Buying Your First Home

Securing your own home one of the most exciting milestones in life.

But before you dive into open homes or home loan calculators, it’s important to understand the two key levers that make it all possible: your income and your deposit.

They work hand in hand. Your income determines how much you can borrow, and your deposit shows that you’re financially ready. Without both pieces, it can be difficult to move forward confidently — but with the right plan, you can absolutely get there.

Sometimes, the first step isn’t applying for finance — it’s creating a realistic savings plan to build that all-important deposit. Once that’s underway, we can help you explore what’s achievable and map out your pathway to home ownership.

Why You Need a Deposit

Your deposit is your contribution toward the home — it’s a sign to lenders that you’ve developed strong savings habits and can manage your finances well. Think of it as your ticket in the door to home ownership.

The larger your deposit, the less you need to borrow — but you don’t always need 20%. Many first home buyers start with a smaller amount and use one of the government schemes designed to help bridge the gap.

How Much Do You Need?

While a 20% deposit is ideal, most first home buyers can start with as little as 5%, or even 2% through Keystart (for WA buyers).

Example on a $500,000 home:

  • 20% deposit = $100,000

  • 5% deposit = $25,000

  • 2% deposit = $10,000

If you’ve already started saving, you might be closer than you think.

What Is Lenders Mortgage Insurance (LMI)?

If your deposit is under 20%, most lenders charge Lenders Mortgage Insurance (LMI) — a one-off fee that protects the lender (not you) if the loan can’t be repaid.
You don’t usually have to pay it upfront, as it can be added to your loan — but there are ways to avoid LMI altogether through government initiatives like the First Home Guarantee or Keystart.

First Home Guarantee (National Home Guarantee Scheme).

This national scheme helps eligible first home buyers purchase a property with just a 5% deposit and no LMI.

If you’re looking to embark on buying your first home, then reach out for a discussion!

In short:

  • Keystart – best for smaller deposits or limited savings history.

  • Home Guarantee – best for buyers with 5% saved who want a standard bank loan.

Genuine Savings – What Lenders Like to See

For the 5% Home Guarantee and most bank loans, lenders like to see that some of your deposit is genuinely saved over time:

  • Regular savings from income

  • Funds held in an account for 3+ months

  • Shares or long-held investments

“Non-genuine” savings — like gifts, lump sums, or tax refunds — can still count, especially for Keystart, or when supported by a solid rental history.

Preparing for Home Ownership

Getting ready to buy isn’t just about saving the deposit — it’s about building financial confidence. Even small, regular savings can make a big difference.

Each dollar saved brings you closer to turning the dream of owning your own home into reality — a place that’s yours to grow, settle, and make memories.

In a Nutshell

  • Minimum deposit: 2–5%

  • Both Keystart and Home Guarantee help avoid LMI

  • Your income and deposit work together to shape borrowing power- Deposit is a must have!!

  • Not ready yet? Start with a savings plan to build momentum

5% Home Guarantee

5%

No

Standard bank loan

Market-competitive

National limits

Must show genuine savings

Optional

Stable income, 5% saved

Key points:

  • The government guarantees up to 15% of your loan

  • You’ll need your own 5% deposit saved

  • Property caps apply

Keystart – Helping WA Buyers Get Started

Keystart is a WA Government initiative that helps locals buy their first home sooner.

Why first home buyers love it:

  • Minimum deposit: 2%

  • No LMI

  • Flexible deposit sources (gifts often accepted)

  • Designed as a stepping-stone loan — refinance later for a lower rate

Keystart vs 5% Home Guarantee.

Keystart

2%

No

Government-backed

Slightly higher

Keystart-specific

Very flexible (gifts OK)

Step-up loan

Smaller savings, limited history

Feature

Minimum Deposit

LMI

Loan Type

Interest Rate

Income & Price Limits

Deposit Flexibility

Refinance Options

Ideal For

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Hear what our clients say

  • "Re financing my home, after divorce, was made a lot less stressful with the help of the entire team. They helped me understand every step of the process. I wouldn't hesitate to recommend TV Financial Services to anyone making major financial decisions. Very special thanks to Tamara and James - LEGENDS!"

    TVFS Client

  • "TV financials helped us so much to buy our first home! Even though COVID-19 put a spanner in the works they made it work and I am so thankful they are so professional and helpful. "

    TVFS Client

  • "Just so grateful to have James help us with guidance on what best options were for us. And how supportive he has been with every step of the way."

    TVFS Client

  • "Thanks so much for all the work you guys put in! Would not of happened if it wasnt for your team."

    Keith Finley

  • "We can't thank TV financial enough for their exceptional customer service and help in achieving our financial goals. The team always go above and beyond and we will definitely be using them in the future."

    TVFS Client

  • "Tamara and company offered and delivered perfect service when it came to securing our first Mortgage. We certainly wouldn't hesitate to recommend their services."

    TVFS Client

  • "James and the team at TV Financial went above & beyond to assist through the whole purchasing journey. They provided expert advice to all queries that we had and made the process completely stress free. Thank you again."

    TVFS Client

  • "My husband and myself would like to thank ALL of the TV financial team, you have helped our dream turn into a reality, something we both put into the too hard pile. We having been working with Tamara and her team for about 18months, they have been so diligent in assisting us every step of the way. From just being married with no savings and in debt to being debt free and helping us get our first home... which we have just moved into!!!"

    TVFS Client

  • "Can't fault your service, James is so professional, extremely efficient and relatable! We had a fantastic experience with James and the whole team at TV financial, highly recommend you guys!"

    TVFS Client

  • "We can't thank TV financial enough for their exceptional customer service and help in achieving our financial goals. The team always go above and beyond and we will definitely be using them in the future."

    TVFS Client

  • "Tam, James and the crew provide friendly country service and were extremely efficient and knowledgeable in their field, providing sound and timely advice. I can highly recommend."

    TVFS Client

  • “Outstanding team providing exceptional financial services, including mortgages. Nothing is ever too much trouble. I would strongly recommend.”

    Sally Grandy

  • “On behalf of the Ravensthorpe Community Resource Centre, I would just like to say a very big thank you to yourself and Jesse for being a part of our Wellness Weekender event. Over the course of the weekend we hosted up to 40 people each day which was great to see! We appreciated your time and dedication in putting together your presentation, Wealth for Wellness. This was a perfect addition and helped us create an event that had something for everyone. We also had a great feedback from our participants who have encouraged us to host this again next year which we hope to do so. ”

    Ravensthorpe Community Resource Centre

Contact us for a discussion and see if it’s right for you.

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