Buying your first home? You may need less deposit than you think

While a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI), many first home buyers purchase with less, depending on their circumstances and the lender's requirements.

Some eligible first home buyers can also use government schemes that allow a smaller deposit, sometimes with no LMI. Eligibility, price limits and lender participation apply, so we'll check what you may qualify for.

Western Australia offers first home buyers help such as stamp duty (transfer duty) concessions and, in some cases, grants. What you can claim depends on things like the type and price of the property, where it is and your eligibility. The rules and limits change from time to time.

Try our WA stamp duty calculator for an estimate. We'll confirm what applies to you, and check the official Revenue WA information, before you commit to anything.

Keystart is a Western Australian Government home loan lender that helps eligible buyers get into a home with a smaller deposit. Eligibility, income and price limits apply.

It's worth comparing against other lenders and government schemes. We can help you look at the options side by side, so you can see which suits your situation.

Home loan pre-approval is an indication from a lender of how much you may be able to borrow, subject to conditions and final assessment.

While it isn't always essential, getting pre-approval before you start seriously looking for a property can help you set a realistic budget and make more informed decisions.

Pre-approval isn't a guarantee of final loan approval, so it's important to understand any conditions attached.

It depends on your income, expenses, existing debts, deposit and financial circumstances. Different lenders also assess borrowing capacity in different ways.

We can compare suitable loans from our panel of 30+ lenders, so you know your options before you start looking. Our borrowing power calculator gives you a rough starting point.

Beyond your deposit, you may need to allow for stamp duty (transfer duty), conveyancing or settlement fees, building and pest inspections, moving expenses and potential lender fees. Depending on your deposit and loan structure, Lenders Mortgage Insurance may also apply.

We can help you understand the likely upfront costs so there are fewer surprises along the way.

A family guarantor arrangement may help some buyers purchase with a smaller deposit or avoid Lenders Mortgage Insurance.

However, becoming a guarantor involves significant financial risks and responsibilities. The arrangement must meet the lender's requirements, and everyone involved should understand the implications and consider independent legal and financial advice.

A bank generally offers its own home loan products, whereas a mortgage broker can compare options from multiple lenders.

At Morris Home Loans, we look at more than just interest rates. We consider fees, loan features, lending policies and your circumstances, and we help manage the application from start to settlement.

Morris Home Loans does not charge clients a fee for our mortgage broking service. If your home loan proceeds, we're generally paid a commission by the lender.

We'll explain how we're paid and disclose the relevant remuneration arrangements during the home loan process. You may still need to pay lender fees, government charges and other costs associated with purchasing your first home.

Mortgage brokers are commonly paid by lenders through an upfront commission when a loan settles and, in some cases, an ongoing trail commission. Commission arrangements can vary between lenders.

We'll disclose any commissions and other relevant remuneration as required during the home loan process. Our recommendation isn't based on which lender pays us the most. Mortgage brokers are required to act in your best interests when providing credit assistance.