Jigar Modi

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How long does it take to buy a first home after moving to Australia?

By Jigar Modi, over 15 years in lending

The short answer

There's no standard timeline. It depends on your residency, your job history, your savings and your debts. It took me seven years from landing as a student. I'd like it to take you a lot less, and knowing what you're working towards is most of the difference.

Seven years, the long way

I landed in Australia in 2000 as a student with $850, studying IT at TAFE and working odd jobs.

In 2004 I started my first proper job. In 2005 I got married, and in 2006 my wife joined me here. Most people around us rented a unit for a year or two. We stayed in shared accommodation with my best friends, looked at rentals and hated them.

I was still paying off a car loan and student debt.

Forget about having a deposit, I was actually in the negative.

So we stopped planning to rent. We decided to buy something humble and modest and get started. We smashed our savings targets, a work bonus helped, and we saved almost all of my wife's salary.

In early 2007, about eight months after she arrived, we bought our first home. Seven years from landing. Buying that home changed my life significantly.

What decides your timeline

  • Your residency. Lenders and government schemes often treat citizens, permanent residents and temporary visa holders differently. Rules change, so check what applies to you now.
  • Your job history. How long you've been in your role, and whether you're still on probation.
  • Your debts. Car loans, personal loans and even unused credit card limits reduce what a lender will let you borrow.
  • Your savings history. Many lenders want to see genuine savings built up over time.

The first home buyer guide covers each of these in more detail, with links to the official sites.

What I'd tell my younger self

Get clear on the target first. Most of my seven years went on not knowing what I was working towards. Once we decided to buy, it took eight months.

Jigar Modi

About Jigar Modi

I came to Australia in 2000 as a student with $850. I've worked inside two major banks and spent over 10 years in mortgage broking. That's over 15 years in lending, and more than $450M in settled lending.

Founder of First Home Ready. I help Indian professionals and families avoid costly financial mistakes before they sign. Read my story

Related questions

Got a question you'd like answered? Email jigar@jigarmodi.com.au. I read every one, and the best ones become pages like this.

This is general information, not personal advice. Rules change, so check what applies to you now.