FIRST HOME BUYERS · NEW FINANCIAL YEAR

5 tips to kick off the new financial year as a first-home buyer

Conditions are shifting in favour of buyers. Here’s how to make the most of it.

Budget update: Federal budget housing reforms are reducing investor competition in some markets, which may mean more choice, less pressure and more room to negotiate for first-home buyers.

1. Get your finances in shape

Before you start attending open homes, lenders will look beyond your income — they’ll examine your spending habits too. Go through your bank statements and cut any subscriptions or recurring expenses you don’t need. Even modest, consistent changes over a few months can meaningfully strengthen your application.

2. Create a budget and build your savings

Map out your after-tax income against your essentials and non-essentials. A useful framework is the 50/30/20 rule — 50% toward essentials, 30% toward lifestyle, and 20% toward savings. Keeping separate accounts for each category is something many first-home buyers find works well.

3. Check your credit report

You’re entitled to a free credit report every three months from each of Australia’s three credit reporting bureaus: Equifax, Experian and illion. Review it before you apply — if anything looks wrong, contact the bureau directly to have it investigated and corrected.

4. Know what government support is available

There are several schemes worth understanding before you start your search:

• 5% Deposit Scheme — buy with a 5% deposit, no LMI, no income caps or waitlists
• Help to Buy Scheme — government contributes up to 40% for new builds, 30% for existing homes; 2% deposit, no LMI, 10,000 places per year
• First Home Super Saver Scheme — save up to $50,000 via voluntary super contributions at concessional tax rates
• First Home Owner Grant and stamp duty concessions — eligibility varies by state and purchase price

We can walk you through exactly what you’re eligible for based on your situation.

5. Sort your finance early

Understanding your borrowing capacity before you start house hunting saves considerable time. We’ll run through your borrowing power, upfront costs like stamp duty and legal fees, and help you get pre-approved — so you’re ready to move when the right property comes along.

 

Ready to take the next step? We can walk you through your options and help make your first home a reality this financial year.

Get in touch with our team →

General information only. Please consult your financial adviser for advice specific to your circumstances.