Best Mortgage Options for Young Couples in 2025

First steps to securing your mortgage as a young couple

Buying your first home as a young couple can feel daunting, but a few foundational steps make the process far smoother. Lenders want to see strong financial discipline, so start by getting your joint finances in order:

• Check your credit scores: Fix errors early to improve borrowing power and interest rates.

• Reduce high-interest debt: Lowering credit card or personal loan balances improves your debt-to-income ratio.

• Build consistent savings: Regular contributions show reliability and help grow your deposit.

Don’t overlook upfront costs like Stamp Duty, LMI (if your deposit is under 20%) and legal fees. A HeyNest broker can review your situation and map out realistic deposit goals, including options like the FHOG and guarantor loans.

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Joint vs individual applications

Choosing between a joint or individual home loan application affects borrowing capacity and long-term responsibility.

• Joint applications generally increase borrowing power but also mean:

  • Shared liability: Both partners are responsible for the entire loan.

  • Shared credit risk: One partner’s poor credit impacts the whole application.

• Individual applications may suit couples where one partner has stronger finances, but the loan size is limited to a single income.

A broker can model both scenarios and help you structure the mortgage in a way that aligns with your goals. HeyNest connects you with independent experts who specialise in guiding young couples through these trade-offs.

Stop Stressing: Why a Broker is the 'Smart, Chill' Way

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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.

Choosing the right mortgage product and lender

With so many Australian loan options, choosing the right product can save a young couple tens of thousands over time. Key features to compare include:

• Offset accounts: Reduce interest by offsetting your loan balance with savings.

• Redraw facilities: Access extra repayments when needed.

• Flexible repayment options: Weekly, fortnightly or monthly to match your cash flow.

Different lenders vary in pricing, policy and first-home-buyer offerings. Instead of shopping around yourself, a HeyNest broker compares multiple lenders, negotiates competitive terms and helps you choose a product tailored to your plans and location, making the entire process simpler and less stressful.

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Frequently asked questions

How much deposit do we need for a mortgage?

Typically 20% of the property value to avoid Lenders Mortgage Insurance (LMI), but many first-home buyer loans allow as little as 5%.

Can we get a loan if one of us is on parental leave?

Yes, but the lender will assess the income based on a return-to-work scenario and may require confirmation of the returning income.

How long does the mortgage approval process take in Australia?

Pre-approval can take a few days to a week. Full approval (unconditional) after finding a property can take 2-6 weeks, depending on the lender and documentation.