The property market hasn't become easier. The average first home buyer in Australia is now around 36 years old, compared to 25 in the 1970s. In NSW, the average time to save a 20% deposit is 6.5 years, the longest of any state. The average NSW first home buyer needs to set aside approximately $156,761 for a 20% deposit, before accounting for stamp duty, legal fees, and moving costs.
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The Ryro Team
A quick look at first home buyer grants and schemes. Work with RyRo: we compare 50+ lenders and guide you from strategy to settlement.
Meet the team
Sumit
Director & Senior Loan Specialist
Rohan
Asset Finance Specialist
Kathryn
Settlement & Client Liaison
Why work with us
50+Lenders
FastPre-approval
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13+ YearsTrusted Professionals
100% SatisfactionProven results for 2000+ clients
Overview
First Home Buying in NSW in 2026: Where Things Stand
Those are the headwinds. The tailwind (and it's a substantial one) is that first home buyers in NSW in 2026 have access to more government support than at any time in the scheme's history. Seven overlapping federal and state programs can be combined to reduce your upfront costs by tens of thousands of dollars and dramatically lower the deposit you need to enter the market. ABS data released for the December 2025 quarter shows 31,783 new first home buyer loans were settled, up 6.8% on the prior quarter and the strongest growth since late 2023, driven largely by the expansion of the government's 5% Deposit Scheme and the launch of Help to Buy.
The combined value of available grants, stamp duty savings, and LMI avoidance can exceed $70,000 for an eligible NSW buyer who knows how to use the schemes together. Understanding what you qualify for, and in what combination, is where we start.
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Grants & Schemes
The Seven Major Programs for NSW First Home Buyers
1. First Home Owner Grant NSW (FHOG): $10,000 Cash Grant
The First Home Owner Grant is a $10,000 tax-free cash payment from the NSW Government, available to first home buyers who purchase or build a new home. It's been available since 2000 and remains one of the most straightforward forms of support: money paid to you at or after settlement to help cover the cost of getting into your first home.
The key constraint: it applies only to new homes: properties never previously lived in, off-the-plan purchases, newly built homes, or substantially renovated properties. It does not apply to established (previously owned or occupied) dwellings, which make up the majority of the Sydney property market.
The headline numbers: $10,000 grant. Property value cap: $600,000 for new homes; $750,000 for house and land packages (combined land + build contract). If you're buying a new apartment off-the-plan in a development within those price limits, or building with a builder, this grant applies. If you're buying an existing house in the Hills District that's been lived in before, it doesn't.
What you need to know: you must move in within 12 months of settlement and live there continuously for 12 months. The grant is applied for through your lender at the time of arranging finance, not directly to Revenue NSW. Can be combined with the FHBAS stamp duty exemption, the 5% Deposit Scheme, and the First Home Super Saver Scheme.
Read the Full First Home Owner Grant Guide →2. Australian Government 5% Deposit Scheme: Buy with 5% Deposit, No LMI
The 5% Deposit Scheme (formally called the First Home Buyer Guarantee or FHBG, now branded as the Australian Government 5% Deposit Scheme) is the single most impactful change to first home buying in NSW in recent years, and it was significantly expanded on 1 October 2025 in ways that affect almost every buyer in Sydney.
What it does: the government guarantees the gap between your 5% deposit and the 20% a lender normally requires to avoid Lenders Mortgage Insurance. You borrow 95% of the property price, but the government's guarantee means the lender treats it as though you have a 20% deposit. No LMI is charged.
Why this matters: LMI on a $1 million Sydney property with a 5% deposit can cost $40,000–$60,000. On a $1.2 million property, it can exceed $60,000. The 5% Deposit Scheme eliminates that cost entirely.
What changed on 1 October 2025: The scheme was expanded in three material ways. First, the annual cap of 35,000 places was removed: the scheme is now unlimited and every eligible first home buyer who applies can access it. Second, income caps ($125,000 individual, $200,000 couple) were removed: there is now no income test. Third, property price caps were significantly increased. In Sydney and major NSW regional centres (Illawarra, Newcastle and Lake Macquarie), the cap rose from $900,000 to $1,500,000. This expanded the share of Sydney properties accessible under the scheme from approximately 31% to approximately 67% of the market.
