If you’re planning to buy a home in the new financial year, remember to explore all saving opportunities before creating your home buying strategy.
Economists are predicting the Adelaide property market will grow between three and six per cent in the 2026-2027 financial year. While price growth is slowing, this still indicates an ongoing uplift in asset value for Adelaide home buyers who make a purchase in the next financial year.
Before you begin house hunting prepare a home-buying plan which includes exploring all the available grants and schemes which put tens of thousands of dollars back into the budgets of eligible home buyers:
Buyer Assistance Schemes
If you’re a first home buyer, the State Government’s First Home Owner Grant (FHOG) pays $15,000 to eligible first home owners buying or building a new residential home.
Initiatives that reduce or eliminate costly stamp duty are well worth considering. Stamp Duty Relief is available to all first home buyers purchasing a new home, an off-the-plan apartment, a house and land package or vacant land on which to build a new home.
Seniors aged over 60 may also be eligible for stamp duty relief when entering into a property contract on a downsized home from March 2026.
The Australian Government’s 5% Deposit Scheme helps single parents and first home buyers purchase a home with a 2% or 5% deposit, without the need for Lenders Mortgage Insurance (LMI).
The First Home Super Saver Scheme lets you make voluntary contributions of up to $15,000 p.a. into your superannuation account (taking advantage of lower tax rates) and then withdraw those savings (up to $50,000 in total) when you are ready to buy.
The Help to Buy Scheme is designed to bridge the gap between your savings and the amount you can borrow through an equity share program with the government.
Home Start is an initiative of the South Australian Government, offering a range of low deposit home loans.
Create a Home Buying Strategy
When you have ascertained if you are eligible for any of the stage or federal home buying assistance programs, the next step is to prepare a home-buying plan:
Step 1: Build Your Team
Several parties are involved in the home buying process. A mortgage broker can help find the right loan, or you can source a loan provider yourselves. You can find your own home, or ask a buyer’s agent or real estate agent to help. Select a conveyancer or lawyer to execute the legal and administrative transfer of the property and, lastly, decide which company you will insure your new home with so that you can arrange insurance as soon as you’ve paid the deposit.
Step 2: Finances
Taking into account the government initiatives for which you have confirmed your eligibility, visit a mortgage broker or home lender and determine your home buying budget. That is, the total amount you are approved to spend on a property, along with the related fees and expenses. When you find a home you’d like to buy, be sure to get pre-approval from your loan provider.
Step 3: Make a ‘Must Have’ vs ‘Would Like’ List
Prepare a list of the ‘must haves’ and the ‘would likes’ with respect to a property and its location. House hunting is much easier when you are clear on what you need vs what would be nice to have.
With all of that organised, you’re ready to buy in the new financial year!
Our friendly team are industry experts ready to help you along your home buying journey. And remember, you might just find your perfect home in our secret-sauce list of off-market properties, so get in touch today!
