- First Home Buyers
- Updated
• 5 min read
First Home Buyer Checklist For Professionals
Buying a first home as a professional involves more than saving a deposit. HECS, income assessment, LMI eligibility and lender policy can all affect your outcome. A checklist approach helps ensure nothing important is missed before applying.
Quick Answer
First home buyers who are professionals should check borrowing capacity, HECS impact, LMI eligibility, deposit requirements, stamp duty and government scheme eligibility before applying.
What Lenders Review
✓ Borrowing capacity — income, HECS, expenses and lender policy
✓ Deposit position — minimum requirements and LMI implications
✓ LMI waiver eligibility — check if your profession qualifies
✓ Government scheme eligibility — varies by state and criteria
✓ Stamp duty — estimate before committing to a price range
✓ Loan structure — which repayment type and features suit your goals
✓ Pre-approval — conditional, not guaranteed, but useful for clarity
Common Mistakes
✓ Applying without understanding the HECS impact on borrowing capacity
✓ Assuming government schemes apply — eligibility varies by state and date
✓ Not checking LMI waiver eligibility before paying LMI
✓ Not budgeting for stamp duty, legal costs and lender fees
Free Guide
The Professional Lending Guide
Frequently Asked Questions
Do I need 20% deposit as a first home buyer?
Not always. Some professionals may qualify for LMI waivers. Government schemes may also assist. Deposit requirements vary.
Should I get pre-approval first?
Pre-approval helps clarify budget and options. Note that pre-approval is conditional and not a guarantee of final approval.
Before You Start Looking At Properties
Many first home buyers start looking at properties before understanding their borrowing capacity, deposit requirements and total purchase costs. This can lead to disappointment or unconditional offers that exceed actual lending capacity. Getting a clear picture first is time well spent.
The Total Cost Of Buying
✓ Deposit — minimum 5–10% of purchase price (plus LMI if below 20%)
✓ Stamp duty — varies by state, property value, buyer type and eligibility for concessions
✓ Legal and conveyancing fees — typically $1,500–$3,000
✓ Building and pest inspections — typically $400–$800
✓ Lender fees — application, valuation, settlement fees
✓ Moving costs
✓Potential LMI if borrowing above 80% LVR without a waiver
HECS: The Hidden Capacity Reducer
Professionals who studied for several years often carry HECS debt that reduces assessed borrowing capacity. This is particularly relevant for nurses, doctors, dentists, lawyers and accountants buying their first home early in their career.
Conditional Pre-Approval: What It Means
A conditional pre-approval gives you an indication of how much a lender may be willing to lend, subject to valuation, full credit assessment and meeting all lending criteria at the time of application. It is not a guarantee of final approval and should be treated as a guide only.
Government Schemes For First Home Buyers
Several government schemes may assist first home buyers with deposit requirements. These schemes change regularly and are subject to income caps, property value limits, lender participation and eligibility rules that vary by state. Always confirm current eligibility before making decisions.
| Purchase cost item | Approximate range | Notes |
|---|---|---|
| Deposit | 5–20% of purchase price | Below 20% may trigger LMI unless waived |
| Stamp duty | Varies by state | Concessions may apply for FHB — confirm with conveyancer |
| Conveyancing/legal | $1,500–$3,500 | Varies by state and complexity |
| Building & pest inspection | $400–$800 | Strongly recommended before exchange |
| Lender fees | $0–$800 | Application, valuation, settlement fees |
| LMI (if applicable) | Varies significantly | Depends on LVR, loan amount, lender and property |
Government scheme rules, income caps and property value limits vary by state and change regularly. Confirm current eligibility before applying.
Book A First Home Buyer Review
We review your borrowing capacity, HECS, LMI eligibility and lender options.
General information only. Lending outcomes vary by lender and individual circumstances.
Related Reading
Written by: Simpli Finance Lending Team · Reviewed by: [Broker Name], Mortgage Broker · Last updated: June 2026