Top 5 Tips for First Home Buyers in Melbourne

Apr 30, 2025

Buying your first home in Moonee Ponds, Victoria, is an exciting yet challenging journey.

Located just 7 km from Melbourne’s CBD, Moonee Ponds is a vibrant suburb with a median house price of approximately $1.65 million (as of early 2025, based on real estate data from Domain.com.au). With rising property prices and competitive lending markets, first home buyers face hurdles like saving for a deposit and navigating loan options. However, opportunities like government grants and expert mortgage broking services make home ownership achievable.

At Finseek, a trusted mortgage broker in Moonee Ponds, we’ve helped countless first home buyers secure their dream homes. This guide shares our top 5 tips for first home buyers in Moonee Ponds, covering the home buying process, government grants, savings strategies, and how our team can support you. Whether you’re eyeing a heritage home in the Mar Lodge Estate or a modern apartment near Moonee Valley Racecourse, these tips will set you on the path to success.

Disclaimer: This content is for general information only and does not constitute financial advice. Always consult a licensed professional for advice tailored to your circumstances.

Understanding the Home Buying Process

Buying a home in Melbourne involves several key steps, from getting pre-approved to settling on your new property. Understanding this process can help you avoid common pitfalls and make informed decisions. Here’s a breakdown of the home buying journey:

  • Assess Your Finances: Review your income, expenses, and savings to determine your budget. In Moonee Ponds, a typical deposit is 10–20% of the property price (e.g., $165,000–$330,000 for a $1.65 million home).

  • Get Pre-Approval: Apply for home loan pre-approval to understand how much you can borrow. Pre-approval gives you confidence when bidding at auctions or making offers.

  • Research Properties: Explore Moonee Ponds’ housing market, from family homes in Ascot Vale Road to apartments near Moonee Ponds Station. Use tools like Domain.com.au to compare listings.

  • Make an Offer or Bid: Work with a conveyancer or solicitor to submit an offer or bid at auction, common in Moonee Ponds’ competitive market.

  • Loan Application and Settlement: Once your offer is accepted, finalise your home loan application. Settlement typically takes 30–90 days, during which you’ll sign contracts and transfer funds.

Working with a mortgage broker in Moonee Ponds like Finseek, can simplify this process. We compare home loans Moonee Ponds residents can access from multiple lenders, ensuring you find a loan that suits your needs without the stress of researching alone.

Tips to Save for Your First Home

Saving for a home loan deposit in Moonee Ponds can feel daunting, especially with median house prices around $1.65 million. However, with disciplined strategies, you can build your deposit faster. Here are three practical mortgage tips Melbourne first home buyers can use:

Create a Budget:

  • Track your income and expenses using apps like Pocketbook or MoneyBrilliant.

  • Aim to save 20% of your income monthly by cutting non-essential spending (e.g., dining out, subscriptions).

  • Example: Saving $1,000/month for 3 years yields $36,000, a solid start for a 5–10% deposit.

Use High-Interest Savings Accounts:

  • Open a dedicated savings account with banks offering competitive interest rates.

  • Automate transfers to ensure consistent savings.

By combining these strategies, Moonee Ponds residents can save a deposit of $80,000–$165,000 within 3–5 years, depending on income and expenses. Finseek’s mortgage brokers can assess your savings plan and recommend lenders with flexible deposit requirements.

How Finseek Supports First Home Buyers

As a leading mortgage broker in Moonee Ponds, Finseek is dedicated to helping first home buyers navigate the complex world of home loans. Our team, based in the heart of Moonee Ponds, understands the local property market and the challenges buyers face, from high prices to competitive auctions.

Here’s how we support you:

  • Loan Comparison: We compare home loans Moonee Ponds residents can access from over 60 lenders, including major banks and non-bank lenders, to find competitive rates and terms.

  • Pre-Approval Guidance: We streamline the pre-approval process, ensuring you’re ready to bid or make offers with confidence.

  • Government Grant & Scheme Support: We guide you through first home buyer grants Victoria, such as the FHOG and duty exemptions, and Australian Government schemes to maximise savings.

  • Responsible Lending: Under the NCCP Act, we prioritise loans that suit your financial situation, ensuring affordability and compliance with responsible lending obligations.

  • Local Expertise: Our knowledge of Moonee Ponds’ property trends (e.g., strong demand for homes near Puckle Street) helps us tailor loan solutions to your needs.

Client Testimonial:

"The team at Finseek are absolutely amazing. They know the industry and left no stone unturned when it came to finding the best deal for us. Everything was explained with pros and cons so we could understand. It doesn't stop at settlement, they are more than happy to assist when I call or even for a quick hello." - Anthony

Frequently Asked Questions

What grants are available for first home buyers in Victoria?

As of April 2025, Victorian first home buyers can access subject to elgibility:

  • First Home Owner Grant (FHOG): $10,000 for new homes up to $750,000.

  • First Home Buyer Duty Exemption/Concession: No stamp duty for homes up to $600,000, or reduced rates up to $750,000.

  • First Home Loan Deposit Scheme (FHBG): Allows a 5% deposit without Lenders Mortgage Insurance. We can assist you with legibility and application.

How do I get pre-approved for a home loan?

To get pre-approved:

  • Gather documents (e.g., payslips, bank statements, ID).

  • Work with a mortgage broker like Finseek to submit your application to lenders.

  • Receive a pre-approval letter, valid for 3–6 months, stating your borrowing capacity. Pre-approval helps you bid confidently at Moonee Ponds auctions.

Why choose Finseek for my first home loan?

At Finseek, our Moonee Ponds-based mortgage brokers offers:

  • Access to 60+ lenders for competitive home loans in Moonee Ponds.

  • Expert guidance on first home buyer grants in Victoria and Australia.

  • Personalised support tailored to the Moonee Ponds market. Contact Finseek (03) 8508 8166 for a free consultation.

Start Your Home Buying Journey with Finseek

Buying your first home in Moonee Ponds is a milestone, and Finseek is here to make it achievable. Our experienced mortgage brokers in Moonee Ponds simplify the process, from securing pre-approval to accessing first home buyer grants in Victoria.

With our local expertise and commitment to responsible lending, we’ll find a home loan that fits your needs. Ready to take the next step? Contact Finseek (03) 8508 8166 for a free consultation or visit our Mortgage Broking Services finseek.com.au/contact page to learn how we can help you achieve your home ownership dreams in Moonee Ponds.

Disclaimer: This content is for general information only and does not constitute financial advice. Always consult a licensed professional for advice tailored to your circumstances.