Buying your first home after 40 in Australia: Why more women are entering the property market later

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Jemi
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blonde woman sitting at table drinking coffee smiling at camera

Buying your first home used to feel like something most Australians would achieve in their twenties or early thirties.

Today, that is no longer the reality for many people.

At Penny, we’re speaking with more women buying their first home after 40, not because they have “failed financially”, but because the path to home ownership in Australia has changed dramatically.

For many Australians, buying later in life reflects a combination of rising property prices, higher living costs, relationship changes, career interruptions, single-income households and a housing market that has become harder to enter over time.

If you’re over 40 and wondering whether it is “too late” to buy a home, you are far from alone.

More first home buyer loans are now going to people aged over 40, and the average age of first home buyers continues to rise. This is not just a temporary trend. It reflects a broader shift in housing affordability, relationship patterns, cost of living pressures, financial security and access to property ownership in Australia.

Why more Australians are buying their first home after 40

1. Rising house prices and living costs are making it harder to save a deposit

One of the biggest reasons Australians are buying property later in life is simple: house prices have risen much faster than wages.

In cities like Sydney and Melbourne, property prices have increased significantly over the past decade, while income growth has been much slower.

For many people, especially single buyers, saving a home deposit now takes years longer than it did for previous generations.

Even Australians with steady, professional incomes are finding it difficult to save while also managing:

  • Rising rent
  • Cost of living pressures
  • Childcare expenses
  • Student debt
  • Unexpected life events

So if you’re feeling the pinch, it’s onot just you. For some buyers, it can take a decade to save a deposit for a first home.

That delay alone means many people do not feel financially ready to buy until their forties.

2. Buying a home on a single income is becoming more common

More Australians are trying to buy property on their own.

That includes:

  • Single women
  • Divorced women
  • Solo parents
  • People who have chosen not to partner
  • Women re-entering the property market after separation

Buying on a single income can make home ownership a lot harder because borrowing power is usually lower, while upfront costs (like your deposit and stamp duty) remain largely the same.

For many women, especially those rebuilding financially after relationship breakdowns or career interruptions, that can push home ownership into later life.

3. Added barriers for women

Women can face additional structural barriers when it comes to buying property in Australia.

While women may slightly outnumber men in overall property ownership statistics, those numbers do not tell the full story.

Women are:

  • More likely to experience career breaks
  • More likely to work part-time or in lower-paid industries
  • More likely to carry unpaid caregiving responsibilities
  • More likely to experience financial setbacks after separation or divorce
  • More likely to spend longer periods renting later in life

The gender pay gap also impacts women’s ability to save a deposit and build borrowing capacity over time.

For many women, especially single women, buying a first home in their forties is not unusual. It is increasingly becoming the reality of Australia’s housing market.

Is it too late to buy your first home after 40?

No.

Buying later does not automatically mean buying badly.

In many cases, older first home buyers approach property more thoughtfully because they have:

  • Clearer priorities
  • More financial experience
  • Better understanding of risk
  • Stronger long-term decision-making

The goal is not to “catch up” with anyone else’s timeline.

The goal is to make a decision that supports your future security, stability and lifestyle.

Tips for buying your first home after 40

1. Focus on financial security, not pressure

Many first home buyers over 40 feel pressure to “make up for lost time”.

That pressure can lead to:

  • Over-borrowing
  • Stretching budgets too far
  • Buying unsuitable properties out of fear

Instead, focus on clarity.

Ask yourself:

  • What repayments genuinely feel manageable?
  • How does a mortgage fit with my retirement goals?
  • What level of financial security do I want long term?
  • What kind of lifestyle do I want my property to support?

Buying property should improve your stability, not create ongoing financial stress.

2. Be open to different ways of entering the property market

Getting into the market does not always mean buying a freestanding house immediately.

For many women buying solo, a more practical first step may be:

  • An apartment or townhouse
  • A smaller property
  • A lower-maintenance home
  • An outer-metro suburb
  • A regional area with better affordability

The first property does not need to be the forever property.

It needs to be realistic, sustainable and aligned with your life.

3. Explore first home buyer schemes and support options

There are several government schemes in Australia designed to help first home buyers enter the property market with lower deposits.

Depending on your circumstances, you may be eligible for:

  • First home buyer grants
  • Stamp duty concessions
  • Low deposit schemes
  • Support programs for single parents

These programs are not perfect, but they can reduce some of the pressure around saving a deposit and entering the market later in life.

4. Understand your borrowing power properly

Many buyers avoid speaking to a broker or lender because they assume they are “too late” or will not qualify.

But understanding your borrowing power gives you clarity.

It helps you understand:

  • What you can realistically afford
  • What repayments may look like
  • How interest rates affect your borrowing capacity
  • What options may be available to you

Confidence comes from information, not guessing. You can find a broker in the Penny app.

5. Prioritise informed decisions over rushed ones

Buying later in life often means you have less appetite for unnecessary risk, and that is not a weakness.

It is a strength.

When timelines feel tighter, informed decisions matter even more.

That means:

  • Understanding your numbers
  • Thinking long term
  • Avoiding panic decisions
  • Building a plan you trust

Buying your first home after 40 is more common than you think

The rise of first home buyers over 40 is not about personal failure.

It reflects the reality of Australia’s housing affordability challenges, especially for women, single-income buyers and people rebuilding financially later in life.

If buying a home is still part of the future you want, age does not disqualify you.

What matters more is:

  • Understanding your position
  • Knowing your options
  • Building a sustainable plan
  • Making decisions that support your long-term security

At Penny, we help women navigate the path to home ownership with more clarity, confidence and support, no matter when they start.

Sign up to the Penny app for FREE now to understand your position and options. 

Register your interest in the Penny Program for guided support over 6 weeks to get your finances in order.