Here’s what you need to be doing now.
The new financial year is around the corner. And if you’re planning to buy your first home in the next 12 months, the window between now and 1 July may be one of the most important periods in your entire home buying journey.
Not because there’s a deadline you’ll miss if you don’t act. But, because the decisions you make now around your super contributions, your savings structure, your credit file, and your borrowing position, can genuinely affect how smoothly the rest of the process goes.
Here’s what’s worth thinking about and doing, before the financial year ticks over.
Making FHSS contributions before 30 June
If you haven’t heard of the First Home Super Saver Scheme, it is a program that allows you to make voluntary contributions to your superannuation throughout the year and then withdraw up to $50,000 of those contributions (plus earnings) to use as a home deposit. Because super contributions are taxed at just 15% rather than your marginal income tax rate, it’s one of the most tax-effective ways to save for a deposit. But there is a catch.
Each year you can only contribute up to $15,000 to your super under the scheme. However, contributions made before you knew about the FHSS don’t count retroactively. So the sooner you start, the more you can build up at the lower tax rate.
If you haven’t started making contributions this financial year, there’s still time to make a contribution before 30 June. Talk to a verfied Financial Adviser now about how to set this up properly and whether it suits your situation.
Getting your tax returns sorted early
Most people wait until August or September to think about their tax return. But if you’re planning to buy in the next 12 months, getting it sorted early can make life much easier.
When assessing you for a loan, lenders use your most recent tax returns, particularly if you’re self-employed, have multiple income sources, or earn any income outside your salary. Having your 2025-26 return ready, rather than still processing, can make the difference between a smooth pre-approval and unnecessary delays when you find a property you actually want to buy.
Get your documents together now: payslips, bank statements, receipts for deductions. The faster your return is in, the cleaner your financial picture looks to a lender.
Checking your credit before anyone else does
Lenders will also check your credit file when you apply for a home loan. It’s much better to know what’s on it before they do.
You’re entitled to a free credit report from agencies like Equifax, Illion or Experian. Pull yours now and look for anything unexpected: errors, defaults, accounts you don’t recognise, or a string of credit enquiries from past applications that might look like financial stress to a lender.
Errors can be corrected, but it takes time. Giving yourself the runway to fix anything that needs fixing, well before you’re ready to apply, is one of the simplest things you can do to put your best foot forward.
Reviewing and scaling back credit limits
This one surprises a lot of people. Lenders don’t just look at what you owe. They also look at what credit you have available, because they assess it as potential debt.
A $10,000 credit card limit that you never carry a balance on still counts against your borrowing capacity in the eyes of a lender. Same with buy now pay later accounts. Before you apply for pre-approval, review every credit account you hold and consider reducing limits or closing accounts you don’t need.
Even reducing a couple of credit limits now, several months before you apply, can make a difference.
Building a paper trail early
When you apply for a home loan, you’ll typically need two to three months of bank statements, two to three recent payslips, two years of tax returns, and photo ID at a minimum. If you’re self-employed, the documentation requirements are more rigorous.
Building your paper trail early can save you time scrambling for documents when you find the right property. Start a folder, physical or digital, and begin collecting documents now. It sounds administrative and unglamorous, but it will genuinely save you time and stress when it matters most.
Getting clear on how much you need for a deposit
Not the number you dream about, but the real one.
How much do you have saved right now? How much can you realistically add between now and when you plan to buy? And what will that actually buy you, once you factor in stamp duty, conveyancing fees, building inspections, and the buffer you’ll want in reserve after settlement?
Running these numbers properly, with current stamp duty rates for your state and realistic property price targets will give you clarity on where you stand. Penny’s Budget and Costs Calculator can help you map this out.
Speaking to a trusted broker early
A common mistake first time buyers make is waiting until you feel “ready” to talk to a mortgage broker. However, some of the most useful conversations happen before you’re ready, because they give you time to plan ahead. Chat to a broker about what your borrowing capacity looks like right now, what you can do to improve it, and what you need to have in place to apply in six to nine months.
This will help you understand if your deposit is going to be enough, which lenders are most likely to lend to you, and if there’s anything in your finances you need to fix before you formally apply.
If you don’t have a broker you trust, Penny can connect you with someone who works with first home buyers every day and will take the time to actually understand your situation.
Checking your eligibility for schemes and grants
The rules for first home buyer schemes are changing all the time. Income caps, property price caps, the number of places available, the eligibility criteria, negative gearing and CGT. It can all change from one year to the next.
Understanding your eligibility for these schemes, rather than assuming you’ll figure it out when you’re ready to buy, is key. It allows you to structure your savings and your home buying timeline to take advantage of the help that’s available to you.
Chat to a broker now about Federal and State government schemes you may be eligible for.
It’s all about starting early
Buying a home is a big decision. But getting ready for it doesn’t have to feel overwhelming. Most of what’s on this list takes an hour or two to put in motion: a credit report, a broker conversation, an FHSS contribution, your tax documents. Small steps now can make the whole process feel far more manageable once the financial year turns and the search gets real.
The women who buy with the least stress usually aren’t the ones who started with more money or more time. They’re the ones who started earlier and gave themselves options.
Penny is here to help you get ready. Sign up at app.urpenny.com.
This article is general information only and does not constitute financial, tax or legal advice. Scheme eligibility and contribution rules are subject to change. Please speak with a licensed financial adviser, mortgage broker and registered tax agent before making any decisions about your super, savings or property purchase.