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Check scheme eligibility, plan your tax refund, review your savings account, clean up your credit file and talk to a broker. Five first home buyer steps before 1 July.
Before the new financial year, first home buyers should check their eligibility for the 5% deposit scheme and stamp duty concessions, plan to put their tax refund toward the deposit, review their savings rate and account, get a free copy of their credit report and fix any errors, and speak to a mortgage broker about their borrowing position.
For first home buyers who are saving, planning or on the verge of applying for finance to buy a home, the period between now and 30 June can be helpful. These five steps are worth doing before the new financial year kicks in.
1. Check your eligibility for government schemes
The First Home Guarantee allows eligible buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance. Since October 2025, the scheme has had no income caps, no cap on the number of places and higher property price thresholds in many markets. Confirm your eligibility and check whether any thresholds or conditions are changing from 1 July.
First home buyer stamp duty concessions also vary by state and are subject to change. Checking what is currently available in your state before the financial year turns over ensures you are not relying on outdated information when it matters most. In Victoria, eligible buyers may pay no duty or reduced duty below set price thresholds.
| Support | What it does | Where to check |
|---|---|---|
| First Home Guarantee (5% deposit scheme) | Buy with a 5% deposit without lenders mortgage insurance | Housing Australia and participating lenders |
| State stamp duty concessions | Reduce or remove stamp duty below price thresholds | Your state revenue office |
| First home owner grant | A grant for eligible buyers of new homes | Your state revenue office |
| First Home Super Saver Scheme | Save for a deposit through voluntary super contributions | The ATO |
| Help to Buy | Shared equity from the government on eligible purchases | Housing Australia |
For the detail, read how the expanded Home Guarantee Scheme works, our guide to government-backed deposit schemes in Victoria and how to apply for Help to Buy in 2026. The 2026 Federal Budget kept first home buyer support in place.
2. Use your tax return to boost your deposit
For many first home buyers, a tax refund is one of the more meaningful lump sums they receive during the year. Rather than treating it as discretionary income, putting it straight into your deposit savings account can give your progress a real boost.
If you lodge your tax return promptly after 1 July, refunds are typically processed within two weeks. Planning for that money before it arrives makes it easier to direct it toward your goal rather than absorbing it into everyday spending.
If you’re saving through super, EOFY matters for the First Home Super Saver Scheme too. Voluntary contributions made before 30 June count toward that financial year’s limit of $15,000, up to $50,000 in total. Check the rules with the ATO or a financial adviser before you contribute.
3. Review your savings rate and savings account
EOFY is a good time to assess whether your savings strategy is still on track. Are you hitting your monthly savings target? Is your deposit sitting in an account earning a competitive interest rate? With rates having moved considerably over the past two years, the gap between a strong and a mediocre savings account can be meaningful over time.
If you have not reviewed your savings account in the past six months, compare what else is available. Moving to a higher-rate account is straightforward and costs nothing. Check the conditions, too, as many bonus rates require a minimum monthly deposit or no withdrawals.
Lenders also look for genuine savings, a record of saving over time, rather than a single lump sum. A steady pattern of deposits in the months before you apply helps your application.
4. Get your credit file in order
Your credit report is one of the first things a lender will look at. Requesting a free copy before the new financial year gives you time to identify any errors, address any issues and understand what a lender will see when they assess your application.
Common issues include outdated defaults, incorrect listings or enquiries from credit applications you have forgotten about. Addressing these before you apply is far easier than trying to explain them during an assessment.
While you’re at it, review your credit card limits and buy now, pay later accounts. Lenders count these against your borrowing capacity even if you don’t use them. Our guide to what affects your borrowing capacity besides income explains how.
5. Speak to a mortgage broker before the new financial year
If you are planning to buy in the next six to twelve months, reviewing your situation before 1 July is valuable. A broker can tell you what you’re likely to be able to borrow, which schemes you may qualify for and what to fix before you apply.
For a fuller plan, see how to get mortgage ready in 2026. A mortgage broker can help you compare your options across a range of lenders and first home buyer loans, including low deposit home loans. Attain Loans is a mortgage broker in Melbourne’s west that helps first home buyers get finance-ready, subject to each lender’s assessment.
This article is general information only and doesn’t take into account your objectives, financial situation or needs. Consider whether it’s appropriate for you and speak with a licensed professional before making a decision.
Further questions
What is the First Home Guarantee?
Can I use my tax refund for a house deposit?
What is the First Home Super Saver Scheme?
Do first home buyers pay stamp duty in Victoria?
How long before buying should I talk to a mortgage broker?
This is general information only and is subject to change at any given time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
