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First Home Buyer Guide – Sydney & NSW
Buying your first home is exciting — but it can also feel overwhelming. Between saving a deposit, understanding home loans, figuring out what you can afford, and navigating government schemes, it’s easy to feel lost.
This guide is here to explain everything in plain English, specifically for first home buyers in Sydney, the North Shore, Inner West, and across New South Wales.
No jargon. No pressure. Just clear information to help you make confident decisions.
Buying Your First Home in Sydney: Where to Start
Most first home buyers ask the same questions:
• How much do I need for a deposit?
• How much can I borrow?
• What grants can I get?
• What’s the actual process?
• Am I even ready yet?
The truth is, you don’t need to have everything figured out before you start. You just need the right guidance early — so you don’t make expensive mistakes later.
At Help Street, we help first home buyers across Sydney, the North Shore, Inner West, and greater NSW understand their options — even if they’re still in the “just thinking about it” stage.
How Much Deposit Do I Need?
Traditionally, people think they need a 20% deposit — but that’s not always true.
Depending on your situation, you may be able to buy with:
• 5% deposit
• 10% deposit
• Or sometimes even less (with support schemes)
If your deposit is under 20%, you may need to pay Lenders Mortgage Insurance (LMI). This protects the bank, not you.
Your deposit also isn’t the only cost. You should budget for:
• Stamp duty (or exemptions)
• Legal fees
• Building and pest reports
• Moving costs
• Other upfront expenses
We help you calculate your real upfront costs — not just the deposit — based on NSW rules, stamp duty thresholds, and available concessions.
How Much Can I Borrow?
Borrowing power isn’t just about your salary.
Banks also look at:
• Your living expenses
• Existing debts (credit cards, car loans, HECS, Afterpay)
• Your employment type (full-time, casual, self-employed)
• Number of dependants
• Interest rate buffers
Two people on the same income can have very different borrowing capacities.
Online calculators are a rough guide — not the full story.
We calculate your real borrowing power based on actual lender policies, not generic formulas — and what lenders are currently offering to buyers in Sydney and NSW.
👉🏼 Want to see your real numbers? Try our borrowing power calculator.
What Grants and Schemes are Available in NSW?
There are several government programs designed to help first home buyers get into the market sooner.
These may include:
• First Home Owner Grant (FHOG)
• Stamp duty exemptions or concessions
• First Home Guarantee Scheme
• Regional support schemes (where applicable)
Each program has:
• Price caps
• Income limits
• Property type rules
• Location rules
Many NSW first home buyers miss out simply because they don’t know what they’re eligible for — or apply too late.
We check every scheme you may qualify for and structure your loan around it.
👉🏼 Learn more about NSW first home buyer grants and schemes here.
What are the Steps to Buying Your First Home?
Here’s a simple version of the process:
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Work out what you can borrow
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Understand your upfront costs
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Get pre-approval
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Start house hunting
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Make an offer or bid at auction
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Finalise your loan
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Exchange contracts
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Settlement
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Get the keys
Each step has traps that can cost you time, money, or the property itself if done incorrectly.
We guide you through this step by step so you’re never guessing what comes next.
👉🏼 See our full step-by-step home loan process here.
Common Mistakes First Home Buyers Make
We see these all the time:
• Looking at properties before knowing borrowing power
• Underestimating upfront costs
• Applying directly with the wrong lender
• Taking the cheapest rate without understanding features
• Not checking grant eligibility early
• Maxing out borrowing capacity with no buffer
A home loan is usually a 30-year commitment. Small decisions early can cost tens of thousands over time.
How a Mortgage Broker Can Help
A good broker doesn’t just find you a loan.
They should:
• Explain everything clearly
• Compare multiple lenders
• Structure your loan properly
• Check your grant eligibility
• Help with pre-approval
• Coordinate with your solicitor and agent
• Support you all the way to settlement
At Help Street, we work for you, not the banks. Our role is to simplify the process and protect your interests — whether you’re buying in Sydney, the surrounding suburbs, or regional NSW.
Ready to See What You Can Actually Afford?
A quick conversation can save you months of stress and thousands of dollars.
No pressure. No obligation. Just clarity. We’ve helped buyers across Sydney and NSW navigate their first purchase with confidence — without pressure or confusion.
Already Own a Home?
If you already own a home, you may be able to save thousands by refinancing your home loan. Many Australians stay on the same loan for years without realising better options are available.
👉🏼 Learn how refinancing could reduce your repayments.