Starting the Journey Early
Will started thinking about property when he was 19. While his mates were planning trips, he was checking listings in Newcastle. “My borrowing capacity was limited, so I looked at what I could afford,” he said. His dad, an architect, and his mum, a property manager, became his mentors.
He found a development called Sovereign Park. It was an off the plan apartment and looked like a smart move. But saving the full 10 percent deposit was tough. He had other plans for that money, including a wedding ring and honeymoon.
Buying Off the Plan With Coposit
Will found a smarter way to buy using Coposit. Instead of paying a full deposit upfront, he made weekly payments. That meant he kept his savings intact.
“Instead of dipping into my savings, I worked it into my weekly budget,” he said. This made the property feel achievable. Naomi was unsure at first. She thought buying meant being stuck. But once she understood how off the plan buying works, she got on board.
Maximising First Home Buyer Benefits
Will and Naomi both used first home buyer benefits, separately. This was key.
Will bought in his name. Naomi bought in hers before they became de facto or married. This allowed them to:
- Claim stamp duty exemptions
- Access the 5 percent deposit scheme
- Stay eligible for the First Home Owner Grant
- Plan their loans and ownership smartly
Many couples miss this. Once you're married or living together, you often lose access to individual grants. These two planned ahead.
Choosing the Right Property and Location
Naomi opted for a house with a backyard. It was further from the city but suited her lifestyle. She started a veggie patch and focused on making it a home.
Will’s property was an investment in a growing suburb. Together, they balanced long-term financial goals with lifestyle needs.
Spreadsheet Dates and Financial Forecasting
Their secret tool? A shared spreadsheet.
Will built a six-month financial forecast in Excel. They used it to plan purchases, travel, and savings goals.
Their habits included:
- Setting clear financial goals
- Tracking weekly budgets
- Meal prepping and cutting unnecessary spending
Staying with friends or camping on weekends to save on travel
Planning a Big Trip to Tanzania
After buying their properties, their next goal is volunteering in Tanzania. With smart planning, they’re making it happen.
They:
- Saved aggressively
- Rented out their home
- Sold unneeded items like cars
- Explored remote work options
This shows you don’t have to wait decades to live your dreams. You just need a clear plan.
Advice for Other Young Buyers
Will says: “Boost your income if you can. Ask for a raise. Know your borrowing power. Use it wisely.”
Naomi adds: “Know why you’re buying. Is it a home or an investment? Be flexible on location. Look at rural and regional areas.”
They also say not to wait. The right time to buy is when you can afford it. Not when the market feels perfect.
Why First Home Buyers Should Consider Off the Plan
Off the plan properties offer:
- Lower upfront costs
- Flexible payment plans
- Long-term growth potential
When paired with tools like Coposit and first home buyer incentives, they’re ideal for young Australians trying to enter the market.