Previously out of reach, now within reach: a buyer with a $60,000 deposit can now purchase a $1,200,000 Sydney home under this scheme without LMI. That was not possible before October 2025. Note: this is a guarantee, not a cash grant. Applied for through a participating lender (30+ available including major banks). Can be combined with FHOG, FHBAS stamp duty exemption, and FHSS.
Read the Full 5% Deposit Scheme Guide →3. Family Home Guarantee: 2% Deposit for Single Parents
The Family Home Guarantee is a federal scheme for single parents (and single legal guardians) with at least one dependent child. It allows eligible buyers to purchase with a minimum 2% deposit, with the government guaranteeing up to 18% of the property value, avoiding LMI entirely.
Critically, and this is often misunderstood, the Family Home Guarantee does not require you to be a first home buyer. It is also available to single parents re-entering the property market after a relationship breakdown, even if they previously owned a home. It's one of the few government schemes designed for buyers coming back into the market, not just entering for the first time.
What changed on 1 October 2025: the Family Home Guarantee was also expanded as part of the broader Home Guarantee Scheme reforms. Income caps and annual place limits were removed. NSW Sydney cap: $1,500,000. The practical impact for single parents in Sydney: a 2% deposit on a $750,000 home is $15,000. Applied for through the same participating lenders as the 5% Deposit Scheme.
Read the Full Family Home Guarantee Guide →4. Help to Buy Scheme: Government Co-Ownership with 2% Deposit
Help to Buy launched on 5 December 2025. It is the newest federal housing scheme available to NSW buyers, and it works very differently from the 5% Deposit Scheme. Instead of guaranteeing part of your loan, the government actually contributes toward the purchase price and becomes a co-owner of the property.
How it works: the government contributes up to 40% of the purchase price for new homes and up to 30% for existing homes. You contribute a minimum 2% deposit. You and the government co-own the property. You live in it and your name is on the title. You don't pay rent or interest on the government's share. When you sell, or choose to buy out the government's share, you repay an amount equal to the government's percentage of the current property value at that time.
Who it's designed for: buyers with stable incomes who can manage mortgage repayments but haven't been able to save a large enough deposit. Income must be $100,000/year or below (individual) or $160,000/year or below (couple or single parent). Current limitations: only two lenders are participating at launch: Commonwealth Bank and Bank Australia. 10,000 places are available per year nationally. NSW price caps: Sydney and regional centres, $1,300,000. Rest of NSW, $800,000. Can be combined with FHBAS stamp duty concessions and FHOG (for new homes), but cannot be combined with the 5% Deposit Scheme. You must choose one or the other.
Read the Full Help to Buy Scheme Guide →5. NSW Stamp Duty Exemption and Concession (FHBAS)
Stamp duty (officially "transfer duty" in NSW) is one of the largest upfront costs in any property purchase. On a $700,000 property, a non-first-home buyer pays approximately $26,000. On an $800,000 property, approximately $31,000. The NSW First Home Buyers Assistance Scheme (FHBAS) eliminates or significantly reduces this cost for eligible first home buyers.
The thresholds: Full exemption (no stamp duty at all): properties up to $800,000, whether new or existing. Concessional rate: properties between $800,001 and $999,999. No exemption or concession: properties at $1,000,000 or above. Vacant land: full exemption up to $350,000; concessional rate $350,001–$449,999.
Important distinction: the FHBAS applies to both new and existing homes. This is different from the FHOG, which applies only to new homes. In 2024–25, 23,400 NSW first home buyers received the FHBAS exemption, saving an average of $28,650 each (Revenue NSW data). Can be combined with: FHOG (if new home), 5% Deposit Scheme, Family Home Guarantee, Help to Buy, and FHSS.
Read the Full NSW Stamp Duty Exemption Guide →6. First Home Super Saver Scheme (FHSS): Save Your Deposit in Super
The First Home Super Saver Scheme allows first home buyers to make voluntary contributions to their superannuation fund (above the compulsory employer contributions) and later withdraw those contributions, plus deemed earnings, to use as a first home deposit. The tax advantage is the entire point: when you contribute to super via salary sacrifice, those contributions are taxed at 15%, significantly less than most people's marginal income tax rate. The ATO estimates the scheme can boost most buyers' deposit savings by around 30% compared to saving outside super.
