How much deposit do I need to buy in Melbourne?

It depends on the lender and your situation. Many lenders look for 5–20% of the price, plus buying costs like stamp duty and fees. Below 20%, LMI usually applies, unless you're eligible for the 5% Deposit Scheme or use a guarantor.

What is LMI, and can I avoid it?

Lenders Mortgage Insurance protects the lender, not you. Borrowing above 80% of the lender's valuation usually means LMI. Exceptions depend on the lender and your eligibility.

Will I pay a higher rate by using a broker?

Not because you use a broker. ASIC research found that borrowers who use a broker get the same rate as those who go directly to the lender (Report 516, 2017). Your rate depends on the lender, the loan and your circumstances, and we compare options from our panel of 70+ lenders so you can see more choices in one place.

We don’t charge you a broker fee. Lenders pay us for arranging your loan, and using a broker doesn’t mean paying a higher rate. When we help with your home loan, the law requires us to act in your best interests and put your interests first if there’s ever a conflict. We’ll explain how we’re paid before you go ahead. Lender and other third-party fees may apply.

How long does pre-approval take?

It varies by lender and how complete your paperwork is. Peter will give you a realistic timeframe on your call.

I'm self-employed. Can you help?

Yes. Lenders assess business income differently. Self-employed home loans

Do I need to be in Melbourne?

No. We help clients Australia-wide by phone or video.

Home Loan Broker Melbourne

Is this you?

Every Buyer Starts Somewhere Different

01

First Home

Saving a deposit, or close? See what you could borrow, and which government schemes you may be eligible for.

02

Upgrading

Selling and buying at the same time? Timing and bridging finance matter.

03

Building

Construction loans pay out in stages, and lenders handle them differently.

04

Family Help

A family guarantee may help reduce the deposit you need. It's a big commitment, and we'll explain the risks to you both.

What lenders look at

Why the Same Application Can Get Two Different Answers

Every lender has its own credit policy. The same application can get a different answer from two lenders. Here's what they look at.

Your income
Lenders check your pay and employment. Bonuses, overtime, casual or business income are treated differently by different lenders.
Your living expenses
Lenders compare what you spend with benchmarks. Clear records help.
Your debts and limits
Credit card limits count, even if you pay them off each month.
Your deposit
Borrowing above 80% of the lender's valuation usually means Lenders Mortgage Insurance (LMI), unless an eligible scheme, guarantor or profession waiver applies.
Your credit history
Missed payments matter. So do recent applications.

Peter matches these details to lenders on our panel that may suit your situation. Approval is always subject to the lender's assessment.

Buying in Melbourne

What May Help First Home Buyers in Victoria

Schemes change often. On your call, Peter checks what may apply to you and the property you're looking at.

$600k

No stamp duty for eligible first home buyers on homes with a dutiable value up to $600,000 in Victoria, and reduced duty up to $750,000.

Source: SRO Victoria · checked November 2026

5%

Deposit for eligible first home buyers under the Australian Government 5% Deposit Scheme, without LMI. 2% for eligible single parents. Minimum deposits; price caps, lender approval and other purchase costs apply.

Source: Australian Government · checked November 2026

How it works

From First Call to Funding

Book a 15-Minute Discovery Call

01

Book a 15-Minute Call

Tell Peter what you're planning. By phone, video, or over a coffee at your favourite spot.

02

Explore Your Options

Peter looks at options from our panel of 70+ lenders and explains the trade-offs.

03

We Handle the Application

Choose your option. We manage the paperwork and lender questions through to funding.

Client review

“Peter was incredibly helpful with reviewing my financing. I found him to be very organised, professional, and a clear communicator. He is highly recommended.”

Lucy · Blue Finance client

Peter CheaPrincipal Finance Broker

“You’ll speak to me on the first call. I’ll lead your loan personally, with my team backing every detail.”

70+ lenders on our panel14+ years in property

Questions

Home Loan Questions, Answered

: It depends on the lender and your situation. Many lenders look for 5–20% of the price, plus buying costs like stamp duty and fees. Below 20%, LMI usually applies, unless you're eligible for the 5% Deposit Scheme or use a guarantor.
: Lenders Mortgage Insurance protects the lender, not you. Borrowing above 80% of the lender's valuation usually means LMI. Exceptions depend on the lender and your eligibility.
: Not because you use a broker. ASIC research found that borrowers who use a broker get the same rate as those who go directly to the lender (Report 516, 2017). Your rate depends on the lender, the loan and your circumstances, and we compare options from our panel of 70+ lenders so you can see more choices in one place.
: We don’t charge you a broker fee. Lenders pay us for arranging your loan, and using a broker doesn’t mean paying a higher rate. When we help with your home loan, the law requires us to act in your best interests and put your interests first if there’s ever a conflict. We’ll explain how we’re paid before you go ahead. Lender and other third-party fees may apply.
: It varies by lender and how complete your paperwork is. Peter will give you a realistic timeframe on your call.
: Yes. Lenders assess business income differently. Self-employed home loans
: No. We help clients Australia-wide by phone or video.

Ready for Your Next Chapter?

15 minutes with Peter. By phone, video, or over a coffee in Melbourne.

Book a 15-Minute Discovery Call 0493 122 353

Home Loan Broker in Melbourne