Buying Your First Home? Let’s Make It Feel Simple.
Deposits, grants, stamp duty, pre-approval… it can feel like a lot. Omi Finance walks you through each step, in plain English and at your pace.
Request a Call-BackDeposits, grants, stamp duty, pre-approval… it can feel like a lot. Omi Finance walks you through each step, in plain English and at your pace.
Request a Call-BackNobody is born knowing how a mortgage works. Whether you’re saving your first deposit or finally ready to buy, we’ll explain every term, every option and every cost before you commit to anything.
Government support varies by state and changes regularly. The tables below are a guide only. We’ll confirm exactly what you qualify for during your call.
| Scheme | What it offers | Who may be eligible | Key conditions | Last updated |
|---|---|---|---|---|
| First Home Guarantee | Buy with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees part of the loan. | Eligible first home buyers, or people who have not owned property in Australia for 10 years, buying to live in. Singles or couples. | No income cap and unlimited places from 1 Oct 2025. Property price caps depend on location, for example $1.5 million in Sydney, Newcastle and the Illawarra, $950,000 in Melbourne and Geelong, $1 million in Brisbane, the Gold Coast and the Sunshine Coast, $850,000 in Perth, $900,000 in Adelaide, $700,000 in Hobart, $1 million in the ACT and $600,000 in the NT. Regional caps are lower. | 21 Oct 2026 |
| Help to Buy (shared equity) | The government contributes up to 40% of a new home, or up to 30% of an existing home, so you borrow less. | Income up to $100,000 for singles, or $160,000 for couples and single parents. Minimum 2% deposit. | About 10,000 places a year. Price caps by area, for example $1.3 million in Sydney, $950,000 in Melbourne, $1 million in Brisbane, $850,000 in Perth, $900,000 in Adelaide, $700,000 in Hobart, $1 million in the ACT, $600,000 in the NT. Regional caps are lower. Cannot be combined with the First Home Guarantee. | 21 Oct 2026 |
| Family Home Guarantee | Buy with a 2% deposit without paying LMI. | Single parents and single legal guardians with at least one dependent child. | No income cap and unlimited places. Property price caps match the First Home Guarantee. | 21 Oct 2026 |
Federal details: Housing Australia. State sources are linked under each state table. Figures are a guide as at 21 October 2026. Always confirm current criteria with the relevant authority.
Many lenders like a 20% deposit because it avoids Lenders Mortgage Insurance, but you can often buy with less. If you are eligible for the First Home Guarantee you may only need 5%, and Help to Buy can reduce it to 2%. Remember to budget for purchase costs on top of the deposit. We will show you what is realistic for your situation.
LMI is a one-off insurance premium that protects the lender, not you, when your deposit is under 20%. It is usually added to the loan. The cost depends on the loan size and your deposit. Government schemes like the First Home Guarantee can remove the need to pay it if you are eligible.
Often, yes. The First Home Guarantee lets eligible first home buyers purchase with a 5% deposit without paying LMI, and there is no income cap from 1 October 2025. Property price caps apply by location, and you still need funds for stamp duty (unless exempt) and other costs. We can check your eligibility on the call.
Pre-approval is a lender's conditional indication of how much they may lend you, so you can shop with confidence. It is not a guarantee, as the lender still assesses the property and your circumstances at formal approval. Most last around three to six months, depending on the lender.
Common costs include stamp duty (many first home buyers receive an exemption or concession), conveyancing or legal fees, building and pest inspections, lender fees, LMI if your deposit is under 20%, and moving and insurance costs. We will list the likely costs for your purchase before you commit.