1. Make the most of government support
There are several government schemes designed to help first-home buyers get into the market faster. The Australian Government 5% Deposit Scheme allows eligible buyers to purchase a property with as little as a five per cent deposit without paying lenders mortgage insurance.
The First Home Super Saver Scheme lets you put extra contributions into your super fund then withdraw them to put toward your deposit. And in some states, you may also be eligible for stamp-duty concessions that can save thousands. “My advice is to do your research and see what’s available in the area you want to buy in,” says Dr Nicola Powell, chief of research and economics at Domain. It may be the difference between purchasing a property next year or in five.
2. Look beyond the dream suburb
Finding the right property isn’t just about the here and now – it’s about looking ahead. Powell suggests thinking creatively about location. “Consider neighbouring ‘bridesmaid suburbs’,” she says. “These are areas that haven't seen as much growth as your dream suburb but over time you’ll see similar amenities being added and they’ll begin to catch up, value-wise.”
Location is everything, Powell adds. “Focus on the location and floor plan over finished. If it has an old bathroom, that can be upgraded over time. But you can’t change location.”
Ask yourself practical questions: what are the transport options like? Can you walk easily to parks, shops, schools and services?”
3. Future-proof your first home
Before making an offer, ask yourself:
- Could I see myself (or tenants) living here for the next five to 10 years?
- Are there infrastructure plans in the pipeline that will boost the area’s value?
- Does the neighbourhood feel safe, connected and convenient?
- Is there room to grow – whether that’s for a family, home office or investment potential?