Best mortgage for young first time buyers
Navigating the Australian property market as a young first-time buyer can be challenging. Discover the essential home loan options and strategies to secure your first mortgage with confidence.
Best Mortgage for Young First-Time Buyers in 2025
Find the best mortgage for young first-time buyers. Low deposits, fixed rates and government support to help you buy your first home faster.
MORTGAGE YOUNG
Choosing the best first home buyer mortgage options
Selecting your first home loan means matching your financial position with the right product features, not just the advertised rate. Popular options for first-time buyers include:
Variable rate loans for flexibility with extra repayments
Fixed rate loans for predictable budgeting
Split loans to balance stability and flexibility
Basic loans with fewer features but lower pricing
Government assistance can reduce upfront costs, but products vary between lenders. HeyNest connects you with independent brokers who compare these options across the market to identify the most suitable structure.
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Understanding the true cost of your first mortgage
The real cost of a loan is not just the interest rate. Fees, features and repayment flexibility all affect the long-term expense. Important cost factors include:
Upfront establishment charges
Annual or service fees
Lenders Mortgage Insurance when using a small deposit
Potential exit charges for early repayment or refinancing
Availability of offset or redraw features that affect long-term savings
A broker can explain comparison rates, highlight avoidable fees and negotiate better terms. HeyNest brokers simplify the cost assessment and help you choose a financially efficient option.
Stop Stressing: Why a Broker is the 'Smart, Chill' Way
HeyNest
Traditional Bank
Access to many lenders
Compares and negotiates the best market rates for you.
Dedicated, personalized guide every step of the way.
Only offers their own limited products.
Standard, often non-negotiable in-house rates.
Standardized service; often no single dedicated contact.
Key strategies to prepare for a strong application
Effective preparation increases approval chances and leads to more competitive offers. Focus on:
Building a clear savings record
Reducing personal debt where possible
Checking and maintaining a strong credit score
Organising income and asset documentation
Maintaining responsible spending habits
Expert review before applying can prevent delays and rejection. HeyNest connects you with a local broker who structures your application to meet lender expectations and maximise your borrowing strength.
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Frequently asked questions
How much deposit do I need as a first-time buyer in Australia?
While 20% is ideal to avoid Lenders Mortgage Insurance (LMI), many lenders and government schemes allow for as little as 5% to 10%.
What is a mortgage broker and why should I use one for my first home loan?
A broker acts as an impartial expert who compares home loans from multiple lenders, negotiates on your behalf, and guides you through the entire application process, saving you time and money.
Does HeyNest charge me a fee for connecting me with a broker?
No, HeyNest’s platform is free to use. Brokers typically receive a commission from the lender once the loan settles, which is standard practice across the industry.
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