Category: Blog

Buying your first home in 2025 is a huge step, and with the right incentives, grants, and concessions, it could be more affordable than you think. From stamp duty savings to government-backed home loan schemes, there are multiple ways to reduce upfront costs and make homeownership more accessible. If you’re buying in Melbourne, Kew, Toorak, Malvern East, St Kilda, Richmond, or anywhere in Victoria, here’s what you need to know about the first home buyer grants and incentives available in 2025.

Stamp Duty Exemptions For First Home Buyers

Stamp duty is one of the biggest upfront costs when buying a home, but Victorian first home buyers can access exemptions and discounts to reduce the cost.

• Full exemption: If your property is valued at $600,000 or less, you won’t have to pay any stamp duty—a potential saving of up to $31,070.
• Concession: If your property is valued between $600,001 and $750,000, you’ll receive a discount on a sliding scale.

 Example: If you’re purchasing a home in Malvern East for $650,000, you’ll get a partial discount on stamp duty, reducing your upfront costs.

 Use our Stamp Duty Calculator VIC to estimate how much you could save.

First Home Owner Grant (FHOG) in Victoria

The First Home Owner Grant (FHOG) provides eligible buyers with $10,000 if they buy or build a new home valued up to $750,000.

 Key points:
 The property must be new (never lived in before).
 Applies to both house and land packages or newly built apartments.
 Available across Victoria, including Melbourne, Toorak, and Kew.

If you’re buying an existing home, you won’t qualify for the FHOG, but you may still be eligible for stamp duty exemptions or the Home Guarantee Scheme.

 Check your eligibility for the First Home Buyers Grant VIC.

Home Guarantee Scheme (HGS)

The Home Guarantee Scheme (HGS) helps first home buyers get into the market sooner with a low deposit, without paying Lenders Mortgage Insurance (LMI).

There are three key programs under the HGS:

 First Home Guarantee (FHBG) – Buy with just a 5% deposit, with the government guaranteeing up to 15% of the loan.
 Regional First Home Buyer Guarantee (RFHBG) – Similar to the FHBG but for buyers purchasing in regional areas.
 Family Home Guarantee (FHG) – Allows single parents or single legal guardians to buy with a 2% deposit.

 Example: If you’re purchasing a $700,000 home in Richmond, instead of saving $140,000 (20% deposit), you could buy with just $35,000 (5%) under the First Home Guarantee.

 Fact sheet: Learn more about the Home Guarantee Scheme here.

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme (FHSSS) allows you to save your home deposit faster by using your super fund to hold additional voluntary contributions.

 Withdraw up to $50,000 from your super fund to use as a deposit.
 Lower tax rates on super contributions mean you save faster.
 Couples can each access $50,000, for a combined $100,000 towards a home deposit.

Important: There are strict rules for accessing funds under the FHSSS, and it’s highly recommended that you speak to an accountant before making additional contributions.

 Fact sheet: Find out more about FHSSS here.

Homebuyer Fund – Shared Equity Scheme

The Victorian Homebuyer Fund is a shared equity scheme, where the Victorian Government contributes up to 25% of the purchase price, reducing the amount you need to borrow.

 Key points:
 You must have at least 5% deposit saved.
 The government holds an equity share in your home, which you can repay over time.
 Available for purchases across Victoria, including Melbourne East, Malvern, and St Kilda.

This scheme is not available through mortgage brokers, but we can connect you with participating lenders who can assist with the application process.

Getting Family Support For Your First Home

Many first home buyers receive financial support from parents or guardians in the form of:
 A cash gift to boost savings.
 Acting as a guarantor to help secure a loan without LMI.
 A joint purchase agreement to help with affordability.

If your family wants to help you buy a home, it’s essential to understand the risks and benefits of each approach. Speak with a mortgage broker to explore your options.

 Article: How parents can assist in buying your first home.

Start Your First Home Buyer Journey with Boulevard Finance

Buying your first home is an exciting milestone, but it’s essential to understand all the government incentives, stamp duty exemptions, and loan options available.

