it does not apply indiscriminately to every off-the-plan purchase. In the source’s example, $750,000 minus $420,000 equals $330,000 only if the full $420,000 qualifies as the deduction. A first-home duty exemption then depends on the buyer and transaction meeting its separate rules. FHOG’s value test still uses the full contract value. Ask the conveyancer to calculate the actual deduction and applicable concession.

Summary of Victorian First Home Buyer Programs (as at source retrieval, 15 October 2026 — confirm current figures before acting)

Program	Benefit	Key Condition
FHOG	$10,000	Eligible new home, full value at most $750,000; buyer and residence tests
First-home duty exemption	No duty under this exemption	Dutiable value at most $600,000; all eligibility tests
First-home duty concession	Reduced duty	Dutiable value $600,001–$750,000; all eligibility tests
5% Deposit Scheme	Eligible low-deposit loan without LMI	Melbourne price at most $950,000; participating lender and scheme approval
FHSS	Eligible super contributions and associated earnings towards deposit	$15,000 annual / $50,000 total contribution counting limits; release and tax rules
Off-the-plan concession	Eligible post-contract construction deduction	Property and contract-date rules; not automatically land-only

What a Melbourne First Home Deposit Looks Like

The three examples below preserve the source’s prices, suburbs and deposit arithmetic. They are illustrative scenarios, not verified current listings, suburb median prices or guarantees of affordable housing in those locations. Each assumes the relevant buyer and property qualify for the stated scheme or concession. A 5% loan deposit is not the total cash required: allow for duty where payable, conveyancing, inspections, registration, lender costs, adjustments and a buffer. Confirm when any grant or released super will actually be available.

Example: $500,000 Property

The source uses units in Footscray, Reservoir and Preston as examples at $500,000; present-day availability and suitability have not been established.

• 5% deposit: $25,000
• Stamp duty: $0 if the purchase and buyer meet the first-home duty exemption requirements.
• FHOG: $10,000 if the home is qualifying new stock and all applicant requirements are met.
• LMI: not payable if the loan qualifies under the 5% Deposit Scheme.

Example: $650,000 Property

The source uses townhouses and smaller homes in Clayton, Bentleigh East and Coburg as examples at $650,000, without current listing evidence.

• 5% deposit: $32,500
• Stamp duty: the first-home concession can apply if eligible and dutiable value is $650,000; calculate the actual amount.
• FHOG: $10,000 for a qualifying new home and eligible applicants.
• LMI: not payable if approved under the 5% Deposit Scheme.

Example: $900,000 Property

The source uses houses in Moorabbin, Oakleigh and Cheltenham as examples at $900,000; this is not a current market-price assurance.

• 5% deposit: $45,000
• Stamp duty: above the ordinary first-home duty concession ceiling if dutiable value is $900,000; check whether another concession or deduction applies.
• FHOG: unavailable for a $900,000 full-value home because it exceeds the $750,000 ceiling.
• LMI: not payable under an approved 5% Deposit Scheme loan; $900,000 is below Melbourne’s $950,000 cap but price alone does not qualify a buyer.

The arithmetic is $500,000 × 5% = $25,000; $650,000 × 5% = $32,500; and $900,000 × 5% = $45,000. Confirm total cash at contract signing and settlement separately, including any valuation shortfall. These figures are not loan offers or actual client cases.

Why Pre-Approval Comes First

Pre-approval can provide an indicative lending range before property inspections. It cannot remove all uncertainty or establish what you can safely bid at auction: income, debts, expenses, lender policy, expiry, property acceptability and valuation can affect final approval.

Natloans says it prepares and submits the application after comparing suitable panel options. The source gives a typical pre-approval validity of three to six months; this is not a universal lender commitment. Scheme reservation deadlines can differ: the government’s 5% Scheme guidance describes 90 days to find a home and sign after pre-approval. Check both the lender and scheme deadlines. The source describes pre-approval as helpful when negotiating in Bayside or the inner west, but no competitive advantage or seller acceptance is guaranteed. Its inconsistent 50-plus and 60-plus panel figures are explained below.

