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Budget considerations

Managing your finances is key to making your next move with confidence

Whether your household is growing, or you want to downsize an empty nest, the steps to owning your new home start with managing your finances and considering your budget.  

  1. 1
    How much deposit do I need for a home loan?

    Before providing you a loan, most banks and lenders need you to pay a portion of your new home’s cost as a deposit. The amount required will be formed once the lender has reviewed your financial profile, equity from any existing properties you may own, how the market’s going and their own internal criteria.  

  2. 2
    How do I get a home loan?

    When obtaining a home loan, here are some important points to factor in:  

    • Be gainfully employed.
    • Demonstrate a strong savings or repayment history.
    • Ensure your credit rating is as sparkling as can be.
    • Consider removing any unnecessary financial commitments, like pay later services.  
    • Show that you have a financial safety net, ie. a 'rainy day' fund. 
    • Avoid applying to too many lenders at once and make sure you’re disclosing everything you need to as part of the process. 
  3. 3
    Am I eligible for any government grants and rebates?

    There are a number of federal and state government initiatives that can help ease you into your new home.  

    To help you get started, we’ve summarised some of the key government initiatives available for you to explore at a federal level, as well as state offerings across NSW, Queensland, Victoria and WA. 

  4. 4
    How do I plan a budget?

    Budgeting is fundamental to purchasing a new home, so it needs to be carefully considered and robust. 

    There are five essential steps to take that are common to every well-planned budget: 

    • Make a list of how much you’re earning and the frequency of your income.
    • Add up every expense you can think of – from utility bills to groceries, entertainment, transport and beyond.  
    • Considering the above two points, determine how much can you save whilst maintaining a standard of living you are comfortable with. Work this out and then set yourself a hard spending limit.
    • Finally: Set yourself a regular review period to track and reconcile your budget vs your spending. Monthly check-ins are ideal.  

    These days, there are many online tools available to help you get ahead with your budget planning and tracking. Your bank may even have an app-based solution to help get you underway. So, you may want to explore the options available and pick the one that best suits you.  

  5. 5
    How do I prepare my finances for a new move?

    You may or may not need to obtain a new home loan, depending on your circumstances. If you’re buying before you sell your current home, you may need to consider a bridging loan (a short-term loan designed to cover the purchase price of a second home to give you time to sell your existing property). A broker or financial advisor will be able to evaluate your individual circumstances and provide options for your consideration.  

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This website is supplied for the purpose of providing an impression of Stockland Communities and the approximate location of existing and proposed third party infrastructure, facilities, amenities, services and destinations, and is not intended to be used for any other purpose. All details, images and statements are based on the intention of, and information available to, Stockland as at the time of publication (May 2024). Product availability may vary and change due to future circumstances. This website is not legally binding on Stockland. Stockland does not give any warrant in relation to any information contained in this website. Stockland does not accept any liability for loss or damage arising as a result of any reliance on this website or its contents. All distance and travel timeframe references are estimates only, refer to distance by car or driving time (unless specified otherwise), and are based on information obtained from Google Maps at the time of publication (May 2024).