Buying a first home is often talked about as being as simple as saving a 5% deposit. In reality, there is far more to consider.
After sitting down with my eldest son to talk through his plans to buy his first home, it became clear that many buyers — and their parents — underestimate how much strategy is involved. Saving a deposit is only one piece of the puzzle.
Many first-home buyers are targeting properties between $750,000 and $850,000, and for good reason. This price range aligns closely with the government’s 5% deposit scheme introduced late last year.
For eligible buyers, the scheme can make earlier entry into the market possible, rather than waiting years to save a larger deposit. In a rising market, time spent waiting can be costly.
One of the biggest misconceptions among first-home buyers is that their first purchase needs to tick every box. In reality, the goal is not to buy the perfect home — it’s to get into the market with a sensible structure.
Buying earlier, even if the property is not your “forever home”, allows buyers to:
Over time, market participation often matters more than starting perfection.
How you buy is just as important as what you buy. Loan structure, borrowing capacity and lender choice all influence what is realistically achievable.
Getting advice early — before inspections and offers — can help buyers make informed decisions and avoid costly mistakes.
For first-home buyers and parents supporting them, the most valuable step is having these conversations early. A clear plan, realistic expectations and the right structure can make all the difference.
Entering the market sooner, with a considered approach, often puts buyers in a stronger long-term position than waiting for the “perfect” time.
