Home mortgages in Australia are a common way for individuals to finance the purchase of a home. Typically, they involve borrowing a substantial amount from a bank or lender, with the property itself serving as security for the loan. Australian mortgages generally come with variable or fixed interest rates, and terms can range from 25 to 30 years. First-time homebuyers may benefit from government schemes, like the First Home Owner Grant (FHOG) and stamp duty concessions, aimed at reducing the financial burden. Lenders assess factors such as income, credit history, and the size of the deposit when approving a home loan.