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 in our network can help you work through it.
- 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.
- 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.
- 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.
- 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.
- 05
Inspect and do your checks
Budget for building and pest inspections, strata reports and a contract review before you commit.
- 06
Make an offer or bid
With pre-approval in hand, set your ceiling and negotiate or bid with confidence.
- 07
Exchange and settle
Plan for the deposit on exchange and the standard NSW settlement period of around six weeks.
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.