5 Things First Home Buyers Need to Know Before Talking to a Mortgage Broker
Buying a first home is exciting, but also overwhelming, especially given the current market conditions. In Queensland, prices remain competitive and demand is steady, making it challenging for first-home buyers to determine their position in the homebuying journey.
On the Gold Coast in particular, rising interest from both locals and interstate buyers means homes often move quickly, leaving little room for hesitation. That’s why walking into a meeting with a mortgage broker unprepared can put you at a disadvantage.
Having clear questions ready not only helps you understand your options but also ensures you’re making informed decisions right from the start. To give you a head start, here are five key things every first-time buyer should know before sitting down with a broker.
Ready to buy your first home, but not sure where to start? Our Gold Coast mortgage brokers at
LM Edge specialise in helping first-home buyers secure tailored home loan options, with better rates and faster approvals. Call us today at
07 4721 4772 to get started.
1. Make Sure Your Broker is Licensed
Not every person calling themselves a mortgage broker is properly accredited. In Australia, brokers must either hold an Australian Credit Licence (ACL) or be a credit representative of a licence holder. You can check this through ASIC’s online register.
Working with a licensed broker, such as the team at LM Edge, ensures that they meet professional standards and are legally allowed to provide credit advice. It also provides protection in case something goes wrong.
2. Define Your Needs vs Wants
Before talking to a broker, take time to decide what you absolutely need in a home versus what you’d simply like to have. This makes it easier to stay focused on properties that genuinely suit your lifestyle and budget.
By drawing a clear line between essentials and extras, you’ll avoid being tempted by features that could push you beyond your comfort zone.
Examples of needs in homebuying:
- Safe and convenient location
- Number of bedrooms to suit your household
- Proximity to work, schools, or transport
- Adequate storage space
- Functional layout
While needs are non-negotiable, wants are the features that make a property feel more appealing but aren’t essential for day-to-day living.
Recognising these upfront helps you stay flexible during your search while keeping your finances in check. Think of them as bonuses you’d love to have if they fit within your budget.
Examples of wants in homebuying:
- Swimming pool or outdoor entertaining area
- Extra living room or home office
- Modern kitchen or bathroom finishes
- Larger backyard
- Energy-efficient appliances or smart-home features
3. Be Ready With Questions to Ask Your Broker
Walking into a meeting with a broker without any questions can leave you feeling overwhelmed and unsure of your options. Asking the right questions not only helps you understand the loan process but also shows your broker that you’re prepared and serious about buying your first home.
Having a shortlist of questions ready makes the conversation more productive and ensures you walk away with clear, useful answers.
Five questions to ask your broker:
- What loan options are best suited to first-home buyers like me?
- What are the pros and cons of
fixed interest rates versus
variable interest rates?
- What upfront fees and ongoing costs should I expect with this loan?
- How long does the loan approval process usually take?
- Are there any features, like an offset account or redraw facility, that could benefit me?
4. Organise Your Financial Documents
One of the first things a broker will ask for is evidence of your financial situation, so having your paperwork ready makes the process much smoother. It shows you’re prepared, speeds up the broker’s assessment, and helps them give you accurate advice right from the start.
Financial documents to prepare:
- Recent payslips or proof of income
- Bank statements (savings and transaction accounts)
- Tax returns and group certificates
- Proof of any existing debts (credit cards, personal loans, car finance)
- Identification (driver’s licence, passport, or birth certificate)
- Evidence of savings or gifted funds for your deposit
5. Be Clear on Your Budget and Lifestyle Costs
Before sitting down with a broker, it’s essential to take an honest look at your budget and how you spend money on a daily basis. A loan may look affordable on paper, but if the repayments leave you stretched too thin, it can quickly become stressful.
Go beyond the basics of income and savings. Factor in everyday expenses, such as groceries, transportation, childcare, and personal spending, including gym memberships and dining out. This gives you a realistic picture of how much you can comfortably repay without compromising your lifestyle.
When you walk into the meeting with these figures in mind, your broker can recommend loan options that genuinely suit your circumstances rather than simply showing you the maximum amount a bank might lend.
First home buyers often don’t realise how many loan options are available. Our experienced Gold Coast mortgage brokers at LM Edge compare lenders, explain the fine print, and make your home loan application simple and stress-free. Speak with us today by calling 07 4721 4772 and book a free consultation.
FAQs
What credit score do I need for a home loan?
A credit score above 700 is considered strong and usually puts you in a good position with most lenders. Even if it is lower, other factors like income, deposit, and overall financial situation can still help you qualify.
What is the First Home Guarantee scheme?
The First Home Guarantee scheme is an Australian Government program delivered by Housing Australia. It lets eligible First Home Buyers purchase with as little as a 5% deposit without paying
Lenders Mortgage Insurance.
What is Boost to Buy?
Boost to Buy
is a Queensland pilot program that helps first-home buyers by contributing to their deposit. It functions as an equity contribution, reducing upfront costs and making homeownership more achievable.
How much deposit do first-home buyers need in QLD?
In Queensland, most residential properties require a deposit of 5 % to 10 % of the purchase price. Properties sold via competitive auctions or in high-demand areas may require closer to 10 %, while more negotiable sales can sometimes proceed with a 5 % deposit.
What is the grant for first-time home buyers in QLD?
The First Home Owner Grant (FHOG) in Queensland currently offers a boost of up to $30,000 for eligible first home buyers who sign contracts between 20 November 2023 and 30 June 2025, for new or substantially renovated homes under the relevant threshold. Otherwise, the standard grant is $15,000.
How to apply for a First Home Guarantee?
You can’t apply for the First Home Guarantee directly. Applications are made through participating lenders or mortgage brokers, who check your eligibility and lodge the application with Housing Australia on your behalf. Spots are limited, so it’s best to apply early through an approved lender.
Wrapping Up
Buying your first home is a big step, and meeting with a broker can feel less intimidating when you come prepared. By knowing what to expect, gathering the right documents, and having clear questions ready, you’ll make the most of your broker’s expertise and set yourself up for a smoother home loan journey.
For first home buyers on the Gold Coast, this preparation can be the difference between feeling overwhelmed and moving forward with confidence.
If you're ready to get started, contact our expert Gold Coast mortgage brokers at LM Edge. Our team is prepared to help provide you with a smooth home loan application process, ensuring you end up with the right loan that meets your financial goals.
To book a free consultation, reach out to us today by calling
07 4721 4772.
