Financing Your First Home with $13K+ Tax Savings and a Clear Long Term Plan
Background: Meet Alex & Jordan
Alex and Jordan are a couple in their early 30s looking to take the next step in their financial journey by financing their first home while also planning ahead for long-term wealth creation.
They had access to a potential property in Ballarat, from which they would receive 75% of the proceeds if sold, and wanted to understand whether this would be necessary to fund their home deposit. Alongside this, they were also keen to explore how they could begin investing for retirement early and make smarter use of their income.
Why Did They Seek Advice?
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Home ownership :Ability to purchase $850K–$1.1M home within 2 years
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Tax savings :Saved appro $5,364 p.a + $7,807 using the FHSSS
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Early Retirement :Brought forward retirement to as early as age 57
Why Did They Seek Advice?
- To understand their ability to finance their first home within 2 years.
- To determine whether selling the Ballarat property was required for their deposit.
- To assess how much debt they could comfortably service.
- To explore strategies to boost their deposit and reduce tax.
- To plan how they could start investing for retirement early.
Strategies Implemented
Finance Strategy:
- Modelled their ability to purchase a home within a $850K–$1.1M range over a two-year timeframe
- Assessed their borrowing capacity, cash flow, and capital position to determine affordability
- Identified that without selling the Ballarat property, they would not have sufficient funds for their deposit
- Recommended selling the property and utilising 75% of the net proceeds to achieve their desired purchase timeline and price point
- Structured the purchase under a Joint Tenancy Agreement, providing simplicity and estate planning benefits
- Confirmed they could service a loan of approximately $880,000 on a principal and interest basis
Deposit & Tax Strategy:
- Recommended utilising the First Home Super Saver Scheme (FHSSS) to boost their deposit
- Identified this strategy could deliver an additional $7,807 towards their home deposit through tax savings.
- Ensured their deposit strategy was both tax-effective and aligned with their purchase timeline
Retirement & Investment Strategy:
- Modelled three long-term strategies to build wealth and improve retirement outcomes.
- Scenario 1: Focusing solely on debt reduction and holding surplus funds in cash, could put them in a position to retire at 60 years of age.
- Scenario 2: Investing surplus cashflow into a diversified portfolio could enable retirement at age 59
- Scenario 3: Maximising concessional contributions alongside investing surplus cashflow could allow retirement as early as age 57
- Highlighted that maximising concessional contributions could provide approximately $5,364 per year in tax savings
- Recommended prioritising the home purchase first, then implementing investment and super strategies to accelerate wealth creation.
- The graph below compares their current approach, purchasing their home at the desired price point with the recommended strategy, which includes utilising the First Home Super Saver Scheme (FHSSS), maximising concessional contributions, and investing surplus cashflow.
- It also highlights that their net financial position temporarily declines in FY23 due to taking on non-deductible debt to purchase their primary residence, a lifestyle asset. Over time, the recommended strategy demonstrates how their position improves as investments and super contributions begin to build long-term wealth.
Outcomes and Benefits
- Achieved a clear pathway to financing their first home within 2 years at their desired price point.
- Boosted their home deposit by $7,807 through the FHSSS strategy.
- Secured a manageable loan structure of approximately $880,000 aligned with their cash flow.
- Created a structured plan to transition from home ownership to wealth creation.
- Identified strategies that could bring forward retirement to as early as age 57.
- Achieved ongoing tax savings of approximately $5,364 per year through concessional contributions.
- Gained clarity on how short-term decisions (buying a home) impact long-term financial position.
- Built a flexible and scalable strategy to grow wealth over time.
Key Takeaway
Financing your first home is just one part of the journey, it’s how you structure your finances around it that makes the real difference. This case shows how combining smart deposit strategies, tax-effective contributions, and long-term planning can help you not only get into the property market but also build a stronger financial future.
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Important Note
Produced with our client’s permission. Names within this case study have been changed to protect the client’s right to privacy. The content of this case study has been based on a real-life client. Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.
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