The numbers: Maximum $15,000 per financial year; maximum $50,000 total per person. For couples: each partner applies separately; potential combined withdrawal up to $100,000 (plus deemed earnings). Critical process requirement: you must obtain an FHSS Determination from the ATO through your myGov account before signing any contract to purchase a home. Timeline: once you apply for release, the transfer takes approximately 15–25 business days. 47,800 Australians withdrew $682 million through the FHSS in 2024–25, with an average withdrawal of $14,260 (ATO data).
Read the Full First Home Super Saver Scheme Guide →7. Regional First Home Buyer Guarantee: 5% Deposit in Regional NSW, No LMI
The Regional First Home Buyer Guarantee helps eligible first home buyers purchase a home in regional areas with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The scheme is designed to support regional development and make homeownership more accessible in regional Australia.
From 1 October 2025: The Regional First Home Buyer Guarantee was merged into the main First Home Guarantee. Regional NSW buyers are now covered under the same scheme with unlimited places, no income cap, and updated price caps: $800,000 for the rest of NSW (outside designated regional centres), and $1,500,000 for Illawarra, Newcastle and Lake Macquarie. You get the same 5% deposit, no-LMI benefit as metro buyers, with eligibility assessed through the same participating lenders.
Eligibility: You must be a first home buyer (or not have owned a home in the past 10 years), be an Australian citizen or permanent resident, and aged 18 or over. For regional-specific incentives and residency requirements that may apply in your area, check the full guide. Can be combined with FHOG (if buying new), FHBAS stamp duty exemption, and FHSS.
Read the Full Regional First Home Buyer Guarantee Guide →Got questions or need help? Book a free call with us.
Maximise support
How Much Government Support Can You Actually Access?
The most important thing to understand is that these schemes are not mutually exclusive. Most eligible NSW first home buyers can stack multiple programs simultaneously. Here are three worked examples of what that looks like in practice.
Example 1: Couple buying a new off-the-plan apartment, $580,000, Hills District
| First Home Owner Grant (FHOG) | $10,000 cash |
| FHBAS Stamp Duty Exemption | ~$20,870 in duty saved |
| 5% Deposit Scheme | 5% deposit ($29,000) instead of 20%; LMI avoided (~$12,000 saved) |
| FHSS (if contributing to super) | Up to $50,000 each in tax-advantaged deposit savings |
| Total government support | $42,870+ in grants and savings, before FHSS benefit |
Example 2: Single parent, buying existing home, $750,000
| FHBAS Stamp Duty Exemption | ~$28,335 in duty saved |
| Family Home Guarantee | 2% deposit ($15,000) instead of 20%; LMI avoided (~$22,000 saved) |
| Total government support | $50,000+ in savings before FHSS |
Example 3: Professional couple buying established home, $1,100,000, Sydney
| FHOG | Not applicable (existing home) |
| FHBAS | Not applicable (over $1,000,000 threshold) |
| 5% Deposit Scheme | 5% deposit ($55,000); LMI avoided (~$40,000–$50,000 saved) |
| Total government support | $40,000–$50,000 in LMI savings + FHSS benefit |
Note: prior to 1 October 2025, this purchase would not have qualified for the 5% Deposit Scheme (old Sydney cap was $900,000). The October 2025 reforms to raise the cap to $1,500,000 directly enables this scenario.
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Low deposit
The 4 Pathways to Buying Without a 20% Deposit
- 1
5% Deposit Scheme (No LMI, government-guaranteed)
Minimum deposit: 5% of purchase price. The government guarantees the remaining 15% to avoid LMI. No income cap (from October 2025). Sydney property cap: $1,500,000. First home buyers and those who haven't owned a home in 10 years. Unlimited places. → Best for: First home buyers with stable income and a 5% deposit saved, purchasing in Sydney or NSW.
- 2
Family Home Guarantee (2% Deposit, No LMI)
Minimum deposit: 2% of purchase price. Government guarantees up to 18%. For single parents or single legal guardians with at least one dependent child. Previous homeowners also eligible. Sydney property cap: $1,500,000. Unlimited places. → Best for: Single parents or guardians entering or re-entering the property market.
- 3
Help to Buy (2% Deposit, Government Co-Ownership)
Minimum deposit: 2% of purchase price. Government contributes 30–40% of purchase price as a co-owner. Income cap: $100,000 individual / $160,000 couple. Sydney property cap: $1,300,000. 10,000 places per year nationally. Only two lenders at launch. → Best for: Lower-to-middle income buyers who need smaller monthly repayments, willing to share equity with the government temporarily.
