Your first home: a smart start with off-the-plan

Buying your first home is an exciting milestone - a deeply personal decision that signifies new beginnings and long-term investment in your future. But with this excitement often comes uncertainty. The property market can feel overwhelming, especially when headlines are noisy and advice is inconsistent.

This guide is designed to help you navigate your first home purchase with clarity, confidence, and control - while highlighting why buying off-the-plan might just be the smartest first step.

Why off-the-plan makes sense for first homebuyers

When you're new to the market, off-the-plan purchases offer a unique blend of financial flexibility, long-term value, and reduced upfront pressure. Unlike established homes, off-the-plan properties are bought before they’re completed - giving you time to plan, save, and prepare.

Here’s why it matters:

• Lower entry costs: Off-the-plan homes typically cost less than established properties in comparable locations. You’re not paying a premium for features that may already be dated - or someone else’s renovation choices.
• Smaller deposit, longer lead time: Often, only a 5-10% deposit is required upfront. The remainder isn’t due until settlement, giving you time to strengthen your financial position.
• Stamp duty savings: In most states, stamp duty on off-the-plan properties is calculated on the land component only - resulting in potentially significant savings.
• Value uplift while you wait: If the market grows during construction, your property may be worth more by the time you move in - without you lifting a finger.

Historically, property values in Australia have demonstrated consistent growth. Over the past decade, house prices have nearly doubled in states like Victoria, Queensland, and New South Wales. This upward trend supports the idea that property - especially in growing suburbs - remains one of the most resilient long-term investments available.

Know your budget (and know it well)

Before you start browsing display suites or floorplans, it’s crucial to understand your financial position. Buying a home isn’t just about what you like - it’s about what you can sustain comfortably.

Start here:

• Assess your finances honestly: Calculate your savings, income, regular expenses, and debts. Look at the last six months of your spending habits and be realistic about what a mortgage would look like in your day-to-day life.
• Speak to a professional: A mortgage broker or lender can help you understand how much you’re eligible to borrow and what repayments might look like. They’ll consider your deposit, income, credit history, and more.
• Get pre-approval early: Pre-approval gives you clarity and credibility. Sellers and agents take you more seriously, and you can search for properties within a defined price range - saving time and stress.
• Factor in future changes: Interest rates may rise, life circumstances may shift. Build a buffer into your budget so that your home remains a sanctuary, not a strain.

Budgeting may not feel glamorous, but it’s the foundation of every wise property decision. Stick to it, and you’ll thank yourself for years to come.

Government incentives that can make a difference

Across Australia, federal and state governments offer a range of grants, concessions, and schemes designed to support first homebuyers - particularly those purchasing new or off-the-plan properties.

While incentives vary by state and are subject to change, here’s a snapshot of what’s currently available:

Victoria

• 5% deposit contribution: Under shared equity schemes, the state may contribute up to 25% of the purchase price in exchange for a proportional stake.
• Stamp duty exemptions: No stamp duty for first homes under $600,000; discounts apply for homes up to $750,000.
• Off-the-plan stamp duty concessions: You pay duty only on the land value at contract time.
• $10,000 First Home Owner Grant for new builds or off-the-plan properties.

New South Wales

• $10,000 First Home Owner Grant: Available for new homes (including off-the-plan) under $600,000.
• Other schemes such as stamp duty reform may also assist - check current eligibility requirements.

Queensland

• $30,000 First Home Owner Grant: Available for new homes, including owner-built, up to $750,000.

Australian Capital Territory

• Stamp duty exemption: No stamp duty for eligible buyers on homes up to $700,000.

Tip: Incentives are dynamic. Always refer to your state government's website or speak with a professional to confirm your eligibility and the latest terms.

Final thoughts: your path to property starts here

Buying off-the-plan isn’t just a transaction - it’s a strategy. It allows you to plan ahead, make informed choices, and enter the market with greater affordability and peace of mind.

Yes, there will be decisions to make and paperwork to navigate. But you’re not alone. Speak to experts, trust your process, and remain focused on your goals.

This isn’t just about finding a place to live - it’s about building the life you want. And buying off-the-plan might be your perfect first step.

To browse off-the-plan properties that might be suitable for your first home, click here.