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Budgeting to move into your first home

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Sometimes, you may find you do not have a lot of money left over from the purchase of your first home. After paying a deposit, legal fees, building and pest inspections, it can be difficult to establish yourself within your new home. Here are a few tips.

Start with the essentials

Depending on your own personal needs “essentials” can vary from person to person. Before making the big move, try to imagine yourself living there. What will you immediately need within the first two weeks?

Below are some ideas to help you get started:

  • Bed frame and mattress
  • Washing machine
  • Vacuum  cleaner
  • Lounge/couch
  • TV
  • Dining table and chairs

For some, it could be an Xbox.


Here is a list of items to consider: Before moving in, you may want to consider how long it may take to connect your new home to utility providers. Does your home use electricity, gas or both? There may be power companies that can provide both and package both forms of energy for your convenience. You may consider doing an internet search for comparison sites on utility packages. Some of these comparison sites may recommend certain packages based on your individual needs. Alternatively, you may like to call different providers and ask questions about rates, fees and charges, peak and off-peak periods.

  • Electricity
  • Gas
  • Water
  • Internet
  • Telephone

Settling in costs

Here is a list of options that you could consider: Moving into your first home may not be easy. There could be additional smaller purchases that can add up and blow out your budget. Consider keeping track of these additional expenses by developing a list of smaller purchases that you may likely conduct in preparation for your move.

  • Pantry supplies – If you’re moving out of your parents' place, this may be a bigger expense than you initially thought
  • Decorative items
    • Portraits/paintings/picture frames
    • Vases
    • Rugs
  • Kitchen appliances
    • Toasters
    • Kettles
    • Sandwich press
  • Other ad-hoc
    • Iron and ironing board (for those that do iron)
    • Coat hangers
    • Pegs
    • Towels

Moving into your first home could be challenging and you may not always have everything you need before moving in. You could try prioritising everything you need to feel comfortable living in your new home for the first two weeks. The options provided here can assist you in developing your own list for your circumstances.

Good luck!

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This article has been prepared by IMB Bank for general information and reference and it is not intended to be advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice when appropriate, and consider the relevant Terms and Conditions or Product Disclosure Statement before deciding whether to acquire any products or services offered by IMB Bank. We do not recommend any third party products or services referred to in this article and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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