- 4
Guarantor Home Loan (No Deposit Required in Some Cases)
A family member uses their property equity as additional security for your loan. Allows purchase with very low or no deposit without LMI. No government program: structured through a standard home loan with a participating lender. Guarantee is typically limited and released once you reach 20% equity. → Best for: Buyers with strong income but little deposit, whose parents have significant equity in their own home.
Got questions or need help? Book a free call with us.
Government Schemes Overview Table
| Scheme | Who It's For | Min Deposit | LMI | NSW Sydney Cap | Government Cash? | Combinable With |
|---|---|---|---|---|---|---|
| FHOG (NSW) | First home buyers, new homes only | Flexible | N/A | $600K (new homes) | $10,000 yes | FHBAS, FHBG, FHSS |
| FHBAS (NSW) | First home buyers, new or existing | Flexible | N/A | $800K full exemption | Duty saving only | FHOG, FHBG, FHG, FHSS, HTB |
| 5% Deposit Scheme (Federal) | First home buyers (or no ownership in 10 years) | 5% | No | $1.5M | No (guarantee only) | FHOG, FHBAS, FHSS |
| Family Home Guarantee (Federal) | Single parents / guardians with dependants | 2% | No | $1.5M | No (guarantee only) | FHOG, FHBAS, FHSS |
| Help to Buy (Federal) | First home buyers + re-entrants, income-capped | 2% | No | $1.3M | Yes (co-ownership) | FHOG, FHBAS, FHSS |
| FHSS (Federal/ATO) | First home buyers (super savers) | Flexible | N/A | N/A | Tax advantage | All schemes |
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Myth busting
Common Misconceptions About First Home Buyer Support
- "The FHOG will cover my deposit." The $10,000 FHOG is paid at or after settlement; it cannot be used as your deposit for exchange. You still need your deposit in cleared funds before settlement. The grant is useful for covering moving costs, furniture, renovation, or for building your savings buffer, but it's not the deposit.
- "I can't afford to buy in Sydney." Sydney is expensive. But the combination of the expanded 5% Deposit Scheme (now covering properties up to $1.5 million), the FHBAS stamp duty exemption (saving up to $31,000), and the FHSS (up to $100,000 in super savings for couples) has meaningfully changed what's accessible. A couple with $60,000 combined in deposit savings and FHSS contributions can access properties up to $1,200,000 under the 5% Deposit Scheme without LMI.
- "The 5% Deposit Scheme ran out last year." Not anymore. From 1 October 2025, the annual cap of 35,000 places was removed entirely. The scheme is now unlimited: every eligible first home buyer who applies can access it.
- "I need to choose between the grant and the scheme." In many cases, you can use multiple schemes simultaneously. The FHOG + FHBAS + 5% Deposit Scheme can all be used together for a new home under $600,000. We work through the optimal combination for each client's situation.
- "The Regional First Home Buyer Guarantee is still a separate scheme." It no longer exists as a separate program. From 1 October 2025, regional NSW buyers are covered under the main First Home Guarantee with the same unlimited access and updated caps: $800,000 for regional NSW outside designated regional centres, and $1,500,000 for Illawarra, Newcastle and Lake Macquarie.
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Eligibility
Am I Eligible? The Key Questions
The core eligibility criteria that apply across most schemes: You must be an Australian citizen or permanent resident (some schemes require citizenship specifically). You must not have previously owned residential property in Australia (or in some schemes, not have owned property in the last 10 years). You must intend to live in the home as your principal place of residence. The property must be within the scheme's price cap for its location. You must apply through a participating lender.
What about joint buyers? For the 5% Deposit Scheme and Family Home Guarantee, you can apply jointly with one other person: a partner, friend, or family member. Both applicants must individually meet the first home buyer criteria.
What if I have HECS/HELP debt? HECS/HELP is included in your serviceability assessment by lenders. It reduces your borrowing capacity. We assess this as part of every first home buyer review. In most cases it doesn't prevent you from borrowing, but it does affect how much.
What if I've owned an investment property? If you've owned any residential property in Australia (including an investment property) you are generally not a first home buyer for the purposes of the FHOG, FHBAS, or 5% Deposit Scheme. There are narrow exceptions. If you're unsure, speak to us before assuming you're ineligible.