At Boulevard Finance, we help first home buyers across Melbourne, Kew, Toorak, Malvern East, Richmond, and beyond navigate the home loan process with expert advice and access to over 60 lenders.

Ready to get started? Contact us today for a free consultation!

 Use our borrowing calculator to estimate your loan amount and start planning your first home purchase.

Refinancing your home loan can be a great way to reduce repayments, access equity, or restructure your loan, but it’s important to consider the full picture before making a move. Whether you’re in Kew, Toorak, Malvern East, St Kilda, or anywhere in Melbourne, working with a mortgage broker can help ensure you’re making the right financial decision.
Before you refinance, here are key factors to keep in mind.

1. Resetting Your Loan Term

When you refinance, your loan term typically resets to 30 years, which can lower your monthly repayments but also increase the total interest paid over time.

 Example: If you’ve already paid off 10 years of your mortgage and refinance back to a 30-year term, you’ll be extending your loan rather than paying it off sooner. However, you can counter this by making additional repayments.

Tip: Before refinancing, use a refinancing calculator to compare repayment structures and see how different loan terms affect your total cost.

2. Hidden Costs of Refinancing

While refinancing can save you money, it’s essential to factor in potential costs, including:

• Application fees – Some lenders charge a processing fee.
• Valuation costs – A new property valuation may be required.
• Exit fees – If you’re in a fixed-rate loan, you could face break fees.

Using a borrowing calculator can help you estimate whether refinancing will still be cost-effective after factoring in these additional expenses.

3. Evaluating Your Financial Strategy

Refinancing isn’t just about getting a lower rate – it should fit into your long-term financial goals. Some common refinancing strategies include:

 Using home equity for renovations or an investment property.
 Consolidating multiple loans to simplify repayments.
 Reducing Lenders Mortgage Insurance (LMI) costs if you’ve already paid it before.

4. The Impact of Blended Rates

Many homeowners assume that refinancing will automatically result in lower repayments, but blended rates can impact your savings.

A blended rate combines:
 Advertised interest rate
 Cashback incentives
 Loan switching costs

While cashback offers can be appealing, they may not offset a higher interest rate in the long run. A loan calculator can help you compare real savings before switching.

5. The Personal Touch of Mortgage Brokers vs. Online Lenders

Online lenders may advertise low rates, but they often lack personalised service and loan structuring.

Working with a mortgage broker in Melbourne gives you access to:
 Loan structuring tailored to your needs – not just a lower rate.
 Negotiation power with over 60 lenders for competitive offers.
 Ongoing loan management – ensuring you always have the best deal, even after settlement.

At Boulevard Finance, we do more than just find you a loan – we help you strategically plan your finances to ensure the loan fits your goals.

6. Timing Your Refinancing

Refinancing at the right time can save you thousands.

When to refinance:
 6 weeks before your fixed-rate period ends – to secure better rates before reverting to a variable loan.
 When interest rates drop – to lock in a competitive fixed rate.
 When property values rise – to access equity for future investments.

Conclusion

Refinancing can be a smart financial move, but only if it aligns with your broader goals. It’s essential to:
 Use calculators to estimate savings.
 Work with a mortgage broker to find the best deal.
 Consider the true cost, not just the interest rate.

At Boulevard Finance, we help homeowners across Melbourne, Kew, Toorak, Malvern East, St Kilda, and beyond navigate the refinancing process with ease.

Ready to explore your refinancing options? Contact us today to book a consultation and take the next step toward a smarter financial future.

Spring has a magical way of transforming Melbourne. The city comes alive with vibrant colors, buzzing energy, and a sense of renewal. It’s no wonder that many consider spring the peak season for buying a home. But is it truly the ideal time for you to embark on your homeownership journey? Let’s delve deeper into the pros and cons of spring buying and explore how Boulevard Finance can be your trusted partner in navigating this exciting, yet bustling, market.