Pre-approval is conditional. Final approval depends on the lender completing its required borrower, property and valuation checks and satisfying conditions. A valuation need not involve an independent physical inspection in every case. Formal approval is also distinct from completion of loan documents, security arrangements and settlement.

How the Buying Process Works With a Natloans Broker

Natloans describes the process in five stages on its public website. Each stage is outlined below.

Step 1 — Check Your Borrowing Capacity

The broker reviews income, expenses, debts, deposit and upfront costs, including duty and legal fees, to estimate borrowing capacity and a workable purchase budget. A maximum lender calculation is not necessarily a comfortable personal spending limit.

Step 2 — Compare Your Options

Natloans describes comparing products from its lender panel and shortlisting options for the borrower’s income, deposit and property. The source uses both 50-plus and 60-plus lender counts; neither establishes that every panel lender offers a suitable first-home product or participates in a government scheme. Confirm current access and the reasons for a recommendation.

Step 3 — Get Pre-Approved

Natloans prepares the application and submits it to the selected lender. Treat the resulting amount and expiry as conditional, and check the required evidence and outstanding conditions before relying on it.

Step 4 — Make Your Offer

When you find a property, the broker can compare the purchase price with the indicative approval and identify lender checks. Have the contract, finance condition, deposit and auction risks reviewed by a conveyancer or solicitor before becoming bound; a broker’s price check is not legal approval of the contract.

Step 5 — Settle and Move In

The source says Natloans manages the formal loan application and coordinates with the lender and conveyancer through settlement. The buyer must still complete required documents and provide funds and information. Settlement involves funds and title arrangements; the source is not a guarantee of a particular settlement date or that registration and every administrative step are instantaneous.

After Settlement

Natloans advertises an annual review after settlement to consider a better rate or structure. A switch requires your decision, suitable terms and any applicable lender approval and transaction steps; it is not automatic. Compare switching costs, the remaining term and total cost before accepting lower repayments alone as a saving.

Home Loan Types for First Home Buyers

The source discusses four common structures. Availability, fees, features and suitability depend on the actual product and borrower. Use the ASIC Moneysmart home-loan comparison guidance to compare amount, term, interest, fees and useful features together.

Fixed-Rate Home Loans

A fixed rate applies for an agreed period, described by the source as commonly one to five years. It supports repayment predictability under the agreed terms, but does not follow market rate cuts during that period. Check restrictions on additional repayments, available offset features, break costs and the rate or options after expiry.

Variable-Rate Home Loans

A variable rate can change at the lender’s discretion under the contract. A market or RBA change is not automatically passed through, and repayment changes follow the product’s terms. Offset accounts and extra repayments may be available, with fees, limits and eligibility depending on the loan; they are not universal or automatically free.

Split Loans

A split loan combines fixed and variable portions. The permitted split and features depend on the lender and product, as well as your choice with the broker. Compare fees, extra-repayment limits and the terms of each portion separately.

Interest-Only Loans

Interest-only repayments do not reduce principal during the agreed period. For comparable borrowing and terms, delaying principal repayment can increase total interest, and repayments can rise substantially when principal and interest must be paid over the remaining term. Availability is not a recommendation for a first home buyer. Review the ASIC interest-only loan guidance and a full repayment schedule.

Home Loan Types at a Glance

Loan Type	Key Feature	Main Trade-Off
Fixed	Rate fixed for agreed period	Extra-repayment limits, break costs and expiry terms
Variable	Rate can change; features vary	No guaranteed market-rate pass-through or free offset
Split	Fixed and variable portions	Lender rules and costs apply to both portions
Interest only	No scheduled principal reduction during initial period	Later payment increase and potentially greater total interest

About Natloans

Natloans describes itself as a multi-award-winning Melbourne-based mortgage and finance broker serving clients across Australia, with more than 15 years of experience and over 10,000 clients helped. It advertises first-home loans, refinancing, car and personal loans and business finance. These are public business claims from the page published 8 September and modified 2 October 2026, not an independent audit or an incorporation date. The page uses 50-plus lenders in its overview and 60-plus in its process, as well as 900-plus and 800-plus review claims and a widget displaying 884 reviews. Those inconsistent figures are preserved as source observations; no exact current panel or review count has been verified. Zero values in animated counters are not evidence that the business has no clients, experience or lenders.

