How big is the deposit, as a percentage?

Below 20% you normally pay lenders mortgage insurance, unless a guarantee scheme covers you. This single number moves the total cost more than a 0.1% rate difference.

Are you eligible for a federal or state scheme?

Eligibility is set by government, not by the lender, and it turns on price caps, income caps, residency and whether you have ever owned property.

Is your income steady PAYG, or something else?

Self-employed and contract income is assessed on a different evidence standard, which changes which lenders can even look at the file.

Do you have a settlement date yet?

Pre-approval has an expiry. Getting it too early wastes it; too late and you cannot bid with confidence.

Lane 1 of 7

First home loan

Your first owner-occupied purchase, where deposit size and government schemes usually decide more than the headline rate.

You are in this lane if

You have never owned property in Australia
You will live in the place you buy
Your deposit is somewhere between 5% and 20%

You are not, if

You already own and are moving — that is a next-home purchase, not a first home
You are buying to rent out — see the investment lane

What actually decides the outcome

In order. Getting these settled first is the difference between a useful conversation and three weeks of email.

How big is the deposit, as a percentage? Below 20% you normally pay lenders mortgage insurance, unless a guarantee scheme covers you. This single number moves the total cost more than a 0.1% rate difference.
Are you eligible for a federal or state scheme? Eligibility is set by government, not by the lender, and it turns on price caps, income caps, residency and whether you have ever owned property.
Is your income steady PAYG, or something else? Self-employed and contract income is assessed on a different evidence standard, which changes which lenders can even look at the file.
Do you have a settlement date yet? Pre-approval has an expiry. Getting it too early wastes it; too late and you cannot bid with confidence.

Have this ready

Assembled before you start, not chased afterwards.

Photo ID and proof of residency status
Last two payslips and a recent employment contract or letter
Three to six months of transaction and savings statements
Statements for every existing debt, including buy-now-pay-later and HECS-HELP
Evidence of where the deposit came from (genuine savings, gift letter, or scheme paperwork)

Where people get caught

Assuming a scheme place is reserved for you. Places are limited and are allocated through participating lenders.
Treating stamp duty concessions as national. They are state and territory rules and the thresholds differ everywhere.
Forgetting the costs that are not the deposit: conveyancing, building and pest inspection, transfer fees, moving.

The official source

These set the rule. Anyone describing it to you — including this page — is a summary, and summaries go stale.

Structure of this page reviewed 17 August 2026. Follow the links for the current position.

How your income changes this lane

Salaried employee Undisclosed buy-now-pay-later accounts and unused credit card limits. The limit counts against you, not the balance. Self-employed or ABN holder Outstanding tax lodgements or an ATO payment arrangement. Fix these before an application, not during one. Contractor or casual worker Gaps between contracts that look like unemployment on a bank statement. Be ready to explain them in writing. New to Australia Foreign investment rules are federal and separate from lending. Check them before you sign a contract, not after. Downsizer or near retirement Selling and buying in the same market. A bridge is a tool, not a plan; the plan is the sale.

Not your lane after all?

Refinance Investment property loan Self-employed and low doc Commercial and business lending Car and personal loans Bridging finance

Run the three questions again

General information. General information about how Australian lending is organised. Rules, thresholds and eligibility are set by government agencies and change; each lane links to the source so you can check the current position. It does not take your own circumstances into account.