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First Home Buyer Checklist

A clear, step-by-step checklist for buying your first home in Sydney, from working out your deposit to settlement day. Request the full version and a broker can help you work through it.

First home buyer checklist for Sydney buyers
  1. 01

    Work out your real deposit

    Count savings, gifts and any guarantor support, then check whether you reach 5%, 10% or 20% of your target price.

  2. 02

    Check the NSW and federal schemes

    See whether the First Home Buyers Assistance Scheme, First Home Owner Grant, First Home Guarantee or Help to Buy apply to you.

  3. 03

    Understand LMI

    Lenders mortgage insurance applies over 80% LVR (loan-to-value ratio, your loan as a percentage of the property value). Know when it bites and the ways to reduce or avoid it.

  4. 04

    Get pre-approval

    A broker assesses your borrowing power at your rate plus the 3% APRA (Australian Prudential Regulation Authority) buffer and arranges conditional approval.

  5. 05

    Inspect and do your checks

    Budget for building and pest inspections, strata reports and a contract review before you commit.

  6. 06

    Make an offer or bid

    With pre-approval in hand, set your ceiling and negotiate or bid with confidence.

  7. 07

    Exchange and settle

    Plan for the deposit on exchange and the standard NSW settlement period of around six weeks.

Get the full checklist

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Method: first home guarantee and NSW schemes

The scheme steps in this checklist follow the current NSW and federal settings: the First Home Buyers Assistance Scheme and First Home Owner Grant (Revenue NSW), and the First Home Guarantee and Help to Buy (Housing Australia).

Sources: revenue.nsw.gov.au, housingaustralia.gov.au.

Information here is general in nature and does not take your situation into account. Consider whether it suits you and seek independent advice if needed.

Assumption set

This checklist is selected for a typical Australian first-home-buyer file. It assumes the buyer is seeking residential owner-occupier finance, needs lender document readiness, and may need current state or Commonwealth scheme eligibility checked. It is not personal credit advice and does not confirm grant, concession, guarantee or lender approval; those items must be checked against current rules and the borrower's circumstances.