First Home Buyer FAQs: Answers to the Questions Most Buyers Are Afraid to Ask
Buying your first home comes with a lot of questions — many of which first home buyers hesitate to ask because they feel they “should already know.” The reality is that these questions are extremely common. This first home buyer FAQ answers the most frequently asked questions in clear, simple language to help you move forward with confidence.
Do I Need a 20% Deposit to Buy My First Home?
No. While a 20% deposit can help avoid lender’s mortgage insurance, it is not required.
Many first home buyers purchase with lower deposits depending on their situation and eligibility for schemes.
How Much Can I Actually Borrow?
Borrowing capacity depends on income, expenses, debts, credit history, and lender policy.
Online calculators provide estimates, but they rarely reflect what a lender will truly approve.
Should I Speak to a Broker Before Looking at Properties?
Yes. Speaking with a broker early helps you understand your position before emotions come into play.
This can prevent disappointment and wasted time.
Does Speaking to a Broker Lock Me Into Anything?
No. Having a conversation does not commit you to applying, buying, or choosing a specific lender.
Early discussions are about clarity and preparation, not pressure.
Is Pre-Approval Mandatory?
Pre-approval is not mandatory, but it is strongly recommended.
It helps you understand your budget and shows sellers that you’re prepared.
Can I Buy a Home With Casual or Contract Income?
Yes, in many cases.
Lenders often assess consistency and history rather than job title alone.
What If I’ve Had Credit Issues in the Past?
Not all credit issues automatically prevent approval.
Lenders look at how recent issues are, their severity, and whether they’ve been resolved.
What Costs Should I Budget for Besides the Deposit?
Additional costs may include stamp duty, legal fees, inspections, and moving expenses.
Understanding these early helps prevent surprises later.
Do First Home Buyer Grants Apply Automatically?
No. Grants and concessions must be applied for and eligibility rules apply.
Timing and correct application are essential.
Should I Go to My Bank or Use a Broker?
Banks can only offer their own products.
A broker can compare options across multiple lenders and help match you with suitable policies.
Is Using a Broker Free?
In most cases, yes.
Brokers are typically paid by the lender once a loan settles, not by the buyer.
What If I’m Not Ready to Buy Yet?
That’s completely fine.
Early conversations often help buyers understand what to work toward, even if buying is months away.
How Chase Helps First Home Buyers
Chase works with first home buyers at all stages — from early questions to settlement.
The focus is on education, clarity, and confidence, not rushing decisions.
Still Have Questions About Buying Your First Home?
If you’re unsure where you stand or what your next step should be, a conversation can help.
Book a first home buyer FAQ and strategy session with Chase
Final Thoughts
There are no silly questions when buying your first home. Getting clear answers early can replace anxiety with confidence and help you move forward at your own pace with the right support.