What Natloans Clients Have Said

These are paraphrased summaries of 14 unique reviews displayed on the public source page. The widget identifies Google via Trustindex; that attribution has not been independently verified here. Publicly displayed dates are retained where available. Several reviews concern car or other finance and do not establish first-home mortgage approval times, guaranteed outcomes or service hours.

• Moorabbin Cars: Praised Jonathan for making the loan arrangements smooth and easy. No date was captured in this source block.
• Dean Butterworth: Praised Lizzy Lawrence’s work throughout the application and the service and outcome. No date was captured in this source block.
• Elisha Ferguson: Said Lizzy communicated promptly, kept the reviewer updated and helped obtain a car when others had not. No date was captured in this source block.
• Lisa Newson: Praised Jonathan’s effort to find a favourable outcome and recommended the service. No date was captured in this source block.
• Adam Awad — 29 April 2026: Described a quick, straightforward car-loan process with Jonathan.
• Lorna Lee — 29 April 2026: Praised Michelle’s attention through completion of the application.
• Kristylee Marley — 29 April 2026: Reported almost four weeks of difficulty with SG Fleet before Jonathan obtained approval in under 48 hours. This is the reviewer’s individual comparison, not independently verified evidence of a competitor’s general performance.
• Lee-Lin Loh — 21 April 2026: Praised Michelle’s car-loan assistance, including weekend communication and public-holiday settlement. The review refers to a Covid period despite the displayed date; it does not establish a current operating-hours promise.
• John Bateman — 16 April 2026: Praised Jonathon Dhondee and the team for responsive, professional service, product access and follow-up without pressure.
• anji — 30 April 2026: Briefly praised the team’s work.
• Atticus Zveglic — 15 April 2026: Said Michelle Douthie made a first loan straightforward following a parental referral and would use the service again.
• Renee Collins — 13 April 2026: Reported pre-approval within days and a new car within a week, with an easy application experience.
• Jason Haustorfer — 10 April 2026: Reported Jonathan supplied three or four options and completed the process within 36 hours.
• Matt Hince — 8 April 2026: Described referring clients to Mary and the team and praised their results.

Frequently Asked Questions

How long does it take to get pre-approved for a home loan in Melbourne?

The source estimates two to five business days, with some straightforward conditional assessments within 24 hours. These are published estimates, not a verified service standard or guarantee. Document completeness, lender queues, income complexity and property or scheme checks can extend the process. Ask the proposed lender for its current timing.

Can I buy an established home with the 5% Deposit Scheme, or does it have to be new?

Both new and established homes can qualify under the 5% Scheme. The Melbourne cap is $950,000 inclusive, not strictly below that amount. The buyer, loan and owner-occupation conditions must also be met through a participating lender; price and property age alone do not establish eligibility.

Do I need to pay a deposit when I sign a contract of sale in Victoria?

The contract deposit and the lender’s required contribution are separate. The source describes 10% as common, but the agreed contract determines what must be paid and when. A 5% Scheme loan does not automatically change a seller’s contract to a 5% deposit. Agree any variation with the seller and obtain conveyancing advice before signing; off-the-plan deposit rules also require separate review.

What upfront costs will I pay besides my deposit?

Allow for conveyancing or solicitor fees, building and pest inspections, lender fees where charged, title and mortgage registration, adjustments and any duty. The source estimates Melbourne legal fees at $1,500–$3,000; obtain a current written quote and check inclusions and disbursements. The cost and timing of these items are additional to the headline loan deposit.

Can gifted funds form part of my deposit?

Gifted funds may be accepted, subject to the selected lender’s evidence and savings requirements. The source mentions a donor statutory declaration confirming a genuine gift rather than a loan; this is not a universal document rule. Disclose repayable family funds as a liability and confirm the treatment before committing.

