First Home Buyer Financial Advice — What You Need to Know (2026)

The best time to see a financial adviser is before you start looking at properties — ideally 6-12 months before you plan to buy. At this stage, an adviser can help you:

• Assess your financial position — income, debts, savings, and spending patterns
• Set a realistic budget — what you can afford vs what a bank will lend you (these are different things)
• Structure your deposit — savings accounts, term deposits, First Home Super Saver Scheme
• Optimise your super — ensuring your insurance is adequate and contributions are structured well
• Plan for ongoing costs — stamp duty, conveyancing, building inspections, mortgage insurance, rates, insurance

Many first home buyers go straight to a mortgage broker, which is fine for the loan itself. But a financial adviser looks at the bigger picture — your overall financial health, insurance needs, and long-term goals.

Australia offers several financial incentives for first home buyers. A financial adviser can help you navigate which ones you're eligible for:

First Home Owner Grant (FHOG): Each state offers a grant for first home buyers, typically for new builds. Amounts vary by state — generally $10,000-$30,000. Income and property value caps apply.

Stamp duty concessions: Most states offer stamp duty discounts or exemptions for first home buyers. In NSW, for example, first home buyers pay no stamp duty on properties under $650,000, with partial concessions on properties between $650,000 and $800,000.

First Home Super Saver Scheme (FHSSS): You can make voluntary contributions to your super and withdraw them (plus deemed earnings) for a home deposit. Up to $50,000 can be released. The tax benefit means you effectively save faster than in a regular savings account.

Help to Buy (shared equity): The federal government's shared equity scheme allows eligible buyers to purchase with a smaller deposit, with the government owning a share of the property.

Home Guarantee Scheme: Allows eligible buyers to purchase with as little as 5% deposit (2% for single parents) without paying Lenders Mortgage Insurance (LMI). Limited places available each year.

An adviser can model which combination of schemes maximises your benefit — the interaction between FHSSS, stamp duty concessions, and deposit requirements can be complex.

Mortgage brokers and financial advisers serve different purposes:

• Mortgage broker:**
• Compares home loan products across multiple lenders
• Helps with loan applications and pre-approval
• Paid by the lender (commission) — usually free to you
• Can only advise on mortgage products

• Financial adviser:**
• Looks at your entire financial position — debts, super, insurance, investments, tax
• Advises on deposit strategy, including FHSSS
• Helps with insurance needs (life, income protection, building)
• Plans for ongoing costs and future goals beyond the home purchase
• Can identify risks you haven't considered (e.g. being underinsured if something goes wrong)

When you need both: Most first home buyers benefit from seeing a financial adviser first (for strategy) and a mortgage broker second (for the loan). Some financial advisers also hold credit licences and can help with both.

A good financial adviser will help you avoid these common mistakes:

• Borrowing the maximum the bank will lend — banks assess what you can repay, not what you can comfortably live on. Leave a buffer for rate rises and unexpected costs.
• Forgetting upfront costs — stamp duty, conveyancing, inspections, moving costs, and immediate repairs can add $20,000-$50,000 on top of the purchase price
• Not using the FHSSS — if you have 12+ months before buying, the First Home Super Saver Scheme can save you thousands in tax
• Skipping insurance — income protection and life insurance become important when you have a mortgage
• Ignoring your super — buying a home shouldn't mean neglecting your retirement savings
• Buying without a building inspection — this is not a financial decision, but an adviser will flag it as part of your risk assessment

Financial advice for first home buyers typically costs:

• Initial consultation — $0-$500 (many advisers offer a free initial meeting)
• Statement of Advice (SOA) — $1,500-$3,500 for a comprehensive plan covering deposit strategy, insurance, super, and budget
• Ongoing advice — $2,000-$5,000 per year if you choose to maintain an ongoing relationship

This may seem expensive, but consider: using the FHSSS alone can save $5,000-$15,000 in tax. Structuring your insurance correctly can save thousands over a mortgage term. And avoiding over-borrowing can save you from financial stress.

Our directory lists 15,151 financial advisers across Australia — filter by your city to find one near you.

When looking for a financial adviser as a first home buyer:

• Check ASIC registration — verify they are on the Financial Advisers Register
• Ask about first home buyer experience — some advisers specialise in helping younger clients with their first property
• Ask about FHSSS — if they're not familiar with the First Home Super Saver Scheme, they may not be the right fit
• Check if they hold a credit licence — if so, they can help with both advice and the mortgage
• Compare fees — for a one-off plan, a fixed-fee adviser may be more cost-effective than ongoing advice
• Ask for referrals — a good adviser will also recommend conveyancers, building inspectors, and mortgage brokers they trust