Why Spring Is a Hotbed for Home Buying

Spring embodies a sense of fresh starts and new beginnings, and the Melbourne real estate market mirrors this sentiment. As the days lengthen and nature awakens, homeowners are more inclined to showcase their properties in their prime condition. Lush green lawns, blooming gardens, and abundant natural light cast an enchanting spell on potential buyers. The increased inventory of homes for sale provides buyers with a wider selection and the opportunity to find their perfect match.

The Blossoming Benefits of Buying in Spring

Spring presents a host of advantages for those looking to purchase a home in Melbourne:

A Garden of Choices:

One of the most compelling reasons to buy in spring is the sheer number of properties available. With more sellers entering the market, you’ll have a diverse range of options to explore and compare.

Seller Motivation:

The abundance of listings can create a sense of competition among sellers, potentially leading to more flexibility in negotiations and better deals for buyers. Some sellers may be particularly keen to sell before the year ends, further increasing your bargaining power.

Homes in Full Bloom:

Spring showcases properties at their finest. Gardens are flourishing, lawns are vibrant, and natural light floods interiors, creating an inviting atmosphere that’s hard to resist. It’s the perfect time to visualise your future in a new home.

Potential for Better Loan Deals:

The competitive spirit of spring extends to lenders as well. Many financial institutions offer enticing deals and lower interest rates to attract new customers. This means you could potentially secure a mortgage with more favourable terms, saving you money in the long run.

Tax Time Advantage:

For many Australians, spring coincides with receiving tax refunds. This extra cash can be used to bolster your deposit or cover closing costs, giving you a competitive edge in the market.

Navigating the Spring Showers: Potential Challenges

While spring offers a wealth of opportunities, it’s important to be mindful of potential challenges that may arise:

Price Premiums:

The heightened demand in spring can sometimes lead to slightly higher prices compared to the quieter winter months. Be prepared to factor in potential price increases as the market heats up.

Fierce Competition:

With more buyers entering the market, competition can be fierce. Be prepared for the possibility of multiple offers and be ready to act decisively when you find the right home.

Need for Speed:

Properties can move quickly in spring, so you’ll need to be prepared to make quick decisions. Having your finances in order and being pre-approved for a loan can help you act swiftly when the perfect opportunity arises.

Industry Busyness:

The spring rush keeps everyone busy, including mortgage brokers, inspectors, and real estate agents. Expect potentially longer wait times for appointments and services.

Boulevard Finance: Your Spring Buying Companion

At Boulevard Finance, we understand the unique dynamics of Melbourne’s spring property market. We’re here to guide you through every step of the process, ensuring you’re well-prepared and equipped to make the most of this vibrant season.

Personalised Service:

We believe in treating every client as an individual. We’ll take the time to understand your unique needs and goals, tailoring our advice and support to your specific situation.

Local Market Expertise:

Our mortgage brokers are deeply familiar with the Melbourne market and its seasonal fluctuations. We’ll leverage our insights to help you navigate the competition and make informed decisions.

Competitive Rates and Solutions:

We have strong relationships with Australia’s leading lenders. This allows us to access a wide range of loan options and secure the most competitive rates for you. We’ll work tirelessly to find the perfect fit for your financial situation.

Is Spring the Right Season for Your Homeownership Journey?

The decision to buy a home in spring ultimately depends on your individual circumstances and priorities. Weigh the pros and cons carefully, considering your financial readiness and long-term goals.
If you’re ready to embrace the opportunities of the spring market, Boulevard Finance is here to support you every step of the way. Contact us today to schedule a consultation and discuss your home-buying aspirations. Together, let’s make this spring the season you find your dream home!

It’s never been so cheap to borrow…

Low rates aren’t just good news for the influx of first time buyers racing into get their first loan. This is also the right time for existing mortgage holders to capitalise on lender competition and super low interest rates.

Despite interest rates dropping to historic lows, less than ten percent of mortgage holders in Australia have refinanced. That means millions of customers are paying extra interest…for no reason or benefit. That’s the definition of crazy! Especially when you have a broker like me that’s here to do the heavy lifting for you.

Do you know your home loan interest rate? 

