09 Oct 2025 Home Loans for First Home Buyers in St Kilda VIC: Get the Best Deal Faster

Finding your first home is exciting – but the loan process? Not so much.

If you’re searching for home loans for first home buyers in St Kilda, VIC, you’re likely feeling a mix of excitement and anxiety. You’re not alone. The home-buying process can feel overwhelming, especially when it’s your first time dealing with lenders, interest rates, and loan approvals.

That’s where EverLend steps in. As experienced St Kilda mortgage brokers, we help first-time buyers, including essential workers like teachers in St Kilda, navigate the process from pre-approval to settlement, making it faster, easier, and stress-free.

Let’s break down what you need to know to confidently take the first step towards owning your dream home in St Kilda.

Understanding First Home Buyer Loans in St Kilda

In Victoria, several loan options cater specifically to first-home buyers. These include traditional home loans, low-deposit options, and even government-backed schemes. The idea is to make buying your first property more accessible, even if you’re tight on savings.

Some of the most popular loan types include:

• Fixed-rate home loans – Ideal for those wanting predictable repayments.

• Variable-rate loans – Great if you want flexibility or potential to save when rates drop.

• Guarantor home loans – Allows a family member to use their property as security.

• Low-deposit or no-deposit loans – Perfect if you’ve got minimal upfront savings.

Want to know more about low-deposit home loans? Check out our guide to low deposit home loans in Melbourne.

Government Schemes That Help First Home Buyers

Buying your first home in St Kilda may feel financially daunting, but help is available. Several government initiatives are designed to lighten the load.

Key Schemes to Know:

• First Home Owner Grant (FHOG VIC): Offers a one-off $10,000 grant for new homes valued up to $750,000. Learn how to apply for the First Home Owner Grant in Melbourne.

• First Home Guarantee: You only need a 5% deposit with no Lenders Mortgage Insurance (LMI).

• Stamp Duty Exemptions: Eligible first-time buyers may pay no or reduced stamp duty on homes up to $600,000.

For more info, check out these official resources:

• State Revenue Office Victoria

• National Housing Finance and Investment Corporation 

Government support changes from time to time, so it’s essential to stay up to date. Or better yet, chat with a St Kilda mortgage broker, such as EverLend, who already is.

How to Apply for a First Home Loan in St Kilda

Applying for your first home loan might seem like a paperwork nightmare, but it’s actually quite straightforward when you know the steps.

Step-by-Step Process:

1. Assess Your Finances: Review your savings, income, and existing debts. Use EverLend’s calculator tools to estimate borrowing capacity.

2. Get Pre-Approval: This gives you a solid idea of your borrowing limit and shows sellers you’re serious. Learn more about home loan pre-approval in Melbourne.

3. Choose the Right Loan Type: Based on your situation, we’ll help match you with lenders offering the best rates and terms, whether it’s a fixed-rate or split loan option.

4. Submit Documentation: You’ll need ID, payslips, bank statements, and other financial docs. Don’t worry – EverLend helps you prepare everything.

5. Loan Approval & Settlement: Once approved, your lender will issue formal loan documents. After signing, it’s all about settlement day. Your home is officially yours!

What Deposit Do You Need for a First Home in St Kilda?

This is one of the biggest concerns for first-time buyers. In most cases, a 20% deposit is ideal, but it’s not a dealbreaker if you don’t have it.

Thanks to government schemes and lender flexibility, some options include:

• 5% deposit loans (eligible under First Home Guarantee)

• No deposit loans (with a guarantor)

• Low-deposit loans with Lenders Mortgage Insurance (LMI)

Curious about how much deposit you’ll need? Take a look at our guide on how much deposit you need for a home loan.

We’ll also walk you through whether it makes sense to wait and save or jump in now with what you’ve got.

Tips for First Home Buyers in St Kilda

The St Kilda property market is unique. It offers a mix of trendy apartments, classic terraces, and beachside living, all just 6 km from Melbourne CBD. So how do you get the most value when buying here?

Practical Tips:

• Understand your borrowing power before you go house-hunting.

• Stay within budget, even if that means compromising on your ideal suburb street.

• Avoid common mistakes during your application. Here’s what to watch for: Home loan application mistakes.

• Consider future value, especially if you’re thinking about resale or rentability down the track.

• Get expert advice early. Our mortgage brokers in St Kilda are here to simplify the journey.

If you’re looking to build your first home, check out our guide to construction loans in Melbourne.

Let a Local Expert Simplify Your First Home Loan

Feeling lost in the home loan as a first-time buyer in St Kilda VIC? Our St Kilda mortgage brokers break down complex terms, compare lenders, and guide you through every step—so you can move in sooner. Call EverLend today at 03 7036 3356 or visit www.everlend.com.au.

 

FAQs

How much deposit do I need to buy my first home in St Kilda?

You’ll typically need between 5% and 20% of the purchase price, but low and no-deposit options are available with conditions.

Are first-home buyers in St Kilda eligible for stamp duty exemptions?

Yes, eligible buyers may receive full or partial exemptions on homes valued up to $600,000.

What types of loans are best for first home buyers?

Fixed, variable, low-deposit, and guarantor loans are popular. The right one depends on your financial situation and future plans.

Can I get a home loan with a low income?

Yes, but it may limit your borrowing power. Speaking with a broker can help you explore options like low-doc loans or government-backed schemes.

How do I apply for the First Home Owner Grant in Victoria?

You can apply through your lender or directly via the SRO Victoria website. EverLend can assist with your application.

What is Lenders Mortgage Insurance (LMI)?

LMI is a fee charged when you borrow more than 80% of a property’s value. It protects the lender, not you, but can help you buy sooner.

How long does the first home loan process take?

Pre-approval can take 2–5 business days. Full approval and settlement usually take 4–6 weeks, depending on the lender and property.

Wrapping It Up

Securing home loans for first home buyers in St Kilda, VIC, doesn’t need to be a stressful, confusing process. With the right advice, government support, and a team like EverLend in your corner, you can move from “Where do I even start?” to “Wow, I own a home!” faster than you think.

As trusted St Kilda mortgage brokers, we help first home buyers—especially young professionals, teachers, and families—understand their options, apply with confidence, and get the best possible deal.

Ready to begin your journey? Call EverLend today on 03 7036 3356, visit www.everlend.com.au, and let’s find the home loan that suits you.