First Home Buyer · Action Plan

First Home Buyer Action Plan (Australia 2025-26)

Pick your stage (saving, buying, or owning), enter your numbers, and we'll rank the first-home-buyer decisions that apply to you — ordered by dollar impact x deadline urgency. 12 levers across 8 states cover FHSS, stamp duty concessions, First Home Owner Grant, LMI waiver, mortgage structure, buying costs, CGT exemption, land tax, offset utilization, and refinance timing.

Lifecycle stage

State

Taxable income

Target purchase price

Current deposit

Already used FHSS withdrawal

Next deadlines30 Jun (EOFY)·FHSS Concessional Contributions·297d

Saving: maximize your deposit (Up to):

$10,050

Levers don't fully stack — most people action 1-3 of these. Warnings excluded from total.

Urgent: 0·3 of 12 levers apply·NSW · $90,000

Deposit Budget Gap

Ongoing

−$70,000

Why: Your deposit ($80,000) is $70,000 short of a 20% deposit on a $750,000 property.

Do: Boost your deposit with FHSS contributions, a savings plan, or family guarantee. A 20% deposit avoids LMI (~$15,000).

20% deposit = $150,000. Current shortfall = $70,000. LMI on a 11% deposit typically costs 1-2% of loan.

Open the FHB budget calculator →

FHSS Withdrawal Readiness

Pre-purchase

Up to $7,500

Why: If you haven't used FHSS yet, you can contribute up to $50,000 total over multiple years and withdraw it tax-advantaged for your first home.

Do: Check your super fund for FHSS eligibility, make concessional contributions, then request a FHSS determination and release before signing a contract.

FHSS lifetime cap $50,000 (annual $15,000). Withdrawal taxed at marginal − 30% offset. One release per lifetime.

Open the FHSS calculator →

FHSS Concessional Contributions

30 Jun (EOFY)

Up to $2,550

Why: At 32.0% combined marginal, contributing $15,000 via FHSS saves ~$2,550 in tax each year (up to 4 years).

Do: Make personal deductible super contributions up to $15,000/yr, then request FHSS release before purchase.

FHSS annual cap $15,000 (lifetime $50,000); saving = annual cap × (marginal − 15% concessional tax).

Open the FHSS calculator →

More first home buyer tools

FHSS calculator First Home Owner Grant by state NSW FHB stamp duty calculator FHB budget calculator Mortgage calculator Borrowing power calculator Buying costs calculator LMI calculator Property investor action plan Rent vs buy calculator

What financial decisions does a first home buyer in Australia need to make across the journey of saving, buying, and owning?

Saving: contribute via FHSS for tax savings (marginal rate - 15% on up to $15k/year), close the deposit gap toward 20% to avoid LMI, and plan the FHSS withdrawal before your purchase. Buying: claim the FHB stamp duty concession (saves thousands, state-specific), check FHOG eligibility ($10k-$30k for new homes), ask about LMI waivers for eligible professions, choose an offset mortgage over redraw, and budget 3-5% for buying costs. Owning: keep savings in offset to reduce interest tax-free, preserve PPOR CGT exemption, and review your refinance options after 12+ months when LVR improves.

Formula lever_score = dollar_impact x urgency_multiplier (3.0 if ≤14d, 2.0 if ≤30d, 1.5 if ≤90d, 1.0 otherwise)

FAQ

What is the First Home Super Saver (FHSS) scheme and how much can I save?

The FHSS scheme lets you make voluntary super contributions (up to $15,000/year, $50,000 lifetime) and withdraw them for a first home deposit. Contributions are taxed at 15% instead of your marginal rate. On withdrawal, you pay your marginal rate minus a 30% offset — typically saving thousands.

Which state has the best first home buyer stamp duty concessions?

Stamp duty concessions vary by state. NSW exempts properties under $800,000 and phases concessions to $1,000,000. VIC exempts under $600,000 with concessions to $750,000. QLD exempts under $700,000 with concessions to $800,000. The Action Plan above automatically computes your state-specific saving at your target price.

Can I stack the FHB stamp duty concession with the First Home Owner Grant?

Yes — they stack. The stamp-duty concession reduces or eliminates duty, while the FHOG is a separate cash payment ($10,000-$50,000, state-dependent, usually for new builds). Both must be applied for before settlement. Most states also allow stacking with FHSS super withdrawal.

How much deposit do I need to avoid LMI?

Lenders Mortgage Insurance (LMI) is typically required when your deposit is below 20% of the property price. On a $750,000 property, that means a $150,000 deposit. Some professions (medical, legal, accounting) can get LMI waived with as little as 5-10% deposit.

Should I use an offset account or a redraw facility?

An offset account is typically better for PPORs — it gives you full liquidity while reducing interest (tax-free). Redraw can create tax complications if you later rent the property out, as redrawn funds may not be fully tax-deductible.

What buying costs should I budget for beyond the deposit?

Budget for: stamp duty (see FHB concession), conveyancing/solicitor ($1,500-$3,000), building & pest inspection ($600-$1,200), mortgage application fees ($0-$1,000), LMI if deposit is under 20%, and rate adjustments at settlement. Total typically 3-5% of purchase price including stamp duty.

Tax Accuracy & Sources

Reviewed: March 2026 · Tax year: 2026-27

This calculator is an estimate tool and may not cover all personal circumstances. For state-based taxes, confirm details with your state or territory revenue office.

ATO: Tax rates for Australian residents