Last updated: May 2026.
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.
Free download: Grab the printable NSW First Home Buyer Checklist 2026 (PDF), every phase from savings to settlement on one page, including the full scheme stack. No email required.
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 |
Related guides from RyRo Loan Centre
Work through these next as you tick items off your checklist:
- The complete guide to the First Home Super Saver Scheme in 2026, boost your deposit with up to $50,000 from super.
- How to avoid stamp duty in NSW: 9 legal strategies for 2026, the FHB exemptions and concessions you cannot afford to miss.
- Guarantor home loan Australia, how to buy with as little as 5% deposit using parental equity.
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: $1,500,000 in Sydney as of October 2025.
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, contact us directly, or explore our first home buyer services to see how we can help.
Related reading
For the latest changes to first home buyer support, see our First Home Guarantee 2026 guide for Sydney buyers and the Help to Buy scheme Australia guide.
Quick answers
Frequently asked questions
5% with the First Home Guarantee (no LMI for eligible buyers), or as little as 0% with a family guarantor. Standard non-LMI deposit is 20%. On an $850,000 Hills District purchase, a 5% deposit is $42,500 (plus stamp duty if not exempt). Always budget another 3 to 5% on top for stamp duty, conveyancing, and inspections.
Yes, all three can be claimed together if you meet each scheme's eligibility separately. FHBAS covers stamp duty, FHOG gives you a $10,000 grant on new builds, and FHSS releases tax-effective savings from super. The combined benefit on an eligible $850,000 new build in NSW can exceed $60,000.
$10,000 for the purchase or construction of a new home valued up to $600,000, or for a new home and land package up to $750,000. Existing dwellings do not qualify. The grant is paid via your conveyancer at settlement.
Yes. The First Home Guarantee continues to allow eligible first home buyers to purchase with a 5% deposit without paying LMI. Place numbers and income caps were removed from 1 October 2025, and the Sydney property cap was lifted to $1.5M. The Regional First Home Buyer Guarantee and Family Home Guarantee also continue.
$800,000 for a full stamp duty exemption, $1,000,000 for a partial concession. New home and vacant land thresholds also sit at $800,000 (full) and $1,000,000 (partial). Above $1,000,000 you pay full duty. The caps apply at the contract date, not settlement.
Often not. If you qualify for FHBAS at the full exemption threshold ($800,000 or less), you pay zero stamp duty. Between $800,000 and $1,000,000 you pay a sliding concession. Above $1,000,000 you pay full duty. See our how to avoid stamp duty in NSW guide for the full breakdown.
From serious house hunting to settlement is typically 3 to 6 months. The save-up phase before that can be 12 to 36 months. Once you have pre approval, expect 4 to 12 weeks to find the right property, then 4 to 6 weeks from contract to settlement.
Building and pest inspections ($500 to $1,000), conveyancing ($1,200 to $2,500), mortgage registration and transfer fees (around $300), Lenders Mortgage Insurance if borrowing above 80% without a scheme, moving costs ($500 to $2,500), and the first round of council rates and strata. Budget at least 3 to 5% of the purchase price on top of the deposit.
Yes. FHSS gives you a larger deposit through tax-effective super contributions. The First Home Guarantee then lets you use that deposit (as low as 5% of the property value) to buy without LMI. The combination is one of the most powerful stacks available to NSW first home buyers in 2026.
Most major banks want at least 622 on Equifax. Specialist lenders will consider lower. See our credit score for home loan guide for the full scale and how to improve before applying.
Last updated: April 2026
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