Bought Your First Home? Here’s What to Do Next Financially
Congrats! You’ve officially joined the Homeowner Club. There’s no secret handshake, but there will be unsolicited advice from relatives and a sudden obsession with Bunnings. After the high of getting the keys wears off, reality starts to set in - mortgage repayments, bills, and why your hot water system sounds like it’s haunted.
So, what’s next? Here’s a no-stress, slightly cheeky guide to getting financially sorted after buying your first home.
Rebuild Your Budget (Now with Mortgage Fun Included!)
Your budget probably had a bit of a glow-up to get you into the house. Now it needs a post-settlement makeover.
Here’s what to add:
- Mortgage repayments (welcome to adulting)
- Rates & water bills (they always feel personal; no way I’m using that much water)
- Home insurance (essential, not exciting)
- Repairs & maintenance (your tap will leak when you least expect it)
💡 Tip: Split your income across separate accounts—for spending, bills, and savings. Think of it like Marie Kondo-ing your money. But with fewer woven baskets.
Start (or Rebuild) Your Emergency Fund
Let’s be real - your savings account might look like a tumbleweed rolled through it after that deposit. Totally normal.
Start small: even $50 a week into a separate “Oh No” fund will build up fast. This is your financial buffer for when the dog eats the new blinds, or your gutters give up mid-cyclone.
Emergency funds = peace of mind + fewer panicked group chats.
Sort Out Your Insurance – Yes, All of It
You’ve got the home and contents insurance (hopefully). But what happens if you get sidelined and can’t work?
Let’s talk about:
- Income protection (pays the bills when you can’t)
- Life and TPD insurance (for the “just in case” nobody likes thinking about)
- Home loan protection (just don’t pay twice for the same thing)
It’s the boring stuff that helps you sleep at night - like brushing your teeth or checking if the front door’s locked three times.
Set Some Grown-Up Financial Goals
You’ve ticked off the big one - buying a home. Now what?
You could:
- Smash your mortgage down faster (go you)
- Save for renos or that ridiculously expensive couch you swore you wouldn’t buy
- Start investing (don’t worry, no Wolf of Wall Street energy required)
- Boost your super (so future-you can retire somewhere sunny)
- Plan for a family or a business idea (maybe not both in the same week)
Pick goals that you care about—not just what TikTok finance bros are yelling about this week.
Don’t “Set and Forget” Your Home Loan
Your home loan is not a slow cooker—you can’t just set it and forget it. Let me repeat that. Not. A. Slow. Cooker.
Interest rates change. Lenders get sneaky. There might be a better deal out there just waiting for you to switch.
Check in every 1–2 years to make sure:
- Your rate isn’t “loyalty tax” levels of bad
- You’re using features like offset accounts to your advantage
- You’re not stuck in a loan that no longer fits your goals
A broker or adviser can do the legwork - kind of like having someone comparison-shop for you while you binge your latest show.
Celebrate - But Keep Your Eye on the Ball
You should celebrate. This is a big deal. Order that pizza. Throw a housewarming. Light the novelty candle you got from your weird aunt.
But also: take a breath and think long-term. This first year is about building solid habits and setting yourself up for less money stress and more freedom down the line.
It’s not about being perfect - it’s about being prepared.
Need a Hand?
Whether you want help sorting out your budget, getting the right insurance, or just having someone explain offset accounts without using confusing banker-speak, we’ve got your back.
We make money stuff feel a little less “ugh” and a lot more “okay, I’ve got this.”
