Qualifying for a new home — Explained
Buying a home isn’t a one-size-fits-all process — there are lots of moving parts. On this page, we’ll break down what lenders look at, how we can help, and some tips to boost your chances of qualifying.
Income Criteria
We help buyers by closing the deposit gap, but how much you can actually borrow comes down to the banks.
As a general guide, we recommend a combined income of at least $120,000. But this amount is only a guide. Income requirements can shift depending on things like:
- Debts or dependents
- Current interest rates
- Property prices in the area you want to buy
Number of Buyers
Did you know up to 4 buyers can apply together? That means you can combine incomes with a partner, family, or even friends. With the right finance setup, each person’s share of ownership is protected.
Types of Income
Banks don’t just look at your salary. These types of income are often accepted too:
- Casual or permanent employment
- Self-employed (with 2 years of tax returns + current ABN)
- Government benefits
- Pensions
- A second job
- Rental income
- Dividend or investment income
- Bonuses or commissions
- Child support (with a formal agreement in place)
Good Credit
Banks want to know you’re reliable with money. A clean credit history (no defaults) is usually required. Even small things like late payments can impact your chances. Got some past hiccups? Check out our guide:
How to clean your credit report
Rent History
Banks see rental history as a big positive — especially for first-home buyers without much in the way of savings.
If you have a lease in your name through a property manager or agency, it can be counted as:
- Proof you can handle repayments – Consistent rent shows you can manage regular payments, just like a mortgage.
- An alternative to savings – Some lenders accept solid rental history as “genuine savings”, meaning you may not need to show money sitting in a savings account.
If you’re living at home or don’t have a formal lease, banks will usually want to see:
- At least 5% of the property price saved up (e.g. $25,000 for a $500,000 home).
- The savings in your name, in a bank account, built up gradually over time to show consistency and discipline.
Family Guarantors
If savings aren’t possible, some buyers lean on a family guarantor. This is when a family member offers part of their home’s equity (usually 20–25%) as extra security for your loan. It can reduce — or even remove — the need for savings record or rental history.
Deposit Amounts
This is where we step in. Along with any government incentives you qualify for, we provide a $10,000 Deposit Boost (a gift, not a loan). It comes out of our builder commission — so it’s at no extra cost to you. Want to get an idea of how much deposit you’ll need? Try our Deposit Checker, or chat with us during the property selection stage and we’ll map it out clearly.
Residency
We can assist:
- Australian citizens
- Permanent residents
- New Zealand 444 visa holders
Some visas may come with extra conditions from the banks, but we’ll help you understand your options.
In summary
There are lots of factors that go into qualifying for a home loan, and every buyer’s situation is different. Our role is to help close the deposit gap and guide you through the rest — with banks, builders, and incentives all taken into account.
If you’re curious about whether this pathway could work for you, reach out for a free, no-obligation chat. We’ll walk you through your options and give you clarity on the next steps.