Melbourne’s Premier Mortgage & Financial Broker

• Many first-time buyers regret not reviewing their budget and borrowing power carefully before falling in love with a home. 39 % of Australians surveyed say they regretted not checking for building faults or underestimating long-term costs.
• Others wish they had known how many extra costs come with buying, inspections, maintenance, rates, insurance, and how that impacts repayments.
• Many say a broker would’ve saved them time, confusion, and stress early on, especially to help them understand lenders’ requirements and realistic borrowing limits.

First-time buyers in Australia often start by investigating:

• First Home Owners Grant (FHOG) — A one-off government grant designed to assist eligible first-home buyers purchasing or building a new home, or a substantially renovated property. Grant amounts, eligibility criteria, and property price limits vary by state or territory. 
• First home buyer stamp-duty exemption/concession  — Many states and territories offer reduced or waived stamp duty for eligible first-home buyers. Eligibility requirements and property price limits vary by state or territory.
• Australian Government Deposit Scheme  — allowing eligible buyers to enter the market with as little as 2% deposit for single parents and 5% deposit for first home buyers and no Lender’s Mortgage Insurance (LMI) through Participating Lenders. 

These schemes help first-home buyers with a deposit and upfront cost, a key starting point before a loan application.

As eligibility, grant amounts, and price caps vary across states and individual circumstances, buyers should always speak with their mortgage broker to confirm which schemes they qualify for and how they can best benefit from them.

• Check your eligibility & finances – gather your income, savings, and expenses to see what you can borrow.
• Get pre-approval – know your borrowing power before you start house hunting.
• Find your home – search for a property that fits your budget.
• Get formal approval – your lender reviews your full details and the property. Once everything checks out, you are ready to proceed.
• Settlement – sign the paperwork, transfer funds, and the home is yours!

Different mortgages mainly vary by interest rate type, repayment structure, and features and the “best” option depends on your goals.

Interest rate type

• Fixed rate: Your rate stays the same for a set period (e.g., 1–5 years), so repayments are more predictable.
• Variable rate: Your rate can move up or down with the market, and often comes with more flexible features.
• Split loan: Part fixed, part variable—so you can balance certainty and flexibility.

Repayment structure

• Principal & Interest (P&I): You repay both the loan amount (principal) and interest. This reduces your balance over time and is the most common for owner-occupiers.
• Interest-Only (IO): You pay only interest for a set period, keeping repayments lower short-term—but the loan balance doesn’t reduce during that time (and repayments can rise when it switches back to P&I).

Features and structure

Things like offset accounts, redraw, extra repayments, portability, and loan terms can make a big difference, and what suits you will depend on whether you’re buying a first home, upgrading, investing, refinancing, building, or using an SMSF.

Clear Path Financial Group can guide you on which mortgage type fits your situation best.

• Income and employment type/history 
• Property deposit, Existing debt and expenses, Property value and type
• Credit history

• Brokers compare many lenders, not just one, giving you a broader view and often better deals. Many experts recommend brokers over picking the first lender you find.
• Brokers help simplify paperwork, eligibility checks, and documentation rather than a one-size loan, brokers help structure your loan to optimise your financial situation that aligns with your long-term goals.
• Using a broker can save time, reduce stress, and improve your chances for faster approval and better loan structure as brokers pre-qualify your financials before starting an application to ensure a smooth process.

People refinance for several reasons:

• To secure lower interest rates and reduce monthly repayments.
• To access home equity for renovations, investment, debt consolidation, or new purchases.
• To switch loan type or features such as switching between fixed and variable rates, moving to interest-only repayments, or adding an offset account to better align with their financial goals, cash flow needs, or lifestyle.

• Lender’s Mortgage Insurance (LMI) if applicable
• Stamp duty & government fees (varies by state/territory) when purchasing
• Loan application & processing fees (some lenders charge fees, others waive)
• Property valuation & inspection costs
• Legal & conveyancing fees
• Ongoing lender fees

Clear Path helps clients understand all costs up front, so there are no surprises.