The standard target is 20% to avoid Lenders Mortgage Insurance (LMI). However, if you qualify for the Home Guarantee Scheme or Regional First Home Buyer Guarantee, you can buy with as little as 5% deposit without paying LMI at all. The right deposit amount depends on your savings, your timeline, and which schemes you qualify for. Paddy explains all three deposit options and recommends the right approach for your situation in your first conversation.

The First Home Owner Grant (FHOG) is a $10,000 one-off cash payment from the Victorian Government for eligible first home buyers who purchase or build a new home valued at $750,000 or less. It applies to new builds only — not established properties. The grant is paid at settlement and can contribute toward your deposit or purchase costs. Paddy confirms your eligibility and helps you apply as part of your loan process.

The Home Guarantee Scheme is a federal government program that allows eligible first home buyers to purchase with just a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government acts as guarantor for the remaining portion of your loan. This can save $15,000–$40,000+ in LMI costs depending on your loan size. Places are limited each financial year — Paddy checks availability, confirms your eligibility, and manages the application through participating lenders.

Yes. In Victoria, eligible first home buyers are fully exempt from stamp duty on homes valued up to $600,000. For properties valued between $600,001 and $750,000, a sliding-scale concession applies. This exemption can save tens of thousands of dollars — on a $580,000 purchase, the saving is over $31,000. It applies to both new and established properties, unlike the FHOG. Paddy confirms your eligibility as part of your pre-approval process.

Yes — and Geelong offers better options for single-income buyers than many Australian cities. The Home Guarantee Scheme is available to single applicants earning up to $125,000. The stamp duty exemption still applies. The FHOG still applies to eligible new builds. The main challenge is borrowing capacity, which varies significantly between lenders on a single income. Paddy identifies which lenders give the best capacity for your specific income and expenses, and checks your eligibility for every scheme that applies.

From your first conversation with Paddy to getting pre-approval typically takes 1–2 weeks once your documents are ready. Once you have pre-approval, you can start house-hunting with confidence. After you sign a contract, settlement usually takes 4–8 weeks depending on the settlement period you negotiate with the vendor. The total process from "let's start" to "here are your keys" typically runs 2–4 months, though it can be faster if you find a property quickly.

LMI is insurance that protects the lender (not you) if you default on a loan with less than a 20% deposit. Despite protecting the lender, the cost is charged to the borrower — typically $10,000–$35,000 depending on your loan size and LVR, and it's added to your loan balance. The main ways to avoid LMI are: save a 20% deposit, qualify for the Home Guarantee Scheme (5% deposit, no LMI), or have a parent act as guarantor. Paddy explains all three options and recommends the right approach for your situation.

Using a broker gives you access to 40+ lenders instead of one, at no direct cost to you. More importantly, Paddy does the work of comparing grants, schemes, and lender policies that most banks won't do for you — because they can only offer their own products. Many first home buyers discover they qualify for significantly more help than their bank told them. The broker's commission comes from the lender when your loan settles; you pay nothing for the service, the comparison, or the ongoing support.