How much does it cost to use a mortgage broker for a first home purchase?

Most brokers don't charge first home buyers a fee directly. They're paid a commission by the lender once the loan settles, though some charge a fee for complex cases or if you pull out after they've done significant work. Always ask upfront and get it in writing before you proceed.

How often do first home buyers actually need a broker versus going direct to a bank?

You don't have to use one, but most first home buyers do because eligibility for grants and schemes varies by lender and changes often. A broker who deals with these applications regularly will usually know faster which lenders currently have places under schemes like the Home the team the team.

What should I expect from the process, start to finish?

Expect an initial chat about your income, debts, and deposit, followed by a pre-approval application, then property search, formal loan approval once you've got a contract, and settlement. For first home buyers using a government scheme, add extra paperwork for eligibility checks. The whole process typically runs 4 to 8 weeks once you have a property under contract.

How do I judge whether a broker did a good job?

Look at whether they explained your options clearly rather than just recommending one lender, whether they were upfront about fees and commissions, and whether settlement happened without last-minute surprises. The team contact after settlement, checking in when your fixed rate is about to expire, is also a sign of a broker worth sticking with.

First Home Buyer Loans in MELBOURNE

Buying your first place in Melbourne means dealing with a lot at once: loan pre-approval, the First Home Owner the team, stamp duty concessions, lenders mortgage insurance, and the state schemes that let you buy with a smaller deposit. A broker who specialises in first home buyers does more than find you a rate. They work out which lender will actually approve you, whether you qualify for a government scheme like the Home the team the team, and how to structure the loan so you're not paying more in LMI than you need to. We've listed 49 mortgage brokers across Melbourne who work with first home buyers, from the inner suburbs out to the growth corridors.

What to look for in a broker

Check whether they're accredited with a wide panel of lenders rather than just two or three banks, since access to more lenders means more chance of finding one that suits your deposit size and employment type. Ask how they handle scheme places (the government caps places under the Home the team the team each year, so timing matters), and whether they charge you directly or work purely on lender commission. A good broker explains genuine savings requirements, guarantor options, and the trade-off between a bigger deposit and paying LMI, rather than just pushing you toward the first approval they can get.

How our scoring works

We rank brokers on responsiveness, the breadth of their lender panel, transparency around fees and commissions, and how consistently past first home buyer clients report clear communication through settlement. See the full ranked guide to Melbourne mortgage brokers for the current order, and read our methodology for how we weigh each factor.

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All first home buyer loans in MELBOURNE, ranked by score and relevance

49 businesses, scored on recent reviews. The order weighs each business's overall score by how much of its reviewed work is first home buyer loans, so a lower-scored specialist can rank above a higher-scored generalist.

Mel Finance Mortgage Brokers Melbourne

5.0(219)✓ Google-verified

Reviewers consistently describe a broker who is immediately available, patient with first-time buyers, and adept at navigating complex lending situations. The standout quality is the ability to deliver results fast-loan approvals in tight timeframes, auction wins explained in advance-while explaining every step so clearly that even bewildered buyers feel confident by settlement. Staff member handles both straightforward refinances and unusual cases (unique income profiles, PPOR-to-investment pivots). Reviewers praise the long-term relationship building: check-ins after settlement, advice on negotiating with agents, and an emphasis on the buyer's goals rather than just closing the transaction.

First Home Buyer LoansInvestment Property LoansCommercial & Business Finance

First Home Buyer Loans in MELBOURNE

What to look for in a broker

How our scoring works

All first home buyer loans in MELBOURNE, ranked by score and relevance

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Common questions about first home buyer loans