First Home Buyer Checklist NSW 2026: Everything You Need

Buying your first home in NSW is one of the biggest financial decisions you'll make. With multiple government schemes, lender requirements, and legal processes to navigate, it's easy to miss something important.

This checklist covers every step from initial planning through to getting your keys. Use it as your roadmap.

Phase 1: Financial Preparation (3-12 Months Before Buying)

Savings & Deposit

• Determine how much deposit you need (typically 5-20% of purchase price)
• Open a dedicated savings account for your deposit
• Consider the First Home Super Saver Scheme for tax-effective saving
• Build genuine savings history (3+ months of consistent saving — lenders check this)
• Save for additional costs beyond deposit: stamp duty, legal fees, inspections, moving costs

Credit & Finances

• Check your credit report (free via Equifax or illion)
• Pay down or close unnecessary credit cards and personal loans
• Reduce your credit card limits — lenders count the full limit as a liability
• Avoid taking on new debt in the 6 months before applying
• Keep your employment stable — changing jobs during the application process can cause issues

Government Schemes

• Check eligibility for First Home Owner Grant (FHOG) — up to $10,000 for new homes in NSW
• Check stamp duty exemption eligibility (properties up to $800,000 in NSW)
• Check 5% Deposit Scheme / First Home Guarantee eligibility
• Check Family Home Guarantee if applicable
• Apply for FHSS determination if using super saver scheme

Phase 2: Pre-Approval (1-3 Months Before Buying)

• Speak with a mortgage broker to understand your borrowing power
• Use our borrowing power calculator for an estimate
• Use our stamp duty calculator to calculate NSW transfer duty
• Gather documents: payslips (3 months), bank statements (3 months), tax returns (2 years if self-employed), ID, employment contract
• Apply for pre-approval — this tells you exactly how much you can borrow
• Pre-approval typically lasts 90 days — plan your property search accordingly

Phase 3: Property Search & Offer

• Define your must-haves vs nice-to-haves (bedrooms, location, parking, condition)
• Research suburbs: median prices, growth trends, infrastructure, schools, transport
• Attend open homes and auctions (go to 10+ before making offers)
• Get building and pest inspections on any property you're serious about ($400-800)
• For strata properties: obtain and review the strata report ($200-350)
• Engage a conveyancer or solicitor before making an offer ($1,500-3,000)
• Make your offer (private treaty) or register to bid (auction)
• If buying at auction: know your maximum bid and stick to it

Phase 4: Contract Exchange & Cooling Off

• Review the contract of sale with your solicitor before signing
• Pay the initial deposit (usually 0.25% during cooling off period in NSW)
• You have a 5 business day cooling-off period for private treaty (NOT for auctions)
• During cooling off: finalise your finance, complete inspections
• After cooling off: pay the remaining deposit (usually 5-10% total)
• Confirm your formal loan approval (not just pre-approval)

Phase 5: Between Exchange and Settlement (4-6 Weeks)

• Your solicitor handles searches, checks, and title verification
• Arrange building insurance from exchange date (you have insurable interest)
• Apply for First Home Owner Grant through your lender or state revenue office
• Apply for stamp duty exemption/concession
• Confirm settlement date with all parties
• Arrange utilities connection (electricity, gas, internet, water)
• Organise removalists or moving help

Phase 6: Settlement Day

• Your solicitor and lender handle the settlement process
• Funds transfer between parties (your lender pays the seller)
• Title transfers to your name
• Collect your keys!
• Do a final inspection on settlement morning to confirm property condition
• Set up your offset account and begin your repayment strategy

Budget Planner: Total Costs to Expect

For a $750,000 property in NSW as a first home buyer:

Cost	Amount
Deposit (10%)	$75,000
Stamp duty	$0 (exempt under $800K)
Conveyancer/solicitor	$1,500-3,000
Building & pest inspection	$500-800
Strata report (if applicable)	$200-350
Loan application fees	$0-600
LMI (if deposit <20%)	$0-15,000 (or $0 with First Home Guarantee)
Moving costs	$500-2,000
Total beyond deposit	$2,700-21,750

FAQs

How much deposit do I need as a first home buyer in NSW?

Minimum 5% with the First Home Guarantee scheme (no LMI). Standard minimum is 10%, with 20% needed to avoid LMI without the guarantee.

How long does the first home buying process take?

From starting your search to getting keys: typically 3-6 months. Pre-approval takes 1-2 weeks, property search varies, and settlement is usually 4-6 weeks after exchange.

Can I buy with less than 5% deposit?

Possible with a family guarantee (parents use their equity as security). Otherwise, 5% is the minimum with government schemes.

What's the maximum property price for first home buyer benefits in NSW?

Stamp duty exemption: up to $800,000. FHOG: new homes up to $600,000 (house) or $750,000 (house and land). First Home Guarantee: $900,000 in Sydney.

Do I need a mortgage broker or can I go directly to a bank?

You can go directly, but a broker compares 40+ lenders for free (paid by the lender, not you). Most first home buyers find the guidance invaluable.

What if my pre-approval expires before I find a property?

You can apply for an extension or a new pre-approval. There's no limit on how many times you can apply.

Next Steps

This checklist gives you the roadmap, but every first home buyer's situation is different. Income, savings, property goals, and family circumstances all affect which path is best.

Book a free strategy call with our team to walk through your specific situation, or explore our first home buyer services to see how we can help.

Last updated: April 2026