Why First Home Buyers Should Plan Their Timeline Early

Getting Your Deposit and Pre-Approval in Place Before You Start Looking

Build your deposit and lock in pre-approval before you start attending inspections. You'll know what you can afford, what schemes apply, and how much cash you need at settlement.

Consider a buyer on rostered 10-hour shifts saving for a deposit while managing rent and transport costs. You've got $8,000 in savings but need at least 5% plus settlement costs to buy under the Australian Government 5% Deposit Scheme. Using the First Home Super Saver Scheme, you can make voluntary super contributions over two financial years and release up to $50,000 toward your deposit. Concessional contributions are taxed at 15% instead of your marginal rate. This adds to your savings without changing your roster or take-home pay. Once you've built that buffer, you apply for loan pre-approval and start looking with a clear price ceiling and settlement budget.

Pre-approval tells you what lenders will actually lend. It also flags any documentation gaps before you sign a contract. If your income includes overtime, penalty rates, or allowances, pre-approval confirms how much of that income counts toward your borrowing capacity.

What Stamp Duty Concessions and Grants Apply in Your State

Stamp duty concessions and first home owner grants vary by state and property type. Queensland offers a $30,000 grant on new homes under $750,000 and full duty concessions on new builds with no price cap. Victoria offers a $10,000 grant on new homes up to $750,000 and full stamp duty exemption on properties valued up to $600,000. New South Wales offers a $10,000 grant on new builds under $600,000 or land and build packages under $750,000, plus full duty exemption on homes up to $800,000.

In Western Australia, the grant is $10,000 for new homes south of the 26th parallel capped at $800,000. The First Home Owner Rate of duty exempts buyers from stamp duty on homes up to $600,000 statewide, with a concessional rate between $600,001 and $800,000. These concessions apply to new and established homes, not just new builds.

You need to move into the property within 12 months of settlement and live there for at least 12 continuous months in most jurisdictions. If you're rostered across multiple stations or on a fly-in-fly-out contract, confirm residency requirements with your conveyancer before you exchange.

How Long It Takes to Get Loan Approval Once You Apply

From application to formal approval usually takes 5 to 10 business days if your documents are complete. Delays happen when payslips are missing, bank statements are incomplete, or your employment letter doesn't confirm your full income breakdown.

Paramedics often receive base salary plus shift penalties, overtime, and allowances. Lenders assess each component differently. Some count 100% of allowances. Others apply a discount or exclude them entirely. Submit at least three months of payslips, a current employment letter detailing all income components, and three months of bank statements showing your deposit has been held in your account. If any portion of your deposit is a gift from family, include a signed statutory declaration confirming it's not a loan. Guarantor loans are another option if a parent or family member is willing to use their property equity to support your application without handing over cash.

Once the lender issues formal approval, you have a set period to find a property and exchange contracts. That approval period is usually 90 days but varies by lender. If it lapses, you'll need to reapply with updated documents.

Choosing Between a 5% Deposit and Saving More to Avoid LMI

The 5% Deposit Scheme eliminates Lenders Mortgage Insurance, which would otherwise cost thousands on a low-deposit loan. A 10% deposit without the scheme triggers LMI. A 20% deposit avoids it entirely but delays your purchase by months or years depending on how much you're saving each pay cycle.

Some lenders offer LMI waivers for paramedics on loans up to 90% or 95% of the property value. You buy sooner without paying the insurance premium and without needing a government guarantee. Eligibility depends on the lender, your income stability, and your employment status. Permanent full-time and permanent part-time roles are treated differently to casual contracts, even if your casual income is higher.

If you're deciding between a 5% deposit now and a 10% deposit in six months, compare the rent you'll pay during that six months against the interest cost and any LMI saving. If rent is $400 per week, waiting six months costs you $10,400. If the LMI saving is $4,000, you've spent more to save less.

Fixed, Variable, or Split: Locking in Certainty Without Losing Flexibility

A fixed rate locks your repayment for one to five years. A variable rate moves with the market. A split loan divides your borrowing across both.

On a fixed loan, your repayment stays the same regardless of rate movements. You lose access to offset accounts on the fixed portion with most lenders, and extra repayments are often capped. If you break the loan early to sell or refinance, break costs apply. On a variable loan, you can make unlimited extra repayments, access full offset, and repay the loan early without penalty. Your rate can rise or fall.

A split loan gives you rate certainty on part of the balance and full flexibility on the rest. If you're rostering irregular overtime or receive annual leave loading in a lump sum, put that cash into an offset account linked to the variable portion. The offset reduces the interest you pay without locking the funds inside the loan. You keep access if your car breaks down or you need emergency dental work between pays.

Settlement Day: What You Pay and When the Money Moves

Settlement is when you pay the balance of the purchase price, the lender releases funds to the vendor's solicitor, and you receive the keys. Your conveyancer coordinates the transaction. You don't attend in person.

Before settlement, your conveyancer will send you a settlement statement. It shows the purchase price, your deposit already paid, the loan amount, and the cash you need to provide. That cash covers stamp duty if you're not fully exempt, council and water rate adjustments, conveyancing fees, and lender establishment fees. You transfer that amount to your conveyancer's trust account at least two business days before settlement.

Your lender will require evidence of insurance before releasing funds. Arrange building and contents cover at least a week before settlement and send the certificate of currency to your broker and conveyancer. If settlement is delayed because you didn't arrange insurance, you may be liable for penalty interest.

Using Overtime and Allowances to Increase What You Can Borrow

Lenders assess overtime, penalty rates, and allowances differently. Some lenders apply a 20% discount to overtime income. Others accept 100% if you've received it consistently for 12 months or more. Your employment letter must break down each component. A letter stating total annual income without detail won't satisfy the lender's serviceability calculator.

If you've been rostered consistent night shifts for two years and receive a permanent night shift allowance, that income is treated as stable. If your overtime varies month to month depending on station demand, the lender may average it over 12 months and apply a discount. Submit your last two tax returns, three recent payslips, and a roster summary if your service provides one. The more evidence you provide, the more income the lender will include in your borrowing capacity.

Call one of our team or book an appointment at a time that works for you. We'll confirm which lenders count your full income, what documents you need, and how to structure your application so you're not leaving borrowing capacity on the table.

Frequently Asked Questions