First Home Buyer Loan Mareeba

Securing a First Home Buyer Loan for a Self-Employed Worker

Case Study: First Home Buyer Success Using the 5% Deposit Scheme for a Self-Employed Borrower | Mareeba, Far North Queensland

Purchasing a first home can feel overwhelming at the best of times. For self-employed buyers, particularly those trading through a company, the process is often perceived as even more complex, with inconsistent income, strict lender policies, and widespread misconceptions about eligibility. This was the exact situation faced by Kate*, a young self-employed woman in Mareeba, Far North Queensland, who approached Mortar Finance seeking clarity, confidence, and a clear pathway to home ownership.

Kate was motivated, financially disciplined, and eager to buy her first home within the next three months. However, after speaking with a local lender, she had been told she would need to wait an additional full financial year before her increased income could be considered for a home loan. Concerned that this delay would price her out of her local market, Kate sought a second opinion from Mortar Finance.

The Scenario

Kate was self-employed and trading through a company. Recently, she had relocated her home-based business into a commercial premises, a move that resulted in immediate and noticeable growth in profits. Despite this improvement, she was advised that lenders would only consider her older, lower-income financial years for servicing purposes.

As a first home buyer, Kate wanted to understand:

• Whether she was eligible for government grants, schemes, and incentives
• How these programs could accelerate her home ownership journey
• What banks actually assess during a home loan application
• What practical steps she could take immediately to strengthen her borrowing position

Her key goal was clear: purchase her first home in Mareeba within three months, without unnecessary delays.

The Solution

Part 1: Education & Strategic Pre-Qualification

The journey began with an in-depth educational pre-qualification call. Rather than rushing into product selection, the Mortar Finance broker focused on building Kate’s understanding and confidence.

This session covered:

• How lenders assess applications, including account conduct, savings history, credit score expectations, and demonstrated readiness to repay
• Government grants and first home buyer incentives are available in Queensland
• A customised borrowing capacity and purchase budget analysis using both business financials and personal statements
• All upfront and ongoing costs associated with buying a property
• The end-to-end purchasing process, from searching for a home through to negotiating offers, understanding contracts, finance clauses, and recommended special conditions

By the end of this stage, Kate had clarity around her position and a realistic, achievable plan to move forward.

Part 2: Lender Research & Recommendation

Mortar Finance completed its formal pre-qualification and lender recommendation process, analysing Kate’s financial position in detail. This included reviewing her most recent business performance and identifying lenders whose policy supported self-employed borrowers with improving income trends.

Kate was pre-qualified with a panel of three suitable lenders. Taking into account her timeframes, goals, risk tolerance, and feedback, Mortar Finance confidently recommended the most appropriate primary lender.

A pre-qualification letter was issued, enabling Kate to make offers with confidence and demonstrate to real estate agents that she was a serious, prepared buyer.

Part 3: Property Search & Contract Support

To streamline the process, Mortar Finance introduced Kate to a trusted conveyancer who could assist remotely, saving valuable time away from her business.

As properties were identified, Mortar Finance provided detailed Property Profile Reports, including:

• Comparable recent sales in the area
• Estimated market value
• Location and neighbourhood insights
• Property sales history

Kate also received real-time guidance during negotiations and contract discussions. Once a suitable property was secured, Mortar Finance worked closely with the conveyancer to ensure all parties progressed efficiently and within required timeframes.

Part 4: Securing Finance & Government Incentives

Finance approval was achieved within a 14-day finance clause.

Mortar Finance successfully utilised the Federal Government’s 5% Deposit Scheme, allowing Kate to purchase her home with just a 5% deposit and avoid Lenders Mortgage Insurance, saving approximately $15,000–$17,000.

Additionally, the Queensland First Home Buyer Stamp Duty Concession was applied, resulting in an estimated saving of $10,000 based on the purchase price.

Mortar Finance completed all government grant and scheme applications on Kate’s behalf and arranged a convenient local witness for documentation, minimising disruption to her business schedule.

From a lending perspective, the broker worked closely with Kate’s accountant to:

• Analyse the most recent 12 months of trading income
• Understand business expenses and future income projections

By leveraging lender policy, Mortar Finance focused on Kate’s most recent improved trading performance and excluded earlier, lower-income financial years. This approach ensured the required servicing and facilitated a fast approval process.

Because Kate was already pre-qualified, the loan was formally approved within the finance clause, securing her allocated place in the 5% Deposit Scheme. The loan also included discounted interest rates, no broker fees, and no lender application or settlement costs.

The Outcome

Through tailored education, strategic lender selection, and deep expertise in self-employed lending and government schemes, Kate was able to purchase her first home far sooner than she had been told was possible.

Major cost barriers, including Lenders Mortgage Insurance and stamp duty, were removed, and finance was secured within tight timeframes. Most importantly, Kate moved into her first home confident, supported, and empowered, while continuing to focus on growing her business.

This outcome highlights the value of specialist lending knowledge, strong professional relationships, and a truly client-first approach, core principles at Mortar Finance.

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