With a new financial year underway, many first-home buyers are reassessing their plans and looking at what’s possible.
Recent shifts in the market, including moderating price growth in some areas and policy changes aimed at reducing investor competition, may be creating a more balanced environment for buyers. In some locations, this could mean more choice, less urgency, and greater scope to negotiate.
At the same time, buying your first home can still feel complex. Interest rates, lending criteria and government incentives continue to evolve, which makes preparation key.
If you’re thinking about entering the market this financial year, here are five practical areas to focus on.
1. Get clear on your financial position
Before attending inspections or browsing listings, it’s worth taking a close look at your overall financial position.
Lenders assess more than just your income. Your spending patterns, existing commitments and overall financial behaviour all play a role in how your application is viewed.
Review your recent bank statements and consider whether there are any discretionary expenses you could reduce. Even small, consistent changes over time can help strengthen your profile and demonstrate financial discipline.
2. Build a structured savings plan
A clear budget can help you understand where your money is going and how much you may be able to save.
Start by mapping your income against essential expenses such as rent, groceries and utilities, then compare this with discretionary spending. From there, you can identify opportunities to redirect funds toward your deposit.
Some buyers use frameworks like the 50/30/20 approach (50% toward essentials, 30% toward lifestyle, and 20% toward savings) as a guide, while others prefer separate accounts to manage spending and savings. The right approach is the one that’s realistic and sustainable for you.
3. Review your credit history
Your credit profile is an important part of the home loan assessment process.
You’re entitled to access a free copy of your credit report every three months through Equifax and Experian. Reviewing this ahead of time allows you to check for any inaccuracies and understand how lenders may view your application.
If anything doesn’t look right, it’s worth addressing it early, as corrections can take time to process.
4. Understand what support may be available
There are a range of government schemes designed to support first-home buyers, although eligibility and availability can vary.
Under the Australian Government 5% Deposit Scheme, first-home buyers can purchase a home with a minimum 5% deposit and backing from the Australian Government. There are no income caps, no limits on places, no waitlists, and you won’t be up for Lenders’ Mortgage Insurance (LMI).
The Australian Government Help to Buy Scheme is a shared equity initiative, whereby the government contributes up to 40% for new builds and 30% for existing homes. Buyers can purchase with a deposit as low as 2% without paying LMI, and there are 10,000 places each year.
There’s also the First Home Super Saver Scheme, which allows you to make voluntary contributions (up to $50,000) into your superannuation to save for a deposit, while taking advantage of concessional tax rates.
Depending on your situation and location, you may be eligible for other support such as the First Home Owner Grant or stamp duty exemptions/concessions. Chat to us and we’ll explain what’s available.
5. Speak to an Ironbark Group mortgage broker early
One of the most valuable steps you can take is understanding your borrowing capacity before you start seriously looking.
Working with an Ironbark Group mortgage broker early allows you to:
- Understand what you may be able to borrow
- Identify upfront and ongoing costs
- Explore different lender options
- Get pre-approval in place when you’re ready
This can help you focus your search and move with more confidence when the right property comes along.
Start the new financial year with clarity
For first-home buyers, the start of a new financial year is a natural point to reset and plan ahead.
While market conditions are always evolving, having a clear understanding of your finances and options can help you make more informed decisions.
At Ironbark Group, we work with first-home buyers to navigate the lending landscape and structure finance solutions that align with their goals.
If you’re considering buying this year, we can help you understand your borrowing capacity, compare lenders across the market, and guide you through the process from pre-approval to settlement.
Get in touch with Ironbark Group to start the conversation.