Step 8 · First home buyer? Start here

Summer Headstart · Step 8 of 10 · Search smart

Buying your first home comes with its own rules, schemes and traps. You don't have to learn them all this week. We've already put everything in one place.

Why this matters before Christmas

First home buyer schemes and concessions can change what you pay and how much deposit you need. They also come with conditions and paperwork that take time. Better to check now than find out at the contract stage.

What to check

• Stamp duty concessions and grants. These differ by state and depend on the price and the property type
• The 5% Deposit Scheme. It can let you buy with a smaller deposit without paying lenders mortgage insurance, if you're eligible
• What the scheme means at auction. Agents usually expect a 10% deposit. If you're using the 5% Deposit Scheme, agree a 5% deposit with the agent before you bid (more on this in Step 9)

What we do

We check which schemes and concessions you're eligible for as part of your strategy. If you're not sure where you stand, ask your Alcove contact.

What you do this week

• Confirm with us which schemes apply to you
• Browse the First Home Unlocked resources for anything you're unsure about

Read and listen

📝 First Home Unlocked resources — https://firsthomeunlocked.com.au/resources

🎧 First Home Unlocked podcast — https://open.spotify.com/show/516BEi9bDck4qVJynZayNn

Next: Step 9 · Know what's legally binding, and when →

See all 10 steps

Want to talk it through?

Book a 30-minute chat with the team →

General information only, not financial or legal advice. Your situation is your own, so talk to us before you act.