Buying your first home in Sydney can feel like trying to hit a moving target — prices, rates and government schemes all shift over time. Here's a clear starting checklist.
1. Work out your deposit
Most lenders want to see at least 10-20% of the purchase price as a deposit. Some first home buyer schemes allow a smaller deposit — as low as 5% — with the help of a government guarantee, avoiding lenders mortgage insurance. Our property buying cost calculator can help you see the full picture, not just the deposit.
2. Check what concessions you're eligible for
In NSW, eligible first home buyers can access exemptions or concessions on transfer duty (stamp duty) for properties under certain price thresholds, and there may be grants available for new builds. Rules and thresholds are updated regularly, so check current eligibility with us or Revenue NSW directly — our stamp duty calculator includes a first home buyer toggle to give you a starting estimate.
3. Get a realistic borrowing power estimate
Before you fall in love with a property, it helps to know roughly what you can borrow. Try our borrowing power calculator for an indicative figure, then talk to us for a proper assessment based on your actual financial position.
4. Get pre-approved before you make an offer
Pre-approval gives you a clear budget and shows agents and vendors you're a serious buyer. In many cases we can get a home loan pre-approved within a day of receiving a complete application.
5. Build in a buffer
Between stamp duty, legal fees, building and pest inspections, and moving costs, it's easy to underestimate the upfront cash you'll need. Budgeting a buffer on top of your deposit avoids last-minute stress.