Everything a first home buyer in New South Wales needs to work through, in order and in plain English: deposit, transfer duty, the grants and guarantee schemes, pre-approval, and the documents to have ready. No jargon, nothing hidden behind a form.
Lenders assess your income, existing debts, dependants and living expenses, then stress-test the repayment at a higher rate than the one you'll pay. Two lenders can land tens of thousands apart on the same numbers, which is why the first step is understanding your range rather than a single figure.
Estimate your borrowing powerYour deposit is only part of the cash you need. Budget for transfer (stamp) duty where it applies, conveyancing, building and pest inspections, loan and registration fees, and moving costs. Lenders Mortgage Insurance may apply where your deposit is under 20%, unless you qualify for a guarantee scheme.
Work out the deposit and cash you needFirst home buyers in NSW may be eligible for transfer duty exemptions or concessions, the First Home Owner Grant on eligible new homes, the First Home Guarantee (low-deposit purchases without LMI), and the First Home Super Saver Scheme. Eligibility rules change and each has conditions — we check yours against the current rules rather than guessing.
Identification, payslips, tax returns or notices of assessment if you're self-employed, bank statements showing genuine savings, and evidence of any gifted funds. Having this ready is the single biggest thing that shortens the process.
Pre-approval is a lender's conditional indication of what they'd lend, subject to a valuation and final checks. It isn't a guarantee, and it usually lapses after a few months, so timing matters. It does let you bid or negotiate knowing your ceiling.
Once you have an accepted offer, the lender values the property and issues formal approval, then loan documents. Your conveyancer or solicitor handles the legal side through to settlement. We coordinate the lender side so nothing falls between the cracks.
What lenders usually ask a first home buyer for
Your list may be shorter or longer depending on your employment, deposit source and the property. We tailor it before you start gathering anything.
This guide is general information only. It does not take your objectives, financial situation or needs into account, and it is not credit assistance or a recommendation. Eligibility criteria and thresholds for government schemes change — check the current rules with Revenue NSW, the ATO or Housing Australia. We provide our Credit Guide before giving any personal recommendation.