Why Approaching Just One Bank Costs First Home Buyers Thousands
When you walk into a single bank branch, you only see their products, their strict assessment metrics, and their standard retail rates. If their automated computer model rejects your application or restricts your borrowing amount, your property dreams can stall for months.
As MFAA-accredited finance brokers, Taxnet compares over 40 Australian lenders side-by-side. Different lenders treat overtime, bonus income, HECS debts, and family living expenses drastically differently—often resulting in borrowing capacity variances of over $150,000 for the exact same applicant.
Complete First Home Buyer Advisory from Pre-Approval to Keys
We Guide You Through Every Single Milestone
Buying your first property is one of life's biggest financial milestones. From initial deposit calculations and government grant eligibility checks to loan contract signing, title transfers, and final PEXA digital settlement, our Melbourne brokers handle the heavy lifting.
We also advise on competitive fixed versus variable splits, 100% offset accounts, and redraw facilities so you pay off your mortgage years faster and save tens of thousands in cumulative interest.
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Frequently Asked Questions
How does the federal First Home Guarantee (FHBG) work and who is eligible?+
Under the First Home Guarantee, eligible Australian citizens and permanent residents can purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The federal government guarantees up to 15% of the property value. Taxnet is accredited with all participating major and regional panel lenders to secure your scheme allocation.
What first home buyer grants and stamp duty concessions apply in Victoria?+
In Victoria, first home buyers purchasing an eligible new or established home valued up to $600,000 pay $0 stamp duty. For properties valued between $600,001 and $750,000, a sliding concession applies. Additionally, a $10,000 First Home Owner Grant (FHOG) is available when purchasing or building a brand new home valued up to $750,000.
Why are Taxnet's mortgage broking services completely free of charge?+
Under Australian credit regulations, mortgage brokers are paid an industry-standard commission by the lender upon successful loan settlement. You receive complete independent market research, multi-lender comparison, and end-to-end application management without paying a single dollar in broker fees.
What is the difference between pre-approval and formal loan approval?+
Pre-approval (conditional approval) gives you an estimated borrowing limit based on your initial financial checks, allowing you to house-hunt and bid at auctions. Formal approval (unconditional approval) occurs once you have signed a purchase contract and the bank completes a physical property valuation.
What documents do I need to prepare for my first home loan assessment?+
Typically, you will need 2 recent payslips, your most recent PAYG payment summary or Notice of Assessment, 3 to 6 months of bank statements showing genuine savings, photo identification (driver's licence or passport), and details of any credit cards, HECS-HELP debts, or personal loans.
Get Ready to Buy Your First Home
Let our Melbourne MFAA-accredited mortgage brokers calculate your exact borrowing power and unlock government first home concessions.