Start your home ownership today with help from our trusted team.
At Oakwood Finance, we guide first home buyers through every step of the journey, from understanding borrowing capacity through to securing the right loan.
Why work with Oakwood Finance?
At Oakwood Finance, we do more than arrange a loan: we focus on structuring your lending in a way that supports your long-term financial goals. With access to multiple lenders, clear communication at every stage and an education-first approach, we guide you from application through to settlement, so you feel informed, supported and confident throughout the entire process.
Real guidance from our first home buyer information night
Oakwood Finance recently hosted a First Home Buyer information evening where we walked through the lending process, deposit strategies and government incentives available in Queensland.
The strong turnout confirmed what we see every day: many buyers are ready to enter the market but simply need clear guidance and the right strategy.
Watch the full session below.
The first home buyer journey
Borrowing capacity
Bring your recent payslips, bank statements and a list of debts, and we go through what a lender would look at: income, living expenses, existing commitments and credit history. You leave with an indicative price range and a feel for the weekly repayments.
Worth knowing: Lenders count your credit card limits, not just the balances you owe.
Planning your deposit
We work out the deposit for your price range and what else comes out of your savings: stamp duty, legal and lender fees, and building and pest inspections. You get a savings target, and we weigh up paying Lenders Mortgage Insurance now against saving longer.
Worth knowing: Many lenders look for genuine savings: deposit built up steadily over time rather than gifted.
Government incentives
We go through the schemes you may be eligible for: the First Home Owner Grant, stamp duty concessions, government support schemes for low deposits and the First Home Super Saver Scheme. Each has its own income, price and property rules, and we check where you stand.
Worth knowing: the grant is usually for new builds, not established homes.
Loan pre-approval
We compare loans from our panel, recommend one that fits and lodge your pre-approval application. The lender checks your payslips, bank statements, debts and credit file. If it is satisfied, it confirms what it is prepared to lend, subject to the property, and you house hunt with that figure in hand.
Worth knowing: Pre-approval expires, and a new job or new debt can undo it.
Finding a property
You house hunt within your budget while we stay on call. Before you sign, send us the contract. We check the property type, size, location and sale method against your lender's rules, confirm the deposit due at signing, and explain why the finance and inspection clauses matter for your loan, with your conveyancer advising on the contract itself.
Worth knowing: Buying at auction is unconditional: no cooling-off period and no finance clause.
Formal approval
We send your signed contract to the lender, who values the property and re-checks your income, debts and contract terms before deciding whether to issue formal approval. We chase the lender, handle any questions or extra documents, and keep you and your conveyancer updated against the finance date.
Worth knowing: The valuation carries real weight: a low one can mean a bigger deposit, renegotiating the price or the lender declining.
Settlement and beyond
Before settlement you sign the loan documents, set up your repayment account and arrange building insurance. On the day, the lender releases funds, your conveyancer settles, the title transfers and you collect the keys. We keep in touch and review your loan as life changes.
Worth knowing: Insure the building early: in Queensland the risk passes to you soon after signing.
Grants and duty concessions differ by state, so see our local pages for first home buyers in Adelaide, Brisbane, on the Gold Coast and in Perth. First home buyers in Mount Barker, Baldivis and Byford or Pimpama and Coomera can read how the state schemes and the estates work on our local pages.
Related reading: Boost Your Holiday Savings with These Simple Tips.
Do I need a 20% deposit?
One of the biggest misconceptions is that you need a 20% deposit to buy your first home, but that’s not always the case. Depending on your situation, there may be options available with as little as 5% deposit, a family guarantor, or even gifted funds, provided lender requirements such as genuine savings are met. At Oakwood Finance, we help you understand what pathways may be available so you can move forward with confidence rather than feeling stuck on a single number.
Common first home buyer mistakes
Many buyers delay their plans because the process seems complicated. In reality, with the right guidance the path to home ownership can be much closer than people expect. Avoid the following pitfalls and you could be a home owner sooner than expected.
Waiting too long to start planning
Not understanding borrowing capacity
Ignoring government incentives
Choosing the wrong loan structure
Not engaging help from professionals who are in the know