Your budgeting guide to buying your first home
Nothing compares to the feeling of buying your first home. If you’re planning a 2026 property purchase, saving a deposit is often one of the biggest challenges for first home buyers. With careful planning, realistic goal-setting and the right advice, working towards your home loan deposit can feel far more achievable.
At Orchard Mortgage Brokers, with offices in Mooloolaba (Sunshine Coast) and Paddington (Brisbane), we help first home buyers across Queensland prepare financially and confidently enter the property market.
Set a clear savings goal
The first step is understanding how much deposit you’ll need to buy your first home. Start by researching property prices in your preferred suburbs and work backwards to estimate your target deposit.
You may also want to explore the Australian Government’s 5% Deposit Scheme, which allows eligible first home buyers to purchase with a smaller deposit. If you’re not using a government scheme, aiming for a 20% deposit may help you avoid Lenders Mortgage Insurance (LMI).
Create a realistic budget
Creating a monthly budget helps you understand how much you can realistically save towards your first home deposit. List your after-tax income and all expenses, including rent, utilities, insurance, subscriptions and irregular costs like car repairs.
Budgeting apps and online tools can help track spending and identify opportunities to redirect money towards your first home deposit.
Automate your savings
Opening a dedicated savings account with low fees and interest can help keep your home loan deposit separate from everyday spending. Setting up an automatic transfer each pay cycle can build savings consistently over time.
A strong savings history is also something lenders consider when assessing home loan applications, so this habit can support your borrowing position later.
Reduce discretionary spending
Small changes can add up. Cutting back on dining out, pausing unused subscriptions, or switching to free alternatives such as outdoor exercise or local libraries may help accelerate your savings towards your first home deposit.
Some buyers also find “no-spend challenges” useful for reassessing spending habits and prioritising long-term goals like first home ownership.
Look at ways to increase income
Supplementing your income may help you reach your deposit sooner. Options could include extra work hours, tutoring, freelance work or a side project.
Selling unused items such as sporting equipment, electronics or collectibles can also contribute over time to saving for your first home.
Talk openly about your home buying goals
Sharing your goals with friends and family can help keep you accountable. Social plans may look a little different in 2026 — more home-cooked dinners and fewer expensive outings — but these adjustments can support your long-term plans.
Get prepared with the right advice
Buying your first home is exciting, and having the right guidance makes a difference. As experienced mortgage brokers in Mooloolaba and Paddington, Orchard Mortgage Brokers can help you:
Understand how much you may be able to borrow in a home loan
Explore home loan options and pre-approval
Budget for upfront costs like stamp duty and legal fees
Check eligibility for incentives such as the First Home Owner Grant and First Home Super Saver Scheme
If your first home deposit isn’t quite there yet, we can also discuss alternative strategies to help you move forward.
Thinking about buying your first home in 2026?
Call Orchard Mortgage Brokers on 07 5475 4500 to discuss your options and start planning with confidence.