Buying your first home is very exciting, but it can also be overwhelming without an experienced professional there to guide you.

At Pink Finance, we make the process as stress-free as possible.

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First Home Buying FAQ’s

We have jotted down the most common questions we are asked here, but please be sure to also visit our Toolbox to learn more, check definitions of terms on our FAQ’s page, or to use our Calculators. We have a wealth of knowledge we want to share with you.

Q. How much can I borrow?

In a short answer, “borrow what you are comfortable borrowing.” You’ll be amazed at how varied your maximum borrowing capacity will be with different lenders. Each lender has different standards which will influence your borrowing power. Factors such as other ongoing debt will affect how much you can borrow. After consulting Pink Finance you will have a clear understanding of your maximum borrowing capacity. It is important to disclose all income and expenses so that an accurate borrowing capacity can be provided to you.

Q. Which Home Loan is the best one for me?

There is no “best” home loan – if there were, we would all have this one! But there is at least one that will be relevant to you, and Pink Finance will help you find it.

There are many different home loans all designed to cater for different needs, including:


Basic Home Loan

A simple variable rate home loan which can usually be ‘principle and interest’ or ‘interest only’. Most do provide the option of making extra repayments and accessing them through redraw.A simple ‘set and forget’ format with no constant need to reassess your payments. Typically with low or no ongoing fees.

Great For:

First home buyers, where getting used to making mortgage repayments may be a priority.
People who want no added extras.

Fixed Rate Loan

A facility which has a fixed interest rate for a specified period – typically 1-5 years.
There may be limitations on making extra repayments.
If you break your fixed contract, you may need to pay a break cost fee.
You can also lock or secure the fixed rate by paying a rate lock fee.

Great For:

People who want the security of knowing what their repayments will be for a given time, even if interest rates rise.
People who like to budget.
People who like to have peace of mind, assurance, and stability.

Standard Variable Rate

A flexible loan which may vary according to the Reserve Bank cash rates. The standard variable rate is often used in conjunction with a professional package in order to get a more competitive interest rate. No penalties for extra repayments.

Great For:

People who want to take advantage of different features and benefits such as offset accounts, repayment holidays, and construction facilities. People who can pay a lump sum.

Line of Credit or Equity Loan

An ongoing interest only facility which has a maximum approved limit.
A line of credit often has a higher rate due to its unique terms and high flexibility. It is generally a part of a larger structure, such as a loan strategy next to a home loan, investment loan.
If you need to draw down the funds for any purpose you require. You will only pay interest on the balance you have used.

Great For:

Investors. People who need a high-level debt consolidation strategies.

Split Facility

This offers the flexibility of having more than one loan type under the same facility. Typically part fixed and part variable, A split loan may be most economical when linked with a package.

Great For:

Great for: Offering peace of mind by having some of your repayments remaining stable whilst you can make unlimited extra repayments on your variable loan portion.

Q. What costs are associated with a purchase of a home?

There are other costs associated with your purchase and home loan. You will need to consider costs such as:

  • Purchase Stamp Duty
  • Conveyancing
  • Mortgage Insurance
  • Home Contents and building insurance
  • Title registration
  • Mortgage Registration
  • Strata Rates and levies
  • Application Fees AND settlement fees
  • Monthly / Annual Fees
  • Early Exit Fees
  • Penalty Fees

Go to the Glossary to learn more about these terms.

These costs can vary. If you are short of cash, some of them may be added to what you need to borrow (“capitalised”) and you can pay them off over time.

Q. Do I really need 20% deposit?

No! Read on…

Q. Great! How much deposit do I need then?

Credit policy can change from time to time. Most lenders will let you borrow up to 90% of the value of the property. We still have lenders that will consider 95% for owner occupied and investors. Options are available for greater lends, but choice can be limited.

Due to credit reporting, you need to demonstrate good savings patterns, no late fees on your repayments or overdrawn fees on your transaction accounts. If you are to receive a non-refundable gift from a relative it needs to be deposited into your bank account, together with an official signed and witnessed Statutory Declaration.

A minimum of 3-5% genuine savings will be sufficient and the First Home Owners Grant Scheme can contribute towards other funds.

In some cases, your deposit will need to be 20% depending on the type and location of your property.

You may need to allow for Stamp Duty. Stamp Duty will vary depending on the State, purchase price and if you are eligible for any exemptions. Pink Finance will give you an indication of how much stamp duty will apply to your purchase.

Q. Am I entitled to the First Home Owners Grant Scheme?

You may be entitled to the First Home Owners Grant Scheme (FHOGS) if:

  • You have never purchased an owner-occupied property in Australia.
  • You are either a Permanent Resident or Australian Citizen.

Australian First Home Owners Grant (FHOG) by State:

New South Wales

First Home Owner Grant (new homes)

  • Amount: $10,000.
  • Eligibility: New homes valued at $750,000 or less.

Stamp duty help for first home buyers

  • No duty on new homes valued up to $550,000 and vacant land valued up to $350,000.
  • A duty concession on new homes valued between $550,000 and $650,000, and vacant land valued between $350,000 and $450,000.

Australian Capital Territory  

First Home Owner Grant

  • Amount: $7,000.
  • Eligibility: New or substantially renovated properties valued at $750,000 or less.

Stamp duty help for first home buyers

  • Just $20 in stamp duty is payable on new or substantially renovated homes up to $468,000, with a sliding scale to $590,000.
  • Gross income thresholds apply and increase according to how many children you have.


First Home Owners’ Grant

  • Amount: $20,000 until June 30.
  • Eligibility: New homes valued at $750,000 or less.