If no, you aren’t alone. About half of surveyed home loan holders don’t know their rate! Let’s talk and I can help work out the savings available.

Three great reasons to refinance:

1. Leverage equity. Refinancing a home loan can allow you to free up the equity in your assets to buy another property.
2. Redeploy repayments. Lock in lower rates before they rise again, so you can choose to pay more off principal or perhaps take on a second property.
3. Better fit. This can be a great chance to consider a different product type, consolidate other debts, shave years off your loan, or access exclusive deals.

Competitive home loans are ever changing and paying extra interest on an uncompetitive loan is the price paid for not reviewing and refinancing. At the end of the day, interest is just a payment to the bank for the privilege of borrowing their money. Interest is not going towards the value of your home, so there is no benefit to paying more of it. Just to be plain.

No lender will offer you a deal if you don’t ask. Let me compare over 1000s of other loans for you, and see if you can save you a $#!% tonne.

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Disclaimer:

Any refinancing is subject to lender imposed terms and conditions including but not limited to loan serviceability, valuations and confirmed capacity to service both any existing and revised lending arrangements. The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.

So, you’ve made the commitment: 2021 is a property-buying year! Unsurprisingly, that’s a common goal for the new year I’m hearing from clients. After all, when will rates be this low again? And with changes to lending due to occur in March, the home loan opportunities for buyers are ripe and ready for the picking. Plus, the 60 lenders I negotiate with are eager to please and ready to compete for your home loan. After making a mental commitment to buying a home, inevitably, the first thing prospective home buyers do is start window shopping online or with their local real estate agencies. And this is what you’ll probably do: you’ll look at the homes available, consider the prices, sort through the spectrum of off-the-plan to delightfully old, superbly renovated or requiring some TLC. Then you’ll start to factor in what you’d be happy to go for (is a pool a necessity? Maybe not) and what is non-negotiable (a walk-in wardrobe and a dishwasher, please), and you start mentally preparing for the big buy.

Hold up! You’ve missed a step.

There’s a critical phase to house-hunting online and in the real world that puts you in a position of power. It’s called pre-approval and it’s free, lasts at least three months and gives you a clear guide on property prices in your buying range. Not having it can cause all sorts of headaches, like discovering you can’t borrow the amount you need for the property you love.

What, precisely, is pre-approval?

Put simply, it means a lender has indicated that they would be prepared to lend you a certain amount of money with which to buy property. It means you can accurately fix the settings on your property search portal to the maximum amount you’re likely to be lent. And if you did find a property you like, you’d be in a position to make an offer. You’ll also be more attractive to sellers because you’re “good to go” and you won’t make the mistake of falling in love with a $900,000 stunner when you’re likely to be lent $700,000.

Seven steps to getting pre-approval

1. Book in to see me so we can get the property party started
2. I’ll review your fiscal footprint (credit history and financial situation)
3. I’ll work out your capacity regarding repayments (how much you comfortably can afford to repay)
4. We’ll cross reference your needs with 60 banks and lenders and their various loan types
5. We’ll settle on a lender who is a good match for your plans and position
6. You’ll leave with a number to start home-hunting intelligently…
7. And that number is valid for up to half the year!

Make your resolutions a reality with pre-approval today.

There are many moments you’ll need advice, support, suggestions and experience on your side during the journey to buying a property. One of the benefits of a broker is that we’re with you every step of the way: from the moment you consider buying, to budgeting, understanding the real estate market, securing a great loan, putting an offer in, negotiating with agents, settling and moving, revising that loan when life changes, accessing specialists like solicitors and valuers, settling in, buying future properties and eventually helping your children do the same. Here are seven non-financial ways I can help you:

