First home buyer borrowing checklist

Last updated September 2026 · Back to the calculator · All guides

Tick off each item as you go. Nothing here is saved, so keep this page open or print it.

Know your numbers

Gather your last two payslips and your most recent tax return.
List every credit card, store card and buy-now-pay-later limit you hold.
List loan balances (car, personal) and your HELP balance from myGov.
Work out what you actually spend each month.

More: How much can a first home buyer borrow?

Tidy up before you apply

Close unused cards and lower the limits on the ones you keep.
Check your credit file for errors and fix them.
Avoid new credit applications and large unusual spending.
If applying as a couple, do the same for both people.

More: Credit card limits and borrowing power

Deposit and costs

Add up your total available savings, after purchase costs.
Work out whether you will pay LMI at your deposit size.
Check whether you are eligible for the 5% Deposit Scheme or Help to Buy, and the price cap for your area.
Check state first home buyer grants and stamp duty concessions.

More: Deposit size, LMI and borrowing power

Compare and get ready to bid

Run an indicative estimate across several lenders.
Compare a joint result with a single-income result if you are a couple.
Compare the result with and without paying off some HELP debt.
Ask a broker for a formal pre-approval before you bid.

More: HECS/HELP debt and borrowing power

How a broker helps, at no cost to you

Finds the right lender. Compares lenders across their panel to find which will lend you the most, including those taking part in the 5% Deposit Scheme and Help to Buy.
Handles the scheme. Checks your eligibility and the price cap, and applies for your scheme place through the lender.
Gets you ready to bid. Sorts the paperwork and a pre-approval before you make an offer.

Who pays? Most mortgage brokers charge you nothing. The lender you choose pays the broker a commission when your loan settles. By law a broker must act in your best interests, not the lender's. We may receive a referral fee from the broker; it does not change what you pay.

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Compare your borrowing power

This page is general information only, not credit advice or a recommendation. Lender policies change; a licensed broker or lender can confirm what applies to you.