What if I'm self-employed? Self-employed applicants can access all the same first home buyer schemes as PAYG applicants. The key difference is in the documentation required: typically two years of tax returns, business financials, and a Notice of Assessment from the ATO. We match self-employed first home buyers to lenders whose assessment approach suits their income structure.
Got questions or need help? Book a free call with us.
The Process
How Buying Your First Home Works: Step by Step
- 1
Step 1: Understand what you can borrow and what schemes you qualify for, before looking at a single property. We assess your income, expenses, existing debts (including HECS), deposit, and any FHSS contributions. We identify which government schemes you qualify for and calculate the total support available to you. This first conversation is free and takes approximately 30–45 minutes.
- 2
Step 2: Get pre-approval. Pre-approval is a letter from a lender confirming how much they'll lend you, subject to finding a suitable property. For first home buyers using the 5% Deposit Scheme or Help to Buy, pre-approval also involves the lender submitting your application to Housing Australia. Pre-approval typically takes 2–5 business days with your documentation ready. It's valid for 90 days, renewable.
- 3
Step 3: Search for a property within your budget and scheme caps. Know your numbers before you start searching. If you're using the 5% Deposit Scheme in Sydney, properties up to $1,500,000 qualify. If you're using Help to Buy, the Sydney cap is $1,300,000. If you want the FHOG, you need a new property under $600,000. If you want the FHBAS stamp duty exemption, you need a property under $1,000,000.
- 4
Step 4: Make an offer or bid at auction. With pre-approval confirmed, you can move quickly. Your broker manages the communication with the lender to get formal approval once a specific property is found.
- 5
Step 5: Exchange contracts and complete due diligence. Once an offer is accepted or the auction hammer falls, you'll exchange contracts and pay the deposit (typically 10%). Your solicitor or conveyancer conducts title searches, reviews the contract, and handles stamp duty calculations and any FHBAS application.
- 6
Step 6: Settlement. Settlement typically occurs 4–6 weeks after exchange. At settlement, the lender pays the balance of the purchase price, ownership transfers, and any FHOG payment is processed through the lender. The FHBAS stamp duty exemption is applied at settlement; there is no additional step if your solicitor has lodged the application.
Got questions or need help? Book a free call with us.
Free Tools
First Home Buyer Calculators
First Home Buyer Borrowing Power Calculator
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First Home Buyer Deposit Calculator
How long will it take to save your deposit? See how FHSS contributions could accelerate that timeline.
Stamp Duty Calculator NSW
Enter your property value and first home buyer status to see whether you qualify for the FHBAS exemption or concession.
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First Home Buyer Mortgage Brokers: Hills District and Greater Sydney
RyRo Loan Centre is based in Norwest. We help first home buyers across Sydney's Hills District and greater Sydney assess their options, access government schemes, and find the right home loan.
Hills District first home buyers: Castle Hill, Kellyville, Rouse Hill, Baulkham Hills, Norwest, The Hills, Bella Vista, Glenhaven, Round Corner, Cherrybrook, Pennant Hills, West Pennant Hills, Beecroft, Carlingford. The Hills District has seen strong property price growth over recent years. A well-located new apartment in the area may qualify for both the FHOG and the FHBAS depending on price and whether it's a new development. We assess eligibility for every Hills District first home buyer before recommending a loan structure.
Greater Western Sydney first home buyers: Parramatta, Westmead, Merrylands, Blacktown, Penrith, Seven Hills, Guildford, Auburn, Granville. Northwest Sydney: Schofields, Box Hill, Marsden Park, Riverstone, The Gables, Windsor. Inner West, Northern Suburbs, Eastern Suburbs, South Sydney and beyond: we assist first home buyers across all of Greater Sydney.
For first home buyers in Sydney's Hills District and Greater Western Sydney, where new house and land packages and off-the-plan apartments are common, the combination of FHOG + FHBAS + 5% Deposit Scheme can be particularly powerful. We build the optimal scheme combination for each client's situation.
Got questions or need help? Book a free call with us.
What First Home Buyers Say About Working With RyRo
More than 2,000 Australians have worked with RyRo Loan Centre. Many of them came to us confused about what they were eligible for and left with a clear plan, and often with schemes stacked together they hadn't known were available simultaneously. 5.0 out of 5, 340+ verified Google Reviews.