1. Suburb stats. You know where you’d like to buy, roughly. Tell me the areas you’re considering, and I will research market trends, prices, demand and opportunities. I have access to brilliant resources that inform smart decisions. What’s going on with capital growth there? Are investment yields attractive? How tight is supply, and how strategic will we need to be when making an offer? This information helps you buy intelligently.
2. Cash coach. You might not yet have reached your goals for the deposit, or you might need to prove to lenders that you’re disciplined with your dollars. I’ll create a plan for you… a realistic one… and help coach you through so that when the banks see your bottom-line they’re simply blown away by your financial skill and are happy to lend you the full amount you’re seeking.
3. Mental move. The moment you decide you’d like to buy, I’m your resource to discuss, debate, and determine the best course of action. Sometimes, the process from the initial idea to actually moving is a matter of months and sometimes it’s longer. I’m there for you from the dream to the day you park in the driveway.
4. Lifelong relationship. After moving in, interest rates might fall… I’ll be there to adjust your loan when needed. Maybe a year later, you start a family, this will change your financial situation… I’ll be there to review your loan accordingly. Two years later, you might want to buy an investment property… I’ll be there to handle your mortgage needs. And many years later, your first born might aspire to buy… I’ll be there to help them learn to budget and get their foot on the property ladder. Now, you won’t get that with a bank!
5. Agent advice. Buyers beware of the trickery you can experience when making offers and negotiating with sellers and agents. Lucky for you, I’ve been there and done that with thousands of clients. I can read the tea leaves, so to speak, and can help you secure the home of your dreams without overpaying during negotiation or auction, avoiding the typical traps along the way.
6. Inspection intel. When you view the property, I’ll help you do your own due diligence before you send in a building inspector. You can save hundreds by eliminating a property during that first impression. Simple tips like testing the plumbing in the shower for heat and pressure, checking light switches, windows and doors, and walking the block to experience the neighbourhood… how’s the traffic, how well-kept are the homes, are amenities convenient to access, is there street parking?
7. Savvy specialists. I’ve worked with solicitors, valuers, building inspectors and all of the other professionals that are required when making a purchase of property. If you need someone trustworthy and skilled for one of the steps in the process, I’m always happy to recommend or review your choices.

Reach out today with your questions, dreams, ideas and plans… Let’s do this together.

After much industry-wide debate, best interests duty for mortgage brokers – the statutory obligation for me to act in the best interests of consumers and to prioritise consumers’ interest when providing credit assistance – is now law. And frankly, it’s yet another reason buyers should work with brokers and not directly with banks to secure their home loan. This new legal duty offers customers peace of mind knowing that their mortgage broker is legally required to act in their best interests. It is important for you to know (and share with your clients) that best interests duty doesn’t apply to banks. This is just one more reason I encourage you to educate your clients on the benefits of using a broker. After all, there’s a big difference between getting a home loan through a banker versus getting a loan through a broker. Yes, it’s easy to walk into a bank to ask for a loan… but there are at least 6 reasons why it makes more sense to get a broker, like me, on the team. 1. PRIORITY – I am legally bound to put the buyer’s best interests first 2. FOCUS – I work for the buyer, not for the bottom line of a bank 3. CHOICE –  I’ll compare plenty of rates, lenders, and terms 4. NO FEES* –  I come at no cost to the buyer for my service and expertise 5. READY – I’m available to the buyer all the time; online or in person 6. LOYAL – I’ll be there for the long haul to review their loan and support their future plans Especially for first home buyers, having a finance expert who is invested in their journey can be crucial to making the home ownership dream come true. *There may be occasions where you may be charged a fee by your broker

With a broker on your side it could take less than 12 months to go from the idea to housewarming. Here’s how it panned out for one Loan Market customer.

1. THE IDEA:

This time last year Miss J and Mr K decided they wanted to buy a home. So in February, they sat down with Loan Market to see if this was a pipedream or a possibility.

2. REVIEW:

We then reviewed their scenarios, and looked at the types of properties they were happy to consider. We let Miss J and Mr K know that home ownership was an achievable goal, and the repayments weren’t as scary as they had imagined (woohoo!).

3. GOALS:

We then discussed various purchase prices and loan sizes, and set a savings target for Miss J and Mr K to be able to qualify for a loan. Miss J and Mr K were so motivated to achieve their target and we were in touch every month to stay on track.

