Buying your first home in Geelong
The whole path from “can we even afford this?” to keys in hand, in the order it actually happens, with what you need at each step.
Most first home buyers in Armstrong Creek and Geelong do this once, so nobody expects you to know the sequence. Here it is. Each step links to the detail if you want it; if you would rather just talk, the number at the bottom of every page is Kumar’s mobile.
Work out your real budget
Not the bank’s calculator number: the repayment you can live with, the deposit you have, and the costs on top (stamp duty, legal fees, lender fees, moving). In Victoria most first home buyers under $600,000 pay no stamp duty at all, and concessions run to $750,000. We do this in the first 15 minutes.
Check every scheme you qualify for
The First Home Guarantee (5% deposit, no LMI, no income cap since October 2025), the Victorian stamp duty exemption, the $10,000 First Home Owner Grant for new builds, and the Regional First Home Buyer Guarantee for eligible postcodes. They stack. Missing one can cost tens of thousands.
Get pre-approved
A real pre-approval (assessed by a lender, not a website) tells you your ceiling and shows agents you are serious. It lasts 90 days and can be extended. How pre-approval works.
House-hunt with a number you trust
Inspections, building and pest reports, and the contract of sale reviewed by a conveyancer before you sign. If you are bidding at auction, remember there is no cooling-off period, so the pre-approval and the deposit need to be locked in first.
Make the offer, sign, pay the deposit
Private sale: usually 10%, sometimes negotiable, with a subject-to-finance clause. Auction: 10% on the day. We turn your pre-approval into a formal application as soon as the contract is signed.
Formal approval and settlement
The lender values the property, issues unconditional approval, and your conveyancer books settlement, typically 30 to 90 days after signing. We chase the lender so you do not have to. On the day, the keys are released to you.
What you will need
- Photo ID (passport or driver’s licence) and Medicare card
- Two recent payslips and your latest tax return or group certificate
- Three months of bank statements for every account
- Evidence of your deposit and how you saved it (genuine savings matters to lenders)
- Details of any debts: car loans, HECS/HELP, credit cards, buy-now-pay-later
Common questions
How much deposit do I really need?
With the First Home Guarantee, 5% of the purchase price plus costs. Without it, 20% avoids Lenders Mortgage Insurance; 10% to 15% is workable with LMI. A guarantor (usually a parent’s equity) can remove the deposit hurdle entirely.
Does a HECS debt stop me?
No, but it reduces your borrowing power because the repayment comes out of your income. Since 2025 some lenders exclude HECS that will be paid off within a year. We check which.
Can I buy with a friend or sibling?
Yes. The First Home Guarantee allows joint applications by friends, siblings and couples. You will want a co-ownership agreement drawn up by a solicitor.
Common questions
How much deposit do I need to buy my first home?
Twenty percent avoids lenders mortgage insurance, but you can buy with less. Schemes like the First Home Guarantee allow as little as five percent for eligible buyers without LMI, and some lenders accept smaller deposits with LMI added to the loan.
Should I get pre-approval before I start looking?
Yes. Pre-approval tells you a realistic price range, and agents take your offer more seriously when you have one. It is not a guarantee: the lender still assesses the property and re-checks your circumstances before formal approval.
What costs are there besides the deposit?
Stamp duty, with concessions for eligible first home buyers in Victoria, plus conveyancing, building and pest inspections, loan fees, rates adjustments and moving costs. Budgeting only for the deposit is the most common first-home mistake we see.
Ready for step one?
A free 15-minute chat gives you your real budget and the schemes you qualify for. No obligation, and we tell you if the answer is “not yet” and what would change it.