What should I do if I find a property before my pre-approval comes through?

An offer can include a finance condition only if it is properly included and accepted in the contract; it is not automatic because pre-approval is outstanding. Ask your solicitor or conveyancer about the wording, deadline, required steps and consequences, and your broker about remaining lender checks. Auction purchases have different risks. Pre-approval does not make an unconditional purchase safe or guarantee final funding.

Are there Melbourne suburbs where first home buyers may find better value?

The source suggests Werribee, Cranbourne and parts of Dandenong, including new estates and townhouses, as areas to consider around assistance thresholds. No current listings, median prices or relative-value study were supplied, so this is a starting list rather than a finding that these suburbs offer better value today. Compare actual properties, transport, ongoing costs, valuation and eligibility with your budget.

What is the difference between conditional approval and formal approval?

Pre-approval is an indicative, conditional assessment and can change or expire. Formal approval follows the lender’s required borrower, property and valuation checks for the actual purchase. It does not itself complete loan documents, security or settlement. Confirm all outstanding conditions and required cash with the lender and conveyancer.

Can a broker help me if I am self-employed or on a contract income?

Potentially. Self-employment or contract income does not automatically rule out a standard loan, but acceptable income, documents and trading history vary. Provide accurate current financial evidence and disclose debts and irregular income. Alternative documentation is not permission to omit income verification or a promise of approval.

How much does it cost to use a mortgage broker?

Natloans states it does not charge first home buyers for the consultation, loan comparison or application, and that lender commission on settlement does not affect the borrower’s interest rate or terms. These are its published service claims, not a rule for every broker or a guarantee that all available loans cost the same. Check the credit guide, proposal, commission and fee disclosures. Lender, legal and transaction costs can still apply.

Next Steps

You do not need to have found a property before speaking with Natloans. If you have a suburb, property type, or price range in mind, a broker can work through the numbers with you, check which grants and concessions may apply, and explain the loan options that suit your position. If you have already found a property, bring the address, advertised price, or auction date to your consultation.

• Call Natloans on 1300 955 791
• Book the advertised free 15-minute consultation with Mary Nebotakis. A booking link does not confirm an appointment or immediate availability.

Repayment estimates are available through the calculator on the Natloans website. These figures are a guide only; for a full comparison based on your income, deposit, and the property you are considering, speak with a Natloans broker directly.

Source Reference

Original source: Natloans — First Home Buyers, published 8 September 2026, modified 2 October 2026, retrieved 15 October 2026. Public business claims, examples and review summaries are attributed above. Official program guidance was checked on 15 October 2026 and linked at the relevant explanation. The source’s rate and comparison-rate fields were blank, so this page provides no numerical interest-rate quote. General information only; obtain advice and lender, scheme and transaction confirmation for your circumstances.

Is now a good time to buy?

The source presents government assistance and potential long-term wealth building as reasons to consider buying. Assistance alone does not establish that a purchase is affordable or that property values will rise. Compare renting and buying over your likely holding period, including interest, rates, insurance, owners corporation fees where applicable, maintenance, transaction costs and your emergency reserve. A decision to wait can be appropriate if the total commitment or uncertainty is too high.

Prepare for the first conversation

Question	Information to bring or confirm
What can I safely repay?	Current income and its stability, household expenses, all debts and credit limits, expected changes and a buffer
How much cash is available?	Deposit evidence, gift versus loan details, grant or super-release timing, fees, contract deposit and settlement shortfall
Which assistance applies?	Applicant and partner ownership history, residency, property type, contract and dutiable values, intended occupancy and scheme conditions
What is the property and deadline?	Address, advertised price, contract, auction or finance dates, title and owners corporation information where relevant
Why this loan?	Rate, comparison assumptions, fees, remaining or proposed term, offset/redraw rules, fixed limits, commission and alternatives

This is an editorial preparation checklist, not a claim that Natloans follows an undisclosed internal procedure. Send personal application documents only through the secure channel confirmed by your broker; they do not belong in a public directory.