The stronger your position going in, the smoother the process. Here's what actually matters before you apply.
Figuring Out Your True Budget
When you're looking to buy your first home, it doesn't start with scrolling through real estate apps; it starts with figuring out exactly where your cash is going. A common mistake is thinking that because you pay $600 a week in rent, a bank will automatically approve you for a $600 a week mortgage. In reality, lenders just want to see how a mortgage will realistically fit into your day-to-day life.
Instead of guessing your limit, it's just about showing a clean, clear pattern of what you spend.
When you apply for a loan, lenders will look at your last few months of bank statements. They aren't trying to judge how you live, but they do want to see what you regularly spend on things like groceries, food delivery, nights out, and regular bills. To get an honest, clear view of your actual costs before anyone else looks at them, you can use our budget calculator to map out your real monthly numbers.
No one is saying you can't spend money or enjoy yourself, but you do need to show a regular, predictable pattern for your spending. If you've made any massive cash withdrawals or had large random deposits pop up lately, just let us know what they were for. We can easily explain or exclude those one-off things so the lender sees what you actually spend on a normal week. It's also a smart move to cancel any streaming services you don't use, and make sure your utilities and phone bills are paid on time.
Keeping your bills paid on time matters because a late payment on your record can make some strict lenders instantly say no. If you have missed a payment in the past, don't stress—just tell us upfront. It doesn't mean you can't buy a house; it just means we will avoid the rigid banks and find a flexible lender that won't penalize you for a past mistake.
How a credit card affects your application depends entirely on the lender we choose. While some banks look at the total spending limit of the card no matter what, plenty of other lenders are much more reasonable—if you pay your balance down to zero every single month, they will treat it completely differently.
Vehicles and equipment under your business — find out what's possible whether you're a tradie, sole trader, partnership, company, or trust.
If you regularly work with people who need finance, a referral arrangement with Allsorts of Loans could work for both of you.
Enquire About a Partnership →Referral arrangements are assessed individually and subject to applicable regulatory requirements.
Why Allsorts of Loans
For most first home buyers, the realistic target is a 5% deposit plus your basic setup costs. Thanks to current federal initiatives, eligible buyers can often secure a loan with this amount without being hit by Lenders Mortgage Insurance (LMI). We will calculate your exact entry figures and check your eligibility options when we map out your loan strategy.
Yes – under the First Home Super Saver (FHSS) Scheme, which is managed by the Australian Taxation Office (ATO), eligible first home buyers can save for a deposit inside their superannuation fund to take advantage of lower tax rates.
Government support is split into national programs and state-specific concessions. Below are the key initiatives we can assist you with, or find participating lenders to help support your application:
*Other government grants, schemes, or direct-apply initiatives may also be available depending on your specific circumstances and eligibility.