GenG First Home

1 in 3 Gen Z Australians Plan to Buy Their First Home Within 5 Years

Gen Z may be known for digital skills, but they’re also financially focused. Recent research shows that 35% of Gen Z Australians—mainly those in their 20s—plan to buy their first home within the next five years. Confidence is rising as young buyers actively build strategies to enter the Australian property market.

Why Gen Z First Home Buyers Are Taking Action

For many young Australians, home ownership represents independence and long-term financial security. Many want freedom from renting, while others see property as a way to build wealth and stability. With rental prices increasing across major cities, buying a first home is becoming a priority goal.

Smart Saving Strategies for a First Home Deposit

Saving a first home deposit remains a key challenge. Instead of aiming for the traditional 20% deposit, many Gen Z buyers are targeting a 5–10% deposit to enter the market sooner.

Common strategies include:

  • Cutting non-essential expenses

  • Expanding suburb searches for affordability

  • Considering apartments instead of houses

  • Exploring rent-vesting (buying an investment property while renting elsewhere)

You can estimate how much you may be able to borrow using tools like the Moneysmart borrowing calculator:
https://moneysmart.gov.au/home-loans/mortgage-calculator

Government Support for First Home Buyers

The Australian Government offers support through the Home Guarantee Scheme, which allows eligible buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).

Learn more about eligibility and how the scheme works here:
https://www.housingaustralia.gov.au/home-guarantee-scheme

You can also review official first home buyer guidance at:
https://moneysmart.gov.au/home-loans/first-home-buyer

Start Your First Home Buying Journey

With the right home loan strategy, government incentives, and a disciplined savings plan, buying your first home can become achievable. Seeking professional mortgage advice can help clarify your borrowing power, loan options, and eligibility for first-home buyer schemes.

If you’re a Gen Z buyer planning your first home purchase, now is the time to create a clear strategy and take the first step toward home ownership.