What Our Customers Say
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"We can't thank Sumit enough for helping us secure our first home - especially in such a tough and competitive market. He truly went above an…"
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Why First Home Buyers Choose RyRo Loan Centre
- 1
We know the first home buyer schemes in detail, including the October 2025 changes. The landscape changed significantly on 1 October 2025 (unlimited places, higher caps, no income test for the 5% Deposit Scheme) and again on 5 December 2025 (Help to Buy launched). We understand exactly what these changes mean for Hills District and Sydney buyers.
- 2
We compare 50+ lenders, not just the banks participating in schemes. All government schemes are applied through a participating lender. But there are 30+ participating lenders on the Home Guarantee Scheme panel, and they don't all offer the same interest rates, loan features, or assessment policies. We compare the participating lenders for your situation and identify the one with the best combination of rate, features, and serviceability assessment for your income profile.
- 3
We calculate your full government support package before you start looking. Before you look at a single property, we identify every scheme you qualify for, the total dollar value of that support, the property price range that keeps all schemes available, and the deposit you actually need (not the 20% default).
- 4
We manage the process from pre-approval through to settlement. For first home buyers, the administration of multiple schemes (FHSS determination from ATO, FHOG application through lender, FHBAS application through solicitor, scheme eligibility confirmation from Housing Australia) involves multiple parties. We coordinate all of this and make sure nothing is missed.
- 5
$0 broker fees. As a mortgage broker, we are paid a commission by the lender at settlement. There are no fees to you. Under the National Consumer Credit Protection Act, we are legally required to act in your best interests, not the lender's. This is the Best Interests Duty, and it applies to every recommendation we make.
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Answers on demand
Frequently Asked Questions
Answers to common questions about grants, schemes, stamp duty, LMI and the first home buyer process in NSW.
Why people ask
- Clarity on grants, schemes and how much you can borrow
- Confidence you're using the right first home buyer options
- Peace of mind that applications and timelines are handled for you
Our team
Sumit
Director & Senior Loan Specialist
Rohan
Asset Finance Specialist
Kathryn
Settlement & Client Liaison
Need something answered live? Talk to our team
1
Grants & schemes
Yes, and most eligible buyers should. The most common combinations are: FHOG + FHBAS + 5% Deposit Scheme (for new homes under $600,000), FHBAS + 5% Deposit Scheme (for existing homes or new homes above the FHOG cap), and any of the above + FHSS (to boost your deposit savings). Help to Buy cannot be combined with the 5% Deposit Scheme; choose one or the other. We work out the optimal combination for every first home buyer client.
The NSW First Home Owner Grant (FHOG) is a $10,000 tax-free cash payment from the NSW Government, available to first home buyers who purchase or build a new home (not established). It applies to properties valued under $600,000 (for new homes) or under $750,000 (for house and land packages). You apply through your lender and it's paid at or after settlement.
The 5% Deposit Scheme (officially the Australian Government 5% Deposit Scheme, formerly the First Home Guarantee) allows eligible first home buyers to purchase with a 5% deposit without paying LMI. The government guarantees the remaining 15%. From 1 October 2025, the scheme is unlimited (no annual cap) and has no income cap. You apply through a participating lender, not directly to Housing Australia. The Sydney price cap is $1,500,000. We identify the best participating lender for your situation.
Both allow purchase with a small deposit and avoid LMI. The 5% Deposit Scheme is a government guarantee: you borrow the full price minus your deposit, the government just guarantees part of it. Help to Buy is a shared equity scheme: the government contributes 30–40% of the purchase price and becomes a co-owner. Help to Buy has income caps ($100K/$160K), is limited to 10,000 places per year, and has a lower Sydney price cap ($1.3M vs $1.5M). The 5% Deposit Scheme has no income cap, unlimited places, and a higher cap. The right choice depends on your income, deposit size, and how you want to structure the purchase.
Under the FHBAS, eligible first home buyers pay no stamp duty on properties valued up to $800,000 (new or existing homes). For properties between $800,001 and $999,999, a concessional rate applies. At $1,000,000 and above, standard stamp duty applies in full. The saving at $800,000 is approximately $31,000. The exemption is applied at settlement through your solicitor; it is not a rebate.
The FHSS allows you to make voluntary contributions to your super (up to $15,000 per year, $50,000 total) and withdraw those contributions plus deemed earnings to use as a first home deposit. The tax advantage is that super contributions are taxed at 15% rather than your marginal rate; this typically boosts deposit savings by around 30% compared to a standard savings account. You must apply for an ATO determination before signing any purchase contract.
