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Planning tips for first home buyers
Why planning matters
Every great journey begins with a plan. For first home buyers, planning is about more than just numbers - it’s about understanding your needs, setting achievable goals, and embracing the journey ahead.
At Frasers Property Australia, we believe in empowering you to make informed, confident decisions. Our people-first approach ensures you’re supported from your first dream to your first set of keys.
Steps to buying your first home
Set your goals
Define your must-haves and nice-to-haves. Understand that compromise is part of the journey.
Learn more
Understand your finances
Assess your savings, income, and expenses to determine your budget. Research grants, explore loan options.
Learn more
Choose your location
Explore suburbs for lifestyle, amenity, community, and transport. Consider proximity to work, family, or schools.
Learn more
Select property type
Compare apartments, townhouses, or house & land options. Understand ownership structures.
Learn more
Get pre-approval
Speak to lenders or a mortgage broker to secure pre-approval. This gives you confidence when making offers.
Find your home
Attend open homes and display villages. Ask questions about quality, after-sales care, and community features.
Learn more
Make an offer and secure finance
Engage a solicitor and review contracts carefully. Finalise your home loan.
Settlement and moving in
After settlement, it’s time to collect your keys and celebrate your new beginning.
Step-by-step guide
Set your goals
Define your must-haves and nice-to-haves. Understand that compromise is part of the journey.
Learn more
Understand your finances
Assess your savings, income, and expenses to determine your budget. Research grants, explore loan options.
Learn more
Choose your location
Explore suburbs for lifestyle, amenity, community, and transport. Consider proximity to work, family, or schools.
Learn more
Select property type
Compare apartments, townhouses, or house & land options. Understand ownership structures.
Learn more
Get pre-approval
Speak to lenders or a mortgage broker to secure pre-approval. This gives you confidence when making offers.
Find your home
Attend open homes and display villages. Ask questions about quality, after-sales care, and community features.
Learn more
Make an offer and secure finance
Engage a solicitor and review contracts carefully. Finalise your home loan.
Settlement and moving in
After settlement, it’s time to collect your keys and celebrate your new beginning.
Setting your first home goals
It's natural to imagine your perfect home - how many bedrooms, which suburb, carpets or floorboards, house or apartment.
It's great to have a clear idea of what you're looking for, but your first home is rarely your forever home.
Whether due to budget constraints or availability, you may have to compromise on a few 'wishlist' features to satisfy your most important needs right now. Remember that by entering the property market as soon as you can, you're actively building equity that you can eventually use to purchase your forever home.
How to set realistic goals
List your must-haves
E.g. number of bedrooms, proximity to work or family.
Identify nice-to-haves
E.g. extra living space, study or large backyard.
Explore your options
Research what’s available in your price range.
Be open to compomise
Prioritise what matters most for your lifestyle today.
Making compromises and building resilience
The property market is dynamic, and flexibility is key. You may need to adjust your expectations based on budget or availability. Remember, entering the market sooner often means building equity faster - helping you move closer to your dream home in the future.
Common compromises first home buyers make
- Choosing a smaller property with fewer bedrooms or older homes.
- Choosing a less central suburb to afford a bigger or newer home.
- Opting for an apartment or townhouse over a detached house.
- Skipping extras like extra living space or premium finishes.
- Delaying upgrades or renovations until later.
These choices are not setbacks - they’re smart, resilient steps on your home ownership journey.
Saving and sacrifice to secure your first home
Buying your first home probably won't be easy, there's no way around it. Saving for a 5, 10, or 20% deposit requires a commitment to regular saving, which usually means making a few changes to your normal spending habits.
Many prospective buyers who have previously been renting, choose to move in with a relative or into lower cost shared accommodation while they save for their deposit. For others, the challenge might be taking a break from overseas travel or curbing their online shopping addiction. Every buyer will face unique challenges as they save their deposit, but it's important to remain consistent and committed to your goal.
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The average age of first home buyers in Australia is 36, up from 32 in the early 2000s. Source: Australian Bureau of Statistics and Money.co.uk |
Quick tips for a smooth journey
Buying your first home is a proud achievement. It’s about more than bricks and mortar - it’s about creating belonging, building resilience, and setting yourself up for future success.
- Start saving early and consistently.
- Talk to experts - financial advisors, property consultants, and trusted friends.
- Celebrate each milestone, no matter how small.
- Stay positive and focused on your long-term goals.
At Frasers Property Australia, we’re here to help you live proud at every stage. Your journey is unique, and we’re honoured to be part of it.
I also want to know
*All opinions, estimates, forecasts, statistics, links to external websites, conclusions, recommendations, and underlying assumptions contained within this webpage are made and expressed by Frasers Property Australia in good faith, in the reasonable belief that they are correct and not misleading as at the date of publication. This content is of a general nature only and does not take into account your personal objectives, financial or taxation situation, or needs. It does not represent financial, taxation, legal, or other professional advice and should not be regarded as such. Information about grants, schemes, and other costs is provided for general guidance only and may change over time. Frasers Property Australia does not make any express or implied representations or warranties that external links or third-party information are accurate, complete, or current. Before acting on any information provided, you should fully consider its appropriateness for your circumstances and, if necessary, seek independent professional advice.