4. NEXT STEPS:

As Miss J and Mr K looked at suburbs and prices, we sent them PriceFinder reports so they could track the market, introduced them to a solicitor, and in July we lodged a pre approval. As their savings continued to grow, we were able to increase their pre approval amount. This got them to their “sweet spot” meaning they were now eligible for a loan that would allow them to buy in the suburb that they really wanted (hooray!).

5. POP THE CHAMPAGNE!

It’s time to celebrate! As Miss J and Mr K got closer to buying, we had another chat about the purchase process and negotiating tips. Fast forward to September, they had bought their dream home and in November, they popped the champagne and settled in.

6. GET CONNECTED:

We arranged their building insurance through Concierge* (your one stop shop from insurance to removal services), and their utility connections through Home Now * (water, electricity, gas, solar…you get the gist). Now they’re busy turning a house into a home. Let’s get your journey to home ownership started, I’m only a phone call, text or Zoom away.

In 2020, COVID-19 certainly changed a lot about the world we live in and we saw the property market slow down throughout lockdown. However, we have come out the other side and prices are healthier than ever and first time buyers are unconcerned by the economic confusion the pandemic has caused. The sheer volume of first timers (120,000 have had loan approvals in the last year)** entering the market to buy or build is extraordinary. But, because buying is a new experience for these buyers, there are understandably lots of questions and some general myths (often brought on by anecdotes passed from person to person) that I’m debunking on the daily. Here are some of the questions I’m coming across lately, answered for the good of next year’s buyers.

1. How will you decide which loan is best suited to my circumstances?Home loans are not created equal, but neither are the priorities of all borrowers. A proportion of property buyers prefer a flexible home loan, while others want a product that ensures their long-term peace of mind and some just really want to pay off their loan as quickly as possible. Once we discuss your circumstances, we look at over 60 banks and lenders to size them up and see which product best suits your scenario.
2. Can you help me understand my borrowing capacity?Your income, your financial commitments (think car, credit card, personal loans…), whether you’re buying with a partner, have children and how long you’re happy to make repayments for all affect borrowing capacity. The first step I recommend is a mortgage calculator – It’s important to note that this is a guideline only. What it doesn’t account for is lenders: their rates, their policies, their borrower preferences etc. That’s why, when you’re ready, we’ll do a Fact Find and get a clear picture of how much you can borrow.
3. Can you tell me if I’m eligible for any government grants?^Absolutely, I keep my finger on the pulse of all the incentives. You’ll be pleased to know, there are more government incentive schemes than ever before for first home buyers. For instance, in NSW you can access grants up to $35,000, in VIC it’s up to $45,000, and in WA and the NT you’re looking at closer to $55,000 in assistance. Queensland offers a $15,000 first home owners grant with additional kickers for regional property.***There’s a grant of $25,000 for people building rather than buying (including first timers), and there’s a government guarantee that allows you to contribute a 5 per cent deposit rather than the standard 20 per cent as a first home buyer. Let me tell you what you’re eligible for.
4. Is it a good time to buy right now? There are some major factors in your favour, first time buyers. The biggest of which is the cost of borrowing money. In fact, borrowing has literally never been cheaper. The Reserve Bank of Australia cut its official cash interest rate from 0.25 per cent to an ultra low 0.1 per cent. And that’s the third time this year that the central bank has decreased the interest rate! As a result, most of the big banks are offering you a fixed rate under two per cent. Little lenders are offering competitive products too.
5. Isn’t there a big new stamp duty exemption? There sure is. But it’s not for everyone. We’ve seen through the 2020-21 state budgets for Victoria and New South Wales that there will be stamp duty concessions available. In VIC, there’s a brand new stamp duty concession of up to 50 per cent for off the plan or 25 per cent for an existing property. Though, it’s important to note there is criteria to meet in order to be eligible for this. NSW is looking at an ambitious plan to make it optional. Other states offer some stamp duty concessions too, and … I can tell you what’s on offer. Just reach out.

What other questions do you have as a first home buyer? Send them my way.