Stamp duty help for first home buyers

  • The First Home Concession offers significant stamp duty discounts for first homes valued up to $550,000.
  • First home buyers purchasing a home valued at more than $550,000 can apply for
    a stamp duty concession through a second scheme called the Home Concession scheme.

Western Australia  

First Home Owner Grant

  • Amount: $15,000 until December 31.
  • Eligibility: New homes valued up to $750,000 if south of the 26th parallel (metropolitan Perth and south) or up to $1 million if north of the 26th parallel.

Stamp duty help for first home buyers

  • First home buyers are exempt from paying duty on homes worth $430,000 or less. A sliding scale for concessions applies to homes valued $431,000 to $530,000.


First Home Owner Grant

  • Amount: $10,000.
  • Eligibility: New homes valued at $750,000 or less (total land and home).

Stamp duty help for first home buyers

  • A 50 per cent reduction on duty for new or established property in Victoria valued from $130,000 to $600,000.
  • Further duty discounts may apply if first home buyers are buying off the plan.

South Australia  

First Home Owner Grant

  • Amount: $15,000.
  • Eligibility: New homes valued at $575,000 or less.

Stamp duty help for first home buyers

  • Concessions of up to $21,330 apply to new or substantially refurbished apartments purchased before June 30.


First Home Owner Grant

  • Amount: $20,000 until June 30 and $10,000 from July 1.
  • Eligibility: New homes – no threshold.
  • No stamp duty help for first home buyers.

Northern Territory 

First Home Owner Grant

  • Amount: $26,000.
  • Eligibility: New homes – no threshold.

Stamp duty help for first home buyers

  • Up to $23,928.60 in stamp duty relief is available for first home buyers purchasing an established home valued up to $650,000.
  • First Home Owner Grant recipients can also apply for the Household Goods Grant Scheme worth $2,000.


For any property or real estate inquiries, please click here.


  • As a first home buyer, Nicole & her team took the stress out of what can be an overwhelming experience. She was incredibly thorough, knowledgable & efficient. I would recommend her to anyone seeking financial services!

  • Thank you so much to Nicole and the team for my recent loan refinance. The professionalism, communication and efficiency from start to finish throughout the process was exceptional. The customers’ needs are always their top priority and it’s great to have extra money in your pocket each month! I have no hesitation in recommending Pink Finance amazing services and know many others that say the same.

  • So grateful for Nicole and her team. They were so amazing from the start to end. We were able to change our loan and start achieving our goals thanks to the exceptional service from Pink Finance. Always so accommodating. Best broker we have ever dealt with. Thank you.

  • It was our pleasure dealing with Nicole Cannon when we decided to refinance our home loan. Her professionalism and knowledge made the process a lot easier. Her dedication and prompt service really separates her from the rest.

    We would not hesitate to recommend Pink Finance to anyone looking for a professional tailored service.

    We will definitely utilise the service of Pink Finance for our next investment.

  • You provide emotional as well as transactional support which is appreciated given the stress typically associated with property purchasing!

  • Nicole and her team were absolutely wonderful to partner with for our home refinancing and purchase of investment properties. We are delighted with the outcome, but in fact also enjoyed the whole process thanks to the team at Pink Finance. Will be recommending them to all our friends and family.

  • Fantastic service and knowledge. Excellent.

  • Nicole is a consummate professional in every way. She responded to our urgent query with great speed and if it wasn’t for her assistance we would never have been able to move fast enough to buy our home. Her expertise helped us navigate a complex market quickly to identify the right lender for us. From start to finish she made the whole process as pain-free as possible. She’s just awesome to work with and we are ever grateful to her for helping us secure our home.

  • Your professional and expert knowledge in your field has been a fantastic resource for new clients. The ladies have a great understanding and ability to convey this information to clients. I have put my trust in them and have always been reassured that they would help me through this process the whole way. A supportive and encouraging team and I would highly recommend to all people considering their service.

  • A very professional and courteous service with information constantly being updated. I would highly recommend this Nicole Cannon to anyone.

  • Nicole Cannon is the best broker I have ever worked with and I have used many other brokers over the years. She took the time to understand my needs and has a very proactive and pragmatic approach to sniffing out the best deal. Nicole also has an impressive network and her knowledge of the industry is second to none. Not only will I recommend her to all my friends, I shall be using her again and encourage others who read this to use her as well!

  • I have two small children and my wife and I are both working, so our time is extremely tight and finding time to do anything during normal business hours is almost impossible. Nicole was always not only completely accommodating of our schedule and able to meet us after hours at short notice, she always did so with a big smile and a friendly manner.

    As well as being friendly and easy to deal with, Nicole really knows her game. She was well schooled in the best deals in the market each time we met her and did whatever it took to get us the best home loan overall. I’ve been unimpressed by other mortgage brokers in the past, so had done my homework though other lenders and could never beat the deals that Nicole was not only bringing to me but doing all of the hard work in getting the applications completed. I would recommend Nicole to anyone. 10/10.

  • Very fluent service and understanding what I need! I was thoroughly impressed by Nicole’s attention to detail and a focus on exactly what I required.

  • Nicole was very professional and yet approachable. She organised my daughter and her partner’s first home loan. She did a great job, and graciously answered myriads of questions. Nicole made the process simple and took the stress out of loan hunting for them, allowing them to concentrate on finding a home. She then juggled the refinancing of multiple loans for us which enabled us to act as guarantor for our daughter. Nicole suggested amalgamating our loans with the same provider as my daughter and also guided us through the sale of an investment property. Unexpectedly, Nicole managed to save us a lot of money on our own mortgages as well.. an added bonus! We highly recommend Nicole, and have already passed on her name to friends and colleagues.

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0414 633 793