If I Was Ready to Buy My First Home, Here’s Exactly What I’d Do

Buying a first home is one of those life goals that feels both exciting and terrifying at the same time. With the government’s expanded First Home Guarantee scheme rolling out from 1 October 2025, the path into homeownership looks a little smoother, but I know it still comes with plenty of decisions, risks, and responsibilities.

If I was gearing up to buy my first place right now, these are the exact steps I’d take to set myself up for success.

1. Check My Eligibility First

Before doing anything else, I’d jump on the official Housing Australia website and run through their eligibility tool. Even though the scheme is now more generous, with unlimited places, no income caps, and higher property price limits, you still need to be:

• An Australian citizen or permanent resident

• A genuine first-home buyer (no property owned in the last 10 years)

• Buying to live in the property, not invest

This quick check would save me from wasting time if I didn’t qualify.

2. Get My Finances in Order

Next, I’d sit down with my budget. Even though the scheme means I could buy with just a 5% deposit (and no Lenders’ Mortgage Insurance), I’d still want a clear picture of what I can realistically afford. That includes:

• Talking to a broker about how much I could borrow

• Stress-testing my budget with higher interest rates (because they can and do go up)

• Making sure I have savings for all the “extras” like stamp duty, legal fees, inspections, moving costs

I’d also pull my credit report and fix anything that could make lenders nervous.

3. Compare Lenders and Loan Products

The scheme only works through participating lenders, so I’d shop around. Not just for who offers the lowest interest rate, but also:

• Loan flexibility (offset accounts, redraw, extra repayments)

• Fees and charges

• How quickly they process applications (because some lenders can be notoriously slow)

I’d lean on a mortgage broker here—they deal with lenders daily and can cut through the noise.

4. Take Advantage of State Grants and Concessions

This is where I’d make the most of what’s available. Depending on where I buy, I could stack the First Home Guarantee with:

• Queensland’s $30,000 first-home buyer grant

• WA’s $10,000 new build grant + stamp duty concessions

• Tasmania’s up to $30,000 grant + 50% stamp duty discount

• Northern Territory’s $50,000 grant (for new homes)

I’d check my state’s website for the fine print because these change often.

5. Research the Market—Not Just the Scheme

One thing I’d be really mindful of is how much demand this scheme could unleash. Experts are already warning it could push property prices up. So, rather than getting caught in FOMO, I’d:

• Watch suburbs carefully, are prices spiking or stabilising?

• Look at long-term growth potential, not just what’s affordable today

• Get pre-approval before house hunting, so I’m not making emotional offers I can’t back up

6. Keep My Deposit Growing Until Settlement

Even if I only need 5%, I wouldn’t stop saving once I had the bare minimum. I’d keep putting money away until settlement to cover unexpected costs and give myself a buffer. The more equity I walk in with, the safer I’ll feel if the market dips.

7. Be Real About My First Home

Finally, I’d remind myself that the first home doesn’t need to be the forever home. The goal is to get into the market in a sustainable way, not overextend myself chasing the dream house. That might mean a smaller apartment, a townhouse, or moving further out than I first imagined.

Final Thought

If I was ready to buy my first home under the new scheme, I’d see it as a huge opportunity, but not a golden ticket. The First Home Guarantee can definitely fast-track things, but the real work is in planning, budgeting, and making smart choices that won’t stretch me too thin once the honeymoon phase of homeownership wears off.

Get in touch for a complementary planning meeting with one of our lenders, to see if you're ready to jump into the market.






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