The First Home Guarantee allows eligible buyers to purchase with a 5 per cent deposit without paying Lenders Mortgage Insurance. Places are allocated each financial year, and while the scheme has been expanded, it is worth confirming your eligibility and understanding whether any thresholds or conditions are changing from 1 July. First home buyer stamp duty concessions also vary by state and are subject to change. Checking what is currently available in your state before the financial year turns over ensures you are not relying on outdated information when it matters most.

For many first home buyers, a tax refund is one of the more meaningful lump sums they receive during the year. Rather than treating it as discretionary income, putting it straight into your deposit savings account can give your progress a genuine boost.

If you lodge your tax return promptly after 1 July, refunds are typically processed within two weeks. Planning for that money before it arrives makes it easier to direct it toward your goal rather than absorbing it into everyday spending.

EOFY is a good time to assess whether your savings strategy is still on track. Are you hitting your monthly savings target? Is your deposit sitting in an account earning a competitive interest rate? With rates having moved considerably over the past two years, the gap between a strong and a mediocre savings account can be meaningful over time. If you have not reviewed your savings account in the past six months, it is worth comparing what else is available. Moving to a higher-rate account is straightforward and costs nothing.

Your credit report is one of the first things a lender will look at. Requesting a free copy before the new financial year gives you time to identify any errors, address any issues and understand what a lender will see when they assess your application.

Common issues include outdated defaults, incorrect listings or enquiries from credit applications you have forgotten about. Addressing these before you apply is far easier than trying to explain them during an assessment.