Case study · First home · Adelaide 15 years renting, then keys at 52 with a small deposit
She’d rented for 15 years and assumed 5% was all she’d need. In South Australia, on an established home, it wasn’t. Working out her real number first changed the plan, and she settled 93 days after her first enquiry.
Key takeaways
- In SA, first home stamp duty relief is for new homes only. On a $500,000 established unit, duty and registration came to $26,612.
- The 5% scheme route needed $51,612 before conveyancing. The route she chose needed about $37,612.
- The trade-off: a separate deposit loan at a higher rate over 15 years, and a one-off premium of about $11,000.
- Cutting two credit card limits before applying was one of the biggest changes to what she could borrow.
5% scheme route
- Deposit
- $25,000
- Duty and registration
- $26,612
Deposit funded separately
- One-off premium
- about $11,000
- Duty and registration
- $26,612
One client’s figures, shared anonymously. Stamp duty $21,330 and Land Titles Office registration $5,282 from the settlement statement. Premium is an estimate. Conveyancing, adjustments and inspections came on top under either route. Not a promise of the same result.
| Buyer | 52, single, first home buyer, Adelaide |
|---|---|
| Situation | Renting for 15 years. A good income, about 5% saved |
| Bought | An established unit, $500,000 |
| Way in | Main loan at 80%, with the deposit funded by a separate loan |
| Timeline | First enquiry in July 2026, settled 2 October 2026: 93 days |
The goal
A home of her own, after 15 years of rent, timed to the end of her lease. She wasn’t after the biggest loan she could get. She wanted a number she could live with.
The problem
She’d heard the federal 5% Deposit Scheme says 5% is all you need, and for the deposit, it’s true. What it doesn’t cover is the state’s share.
In South Australia, first home stamp duty relief only applies to new homes. She wanted an established unit. On $500,000, that meant $21,330 of stamp duty plus $5,282 to register the transfer: $26,612 on top of the $25,000 deposit. $51,612 before she’d paid a conveyancer.
Saving the difference at $500 a week would have taken more than six months, paying rent all the while.
What I did, in three steps
- Got her real number. The deposit, the SA duty, the registration fee and the costs, at her price. Two credit cards with generous limits were costing her a large slice of her borrowing power, so she cut the limits before the application went in.
- Showed every way in. The 5% scheme on an established home, waiting and saving, and a structure where the main loan stays at 80% and the deposit is funded by a separate loan. She also used the First Home Super Saver scheme to release some of her own voluntary super savings. Each option came with its catch, in writing.
- Let her set the pace. She chose the deposit-funded structure, with a price ceiling in her plan and a settlement date timed to her lease.
The result
She bought an established unit for $500,000 and settled on 2 October 2026, 93 days after her first enquiry. Her cash before conveyancing was about $37,612, roughly $14,000 less than the 5% scheme route would have needed.
The trade-off, out loud
The deposit portion isn’t free. It’s a separate loan at a higher rate over 15 years, plus a one-off premium of about $11,000. What she bought with it was time: getting in more than six months sooner instead of saving the gap while paying rent. That trade isn’t right for everyone, which is why it sat in a written plan, not a promise.
What you can take from this
- 5% is the deposit, not the real number. Check your state’s stamp duty for the home you actually want: new or established, and the price.
- Card limits count, even at zero balance. Lenders assume the whole limit could be used. Cutting limits before you apply can lift what you could borrow.
- There’s usually more than one way in. And each one has a catch worth knowing before you choose.
- Age is a question, not a no. At 52, the question was how the loan would be repaid before she stopped working, and the plan answered it.
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