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Deposits & borrowing
Your borrowing capacity depends on your income, living expenses, existing debt obligations (including HECS), and the lender's assessment criteria. We calculate your borrowing capacity across multiple lenders; they don't all reach the same number for the same income. As a starting point, a couple earning a combined $150,000 typically borrows in the range of $700,000–$850,000 depending on their expenses and debts, though this varies significantly. Use our borrowing power calculator or book a free assessment.
Lenders Mortgage Insurance (LMI) is an insurance premium you pay to protect the lender (not yourself) when you borrow more than 80% of a property's value. It can cost tens of thousands of dollars. You can avoid it by: saving a 20% deposit; using the 5% Deposit Scheme (government guarantees the gap); using the Family Home Guarantee (2% deposit for single parents); or using a guarantor loan where a family member's equity is used as security. We identify the most appropriate LMI-avoidance approach for each client.
A guarantor home loan involves a family member (usually a parent) using the equity in their own property as additional security for your loan. This allows you to borrow more than you otherwise could, or to purchase with a very small deposit without LMI. The guarantee is typically limited (applying only to the portion of the loan above an 80% LVR) and can be released once you've paid down enough of your loan. The guarantor must take independent legal and financial advice before signing.
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Process & options
From first assessment to settlement, the typical timeline is: pre-approval (2–5 business days once documents are ready), property search (anywhere from weeks to months), formal approval once a property is found (typically 1–3 weeks), and settlement (4–6 weeks from exchange of contracts). If you're using the 5% Deposit Scheme, the participating lender must submit your eligibility to Housing Australia before settlement. We manage the timeline and make sure all the scheme applications are lodged and confirmed well before settlement day.
Yes. You can buy your first property as an investment (rentvesting) while continuing to rent where you live. However, be aware: if you buy your first property as an investment rather than as an owner-occupied home, you generally will not qualify for the FHOG, FHBAS, or the 5% Deposit Scheme. These schemes require you to live in the property. Some buyers weigh this trade-off carefully, particularly in Sydney where rental yields in some areas can offset mortgage costs. Speak to us about whether a rentvesting strategy makes sense for your situation, and what it means for your scheme eligibility.
Yes. The 5% Deposit Scheme allows up to two applicants. Both must individually meet the first home buyer criteria. This is sometimes called "co-buying" and is an increasingly common strategy in Sydney as individual buyers face affordability challenges. We structure co-buying loans carefully, including discussion of what happens if one buyer wants to sell their share or circumstances change.
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Checklist
First Home Buyer Checklist: Before You Start
Stage 1: Before you talk to a lender: Check your credit score (free via the credit bureaus). Close or reduce limits on any credit cards and buy-now-pay-later accounts you don't need. Avoid changing jobs in the 3 months before applying. Document your income (payslips, tax returns) and savings (3–6 months of bank statements). Calculate your HECS/HELP balance. Understand the schemes you're likely eligible for.
Stage 2: Getting pre-approved: Choose a mortgage broker or lender. Submit your documents for assessment. Confirm which government schemes you're eligible for and which can be combined. Understand your scheme's property price cap for your target area. Get a pre-approval letter, with scheme pre-approval from Housing Australia if using the 5% Deposit Scheme or Help to Buy.
Stage 3: Property searching: Set a budget that respects your scheme's price cap. Keep track of which properties are new (FHOG-eligible) vs established. Attend open homes with pre-approval in hand. Engage a solicitor or conveyancer before you find a property.
Stage 4: Making an offer / Auction: Review the contract before bidding at auction or making an offer. For private treaty: make your offer subject to finance and building/pest inspection. For auction: finance and pest inspection must be confirmed before bidding. Pay the deposit (typically 10%) on exchange.
Stage 5: Between exchange and settlement: Confirm insurance for the property from exchange. Keep your employment and financial circumstances stable. Allow your solicitor to handle stamp duty applications (FHBAS) and communicate with the lender. Prepare for moving costs, connection of utilities, and any immediate maintenance.
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Related Pages
Related Pages
First Home Owner Grant (FHOG) →5% Deposit Scheme (No LMI) →Family Home Guarantee →Help to Buy Scheme →NSW Stamp Duty Exemption (FHBAS) →First Home Super Saver Scheme (FHSS) →Regional First Home Buyer Guarantee →Home Loans →Home & Land Package Loans →
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