Presented by Ubank – 19 Jan 2026

Set yourself up to buy sooner with these smart steps, simple tools and a clearer path to your first home.

So, you’ve decided that 2026 is the year you’ll finally stop scrolling listings and start stepping into open homes.

But before you start planning your housewarming party, it helps to understand a few things that can make the journey smoother, and maybe even get you into your first place sooner.

From confusing acronyms (looking at you, LMI) to slow loan approvals that sometimes move at sloth speed, the whole the process can feel like a LOT.

That’s why we’ve teamed up with the experts at Ubank to help break things down in a way that actually makes sense.

1. You might not need that giant 20% deposit after all

One of the biggest myths in home buying? Thinking you must have a 20% deposit. While that used to be the standard, things have changed.

Some lenders, like Ubank, now offer home loans with just a 10% deposit and no LMI (Lenders Mortgage Insurance – don’t worry, we’ll explain in a second), which could help first-home buyers skip to the buying bit sooner than they expected.*

Here’s a quick example to help paint the picture. Say the home you’re eyeing is $800,000 and you have $80,000 saved. Traditionally, that wouldn’t have been enough.

If your deposit was under 20%, most lenders would ask you to pay LMI – a one-off cost charged by the lender to the homebuyer (and to be honest, it’s not just pocket change).

At Ubank, a 10% deposit could get the ball rolling. And with no LMI, you can put more of your money toward your new home instead of insurance fees.

“For a lot of young buyers, the difference between a 10% and 20% deposit and LMI is often years of extra saving,” Ubank’s Chief Lending Officer Ray Jokhan says.

2. LMI: The extra cost many first home buyers overlook

Lenders Mortgage Insurance (LMI) is often one of those costs that can catch first-home buyers off guard and usually applies when your deposit is under 20%. While it’s designed to protect the lender, it’s paid by the buyer.

3. The deposit hurdle can be tackled differently

Recent research found that two out of three of young Australians believe it’s harder to save a deposit now than it was for previous generations.

But between new lending options, digital tools, and a better understanding of what’s really required, buying your first home could be more achievable than you think.

“With the right support, a smaller deposit could get you through the front door,” Mr Jokhan says.

“There are also several government support schemes that you may be eligible for.

“Talk to your financial lender about the options you have to see what the best path forward for you is.”

4. When you find the right place, you want fast approval

With properties moving fast and competition high, getting your home loan sorted quickly can be a major advantage.

Buyers who’ve been pre-approved for a loan, or who can get a fast decision, are in a better position to make an offer when the right place pops up.

5. You might be able to borrow more than you think

Many first home buyers underestimate how much they can borrow. 

“Buying your first home may not be out of reach,” Mr Jokhan says.  

“You do need to factor in the costs associated with your actual lifestyle, including things like rising living costs, subscriptions, and discretionary spending such as holidays or online shopping.” 

Yes, lifestyle costs do matter (even the occasional splurge). But a quick conversation with a lending specialist might paint a much brighter picture. 

6. Some lenders simply make buying easier

Interest rates often get all the attention, but they’re only one part of the story.

Some lenders offer faster approvals, while others might waive certain fees.

And some, like Ubank, want to help young Australians feel more confident with their money long after settlement day.

The award-winning Ubank app makes it easy to manage your home loan, stay on top of repayments, and keep things running smoothly once you’re in.

It’s exactly the kind of experience that makes the whole process feel less technical, and more ‘I’ve got this’.

So pick a lender that communicates clearly, supports you through the process, and makes you feel like you’ve got someone in your corner.