First Home Buyer Guide for Tradespersons

Before you scroll property listings in your suburb, work out what you can genuinely service. Pre-approval from a lender gives you a realistic borrowing figure and shows agents you are serious. For tradies with variable income, this step is doubly important — a strong month does not set your budget; your sustainable average does.

Most first home buyers aim for a deposit that keeps their loan-to-value ratio manageable and, ideally, avoids lenders mortgage insurance. Beyond the deposit, budget for stamp duty (which varies by state), conveyancing, building and pest inspections, and loan fees. First home buyer grants and stamp duty concessions exist in most states and territories, though eligibility and amounts differ — check your state's current scheme rather than relying on what a mate got last year.

If you run your own ABN, expect lenders to ask for two years of tax returns, notices of assessment, and business financials. If those are not ready, a low-doc option using BAS or business bank statements may be available. Keep your business and personal accounts tidy in the lead-up, and avoid new equipment finance that reduces your serviceability just before applying.

1. Check and correct your credit file.

2. Build a steady deposit and avoid last-minute lump sums lenders cannot explain.

3. Gather income documents — tax returns, BAS, notices of assessment, ID.

4. Get pre-approval so you know your budget before house-hunting.

5. Factor in stamp duty, conveyancing and inspections.

6. Compare loans on comparison rate, offset features and flexibility, not just the headline rate.

Buying your first home while juggling job sites is a lot to manage alone. Asset Connect Australia does not arrange loans or grants — we can connect you, through one enquiry, with an independent professional who may explain first-home-buyer considerations. Start with our home loan enquiry to request that connection.