1. Set clear goals

The first step towards buying your first home is to define what success looks like for you. Consider:

  • Your ideal property: What type of home do you want and where do you want to live or invest?
  • Your budget: How much can you afford to spend, including your deposit, ongoing repayments, and associated costs like stamp duty?
  • Your timeline: When do you want to buy or refinance, and how much time do you need to prepare?

You can use CommBank’s Home Hub to set your savings goals, calculate borrowing power or learn how much you could save on repayments. 

2. Start laying the foundation

Buying a home (or refinancing) can involve advanced planning and careful consideration. Here’s how you can start laying the groundwork now.

Clearly assess your financial position

Review your income, savings, and expenses to fully understand your borrowing capacity. You can use tools like the Home Loan Repayment Calculator to estimate your repayments and ensure you’re as financially prepared as possible.

Boost your savings

The more you can save for a deposit, the less you'll need to borrow and pay in interest. If you have a smaller deposit your bank or lender may charge you Lenders’ Mortgage Insurance or a Low Deposit Premium to help protect themselves.

See our savings tools for meaningful goals. If you’re not happy about the time it could take you to save, you might want to consider a more affordable property or adopt more stringent saving measures. Keep in mind there are some other upfront costs of buying a home outside of the deposit that you’ll need to be able to cover, particularly stamp duty.

Set your savings aside in an account like CommBank GoalSaver so you can maximise your interest earnings and reduce your temptation to spend. You might even want to consider a term deposit account, which locks away your money for a set period while earning you some interest.

Apply for conditional pre-approval

Kick off 2025 with confidence by applying for conditional pre-approval for a new loan or to refinance with us. Conditional pre-approval gives you a clearer understanding of how much you can borrow and, for buyers, it shows sellers you’re serious about buying a property.

Leverage CommBank’s Home Hub

CommBank’s Home Hub makes home buying simpler by offering a central place to manage your goals, browse property listings, and connect with our Home Lending Specialists for additional support. It’s designed to help guide you through the entire process, step-by-step and lets you follow your application all the way though to settlement.   

3. When should you buy a home in Australia? 

Timing can have a big impact on your home-buying journey, so carefully consider the seasonality of the property market:

  • Summer: The market is typically quieter, giving buyers more negotiation power
  • Autumn: The market tends to be more balanced with a steady flow of listings
  • Winter: There are often fewer listings available, but potentially also less competition
  • Spring: This tends to be the busiest season for home-buying, with more options but more competition too

4. How CommBank could support your homeowning goals in 2025

Remember that, while market conditions are important, the right time to buy is ultimately when you’re financially and emotionally ready.

At CommBank, we’re here to support you on every step of your home-buying journey. Here’s how we can help you:

  • Expert Guidance: Our Home Lending Specialists are here to offer guidance that's right for you. They’ll take the time to understand your unique needs and tailor their guidance to your situation. When you book an appointment with our Home Lending Specialists, you’ll be able to meet with them at a time and place that suits you – plus you’ll get access to unlimited reports of local market and property insights for additional support.
  • Flexible Tools: You can use the CommBank app and Home Hub tools and resources to help get you where you want to be.
  • Government Grants: We’ll help you to identify and apply for any government incentives you might be eligible for, such as the First Home Owner Grant or the Home Guarantee Scheme.
  • Competitive Rates & Rate Discounts: Explore our range of home loan options to find the one that suits your needs. Check with a Home Lending Specialist to see if you’re eligible for a further interest rate reductions.
  • Access exclusive offers & discounts: Unlock fast contract reviews with Home-in, save on nbn and mobile plans with More and, if eligible, be rewarded as part of CommBank Yello, our customer recognition program.

5. Stay focused and motivated

Buying your first home can feel overwhelming at times, but breaking your goals into small, achievable steps can make the process more manageable. Regularly revisit your goals, adjust your plan as needed, and celebrate your milestones along the way.

You can also get additional support and access to helpful tips and tools through CommBank’s Home Hub. It’s designed to make your home buying experience smoother and easier to manage.

Ready to make 2025 the year you reach your Home Buying goals?

With CommBank on hand to help, achieving your home-buying goals in 2025 is within reach. Start your journey today by exploring the Home Hub, applying for pre-approval, or speaking to one of our Home Lending Specialists. Let us help you turn your home-buying goals into reality.