The Ultimate Guide to Buying Your First Home in Australia (For Filipinos)

Sheanne Siron
Mar 10, 2025
2 min read

Buying your first home is a major milestone, and as a Filipino in Australia, you may have unique questions about the process. This guide will walk you through everything you need to know to successfully buy your first home, from saving for a deposit to getting the keys to your dream house!

Step 1: Check Your Eligibility

Before starting your home-buying journey, assess whether you're ready:

Do you have a stable income?
Have you checked your borrowing capacity?
Do you have a deposit saved (or access to first-home grants)?
Is your credit score in good shape?

Step 2: Understand Your Borrowing Power

Your borrowing power depends on factors like income, expenses, existing loans, and credit score. A mortgage broker (like us!) can help you determine how much you can borrow and which banks offer the best loan options for your situation.

Step 3: Save for a Deposit

Most lenders require at least a 5% deposit, but some government schemes allow you to buy with a smaller deposit. Here are key savings strategies:

Open a high-interest savings account specifically for your home deposit.
Minimize unnecessary expenses (e.g., dining out, subscriptions).
Check if you qualify for First Home Owner Grant (FHOG) or First Home Buyer Guarantee (FHBG).

Step 4: Get Pre-Approved for a Loan

Pre-approval gives you a clear idea of what you can afford and makes your offer stronger when negotiating with sellers. To get pre-approved, you'll need:

Payslips and employment details
Bank statements and existing debts
Identification documents

Step 5: Find the Right Property

Decide what kind of property suits your needs:

House & Land Package (great for growing families)
Established Home (ready to move in, no construction waiting time)
Apartment/Unit (ideal for first-time buyers with lower budgets)

Step 6: Make an Offer & Sign the Contract

Once you find the right home:

Negotiate the price with the seller.
Pay an initial deposit (usually 0.25%-10% of the purchase price).
Sign a contract, subject to finance approval.

Step 7: Get Final Loan Approval

Your lender will conduct a property valuation and review your financials before granting unconditional approval. Once approved, you're one step closer to homeownership!

Step 8: Prepare for Settlement

During settlement:

Pay stamp duty (if applicable) – some first-home buyers may be exempt.
Work with a conveyancer to handle legal paperwork.
Your lender transfers the loan amount to the seller.

Step 9: Move In & Celebrate!

Once settlement is complete:

Collect the keys to your new home.
Set up utilities (electricity, water, internet).
Start planning your move-in day!

Step 10: Manage Your Home Loan Wisely

Set up automatic payments to avoid missed repayments.
Consider refinancing in the future to get better rates.
Stay on top of your loan to save thousands over time!

Need Help Buying Your First Home?

At Mortgage Alley, we specialize in helping Filipino first-home buyers in Australia get the best home loan deals. Book a FREE consultation today and let’s get you into your dream home!