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First Home Buyer Loans in Melbourne's West

Buying your first home is one of life’s biggest milestones  – and we’re here to make it simple.

Eagle Home Loans helps first home buyers across Melbourne’s western suburbs secure finance through grants, low-deposit schemes and pre-approval guidance, comparing options across a panel of 60+ lenders to find a loan suited to your borrowing capacity and goals. From understanding your borrowing capacity to securing the right loan, we guide you through every step with clarity and confidence. Whether you’re just starting to explore or ready to make an offer, our team ensures you feel informed and supported throughout the journey.

How We Help You

We make your first home journy easier

Entering the property market can feel overwhelming, especially with complex contracts, unfamiliar terms, and financial decisions that matter long-term. That’s where we step in.

  • Understand how much you can borrow see ASIC MoneySmart's guide to borrowing power
  • Navigate loan options from a wide range of lenders
  • Explain government grants and first-home buyer benefits in Australia
  • Guide you through paperwork, approvals, and settlement

Are You Eligible for a First Home Buyer Loan?

Most lenders assess first home buyers on a combination of factors, not just income. Generally, you’ll need to show:

  • A stable income and employment history (usually 3+ months in your current role, though this varies by lender)
  • A genuine savings history most lenders like to see consistent saving over 3 - 6 months
  • A manageable level of existing debt relative to your income
  • A deposit of at least 5% (through schemes like the First Home Guarantee) up to 20%, depending on the loan and lender
  • Australian citizenship, permanent residency, or an eligible visa status

What Does It Cost to Buy Your First Home?

Beyond your deposit, first home buyers should budget for:

 

  • Lenders Mortgage Insurance (LMI) if your deposit is under 20% (unless using the First Home Guarantee to waive it)
  • Stamp duty though many first home buyers qualify for exemptions or concessions; check current thresholds with the State Revenue Office
  • Conveyancing/legal fees typically a few thousand dollars
  • Building and pest inspections recommended before purchasing an established home
  • Loan application/valuation fees vary by lender, some waive these entirely

A Worked Example

Consider a first home buyer purchasing a $600,000 property with a 10% deposit ($60,000). Using the First Home Guarantee, they avoid Lenders Mortgage Insurance entirely  a saving that can run into thousands of dollars depending on the lender and loan size. Combined with potential stamp duty concessions, their total upfront costs are significantly reduced compared to a standard purchase.

Access to Australia's Leading Lenders

Rather than being limited to one bank’s products, we compare options across a panel of more than 60 lenders including major banks, credit unions, and specialist first-home-buyer lenders to find a loan structure that actually suits your situation, not just the first offer you’re shown.

Your Journey Made Simple

A simple process from start to finish

Initial consultation &
financial assessment

We understand your goals, income, and expenses to determine your borrowing capacity. This step also gives us a clear picture of which lenders are likely to suit your situation.

Loan Comparison &
Pre-Approval

We compare loan options from multiple lenders and secure your pre-approval. This gives you a clear budget to work with before you start inspecting properties.

Property Search &
Offer Support

We guide you during your property search and assist with making the right offer. We're available to answer questions as they come up throughout this stage.

Final Approval &
Settlement

We handle final approvals and ensure a smooth settlement process so you get your keys. We'll stay in touch to confirm everything is on track right up to settlement day.

FAQ'S

Everything First Home Buyers Ask Us

How much deposit do I need for my first home?

Many first home buyers can enter the market with as little as 5% deposit through the First Home Guarantee, which allows you to avoid Lenders Mortgage Insurance (LMI) entirely, even with a smaller deposit. Without this scheme, most lenders require at least 20% to avoid LMI, though many will still lend with as little as 5-10% if you’re willing to pay the insurance premium. We’ll assess your savings, income and overall financial position to confirm exactly what deposit options are realistically available to you, and whether the First Home Guarantee or a similar scheme is the right fit for your circumstances.

Yes we help eligible buyers apply for the First Home Owner Grant as part of the broader home loan process, ensuring the timing lines up correctly with your purchase or build. Since the grant only applies to new homes, off-the-plan properties, or substantially renovated homes under a certain value threshold, we’ll confirm your eligibility upfront before you commit to a property, so there are no surprises later. We’ll also check whether you qualify for related stamp duty exemptions or concessions at the same time, since these are often overlooked but can add up to significant savings alongside the grant itself.

Pre-approval usually takes just a few business days once we have all your required documents though this can vary depending on the lender and how complex your financial situation is. We’ll give you a clear checklist of exactly what’s needed upfront, including proof of income, identification, and details of any existing debts or savings, so there are no unnecessary delays. Once submitted, most lenders will provide an initial response within 24-48 hours, though full conditional approval can sometimes take a little longer if additional documentation is requested.

Pre-approval gives you a clear, indicative borrowing estimate based on your financial situation, so you can shop for properties with confidence and know roughly what you can afford. It is not, however, a guarantee of finance it’s based on the information provided at that point in time. Final approval happens once you’ve actually found a specific property and signed a contract; the lender then assesses that exact purchase, including a valuation of the property itself, before formally approving your loan. It’s the final approval, not the pre-approval, that actually allows your purchase to proceed to settlement.

Not always a guarantor, typically a family member, can help you avoid Lenders Mortgage Insurance or increase your borrowing capacity by using their own property as additional security. However, many first home buyers today qualify without one, particularly if they use a low-deposit scheme like the First Home Guarantee, which is specifically designed to help buyers avoid LMI without needing a guarantor at all. We’ll walk you through both options and explain which structure guarantor loan or low-deposit scheme genuinely suits your situation best, since a guarantor arrangement carries real obligations for the guarantor that shouldn’t be entered into lightly.

If your income, employment, expenses or existing debts change after receiving pre-approval, it’s important to let us know as soon as possible, since these changes can directly affect your final loan approval. Lenders reassess your full financial position again at the final approval stage, not just at pre-approval, so a change in circumstances even something like starting a new job or taking on a new expense could impact the amount you’re able to borrow. We’ll help you understand whether any changes need to be reported to the lender and what adjustments, if any, might be required to keep your application on track toward settlement.

Ready to take the first step?

Let’s make your dream of owning a home a reality.
Speak with our team today and get personalised guidance tailored to your situation.

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