First home buyer questions, answered
The questions Jacob hears most from first home buyers in Melbourne's west, answered in plain English.
Do we need a 20% deposit to buy our first home?
Usually not. Under the 5% First Home Guarantee, eligible first home buyers can buy with a 5% deposit and no lenders mortgage insurance, and since October 2025 there's no income cap. Price caps apply. Of the 156 first home buyers Jacob has helped settle, the median deposit was $52k.
Can we buy on two incomes, and do we earn too much for the schemes?
Yes, and probably not. The 5% First Home Guarantee has no income cap. Help to Buy does have income caps, so couples over them usually use the 5% Guarantee instead. Most of Jacob's clients are couples on two incomes.
Which first home buyer schemes can we combine in Victoria?
Often the 5% First Home Guarantee, the Victorian stamp duty exemption or concession, and the First Home Super Saver Scheme can work together, plus the First Home Owner Grant on a new home. Help to Buy can't be combined with the 5% Guarantee. Eligibility and price caps apply to each.
What does it cost to use a mortgage broker?
It's free. You don't pay Jacob anything to compare lenders, sort out your schemes and manage your loan through to settlement. If you go ahead with a loan, Jacob is paid a commission by the lender.
How is a broker different from going straight to our bank?
Your bank can only offer its own loans. Jacob compares lenders, works out which ones will lend you the most for your situation, checks which schemes they take part in, and manages the application to settlement.
How long does pre-approval take?
About a week, sometimes less, once your documents are in. If rates change before you bid, it's worth getting your number re-run.
Is the borrowing check on this site a credit check?
No. The calculators and the 3-minute couples check don't touch your credit file. Nothing goes to a lender until you decide to apply.
Do you work in Werribee, Tarneit, Point Cook and Melton?
Yes. Jacob is based in Yarraville and works across Melbourne's west, including Werribee, Hoppers Crossing, Tarneit, Truganina, Point Cook, Wyndham Vale, Melton, Caroline Springs and Sunshine. You can meet him in person or online.
General information only. Jacob Williams is Credit Representative 570865 of Alliance Financial Group Pty Ltd ACN 123 511 848 (Australian Credit Licence 390664).
Questions from members
As members ask questions and Jacob answers them, the ones likely to help other people will appear here.
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