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The First home Buyer Cheat Sheet
Everything worth knowing before you make your first offer — deposit, borrowing power, pre-approval, LMI, schemes and the real cost of buying.
2 min readSimpli Finance editorial team
2026Simpli Finance
First home Buyer Cheat Sheet
What's inside
- ✓Start with the numbers. Not the listings.
- ✓5, 10 or 20 per cent. What changes at each step.
- ✓What lenders actually look at.
- ✓Pre-approval is a strong signal. It is not a final yes.
- ✓Lenders Mortgage Insurance, explained simply.
- ✓Schemes can help. Check the current rules.
- ✓The costs beyond the deposit.
- ✓Nine steps from numbers to keys.
- ✓Seven mistakes we see often.
Start with the numbers, not the listings
Your borrowing power is a ceiling set by a lender. Your budget is a decision you make. The cheat sheet shows what lenders look at — income type, existing debt, credit card limits, HECS/HELP, dependants and the buffer rate — so you can set a realistic budget before you inspect.
Deposit: 5, 10 or 20 per cent
Your deposit sets your LVR, which affects lender choice, pricing and whether Lenders Mortgage Insurance applies. There is no single right deposit; the guide walks through the trade-offs at each level and the costs that sit on top of it.
Pre-approval is a strong signal, not a final yes
What pre-approval is, what it is not, why its conditions matter and what to avoid between pre-approval and settlement.
Schemes, costs and the nine-step process
The types of government support to ask about, a full list of buying costs, the nine steps from knowing your numbers to settlement, the seven mistakes we see most and a printable checklist.
Estimate your borrowing power →
General information only. Lending eligibility, LMI waiver policies, rates, government schemes and approval outcomes vary and are subject to assessment.
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