First Home Buyer Guide - Sydney & NSW
Buying your first home is exciting — but for most people, it also feels confusing at the start.
You’re trying to work out how much deposit you need, what you can borrow, what grants or schemes might apply, and what the actual process looks like from start to finish.
That’s exactly why this guide exists.
At Help Street, we help first home buyers across Sydney, NSW and Australia understand their options clearly, avoid costly mistakes, and move forward with confidence.
No jargon. No pressure. Just clear advice that helps you make better decisions.
Where should a first home buyer start?
Most first home buyers ask the same questions:
- How much deposit do I need?
- How much can I borrow?
- What grants or schemes can I access?
- How much will stamp duty and other upfront costs be?
- What happens after pre-approval?
- Am I ready to buy yet?
The good news is you do not need to have everything figured out before you begin. You just need the right guidance early, so you don’t waste time chasing the wrong property, applying with the wrong lender, or missing support you may have qualified for.
How much deposit do I need?
How much can I borrow?
Borrowing power is not just based on income.
Lenders also assess your living expenses, existing debts, credit cards, HECS, dependants, employment type, and their own credit policy. Two buyers on the same income can end up with very different borrowing limits.
That is why online calculators are only a rough guide.
At Help Street, we calculate your borrowing power based on real lender policy and your actual situation — not generic assumptions.
What support is available for first home buyers in NSW?
There are several important schemes and concessions that first home buyers in NSW may want to know about.
The main ones currently include the NSW First Home Buyers Assistance Scheme for stamp duty relief, the NSW First Home Owner Grant for eligible new homes, the Australian Government 5% Deposit Scheme, the Australian Government Help to Buy Scheme, and the First Home Super Saver Scheme.
1. NSW stamp duty relief
Eligible first home buyers in NSW may pay no transfer duty on a new or existing home up to $800,000, and may receive a concessional rate on homes above $800,000 and under $1 million. For vacant land, a full exemption can apply up to $350,000, with a concessional rate above $350,000 and under $450,000. Buyers generally need to move in within 12 months and live in the property for at least 12 months.
2. First Home Owner Grant (NSW)
The NSW First Home Owner Grant is $10,000 and applies to eligible new homes only. It is not available for established homes. For a newly built home, the purchase price must not exceed $600,000. For vacant land plus a building contract, the combined value must not exceed $750,000.
3. Australian Government 5% Deposit Scheme
This scheme, formerly known as the Home Guarantee Scheme, allows eligible first home buyers to buy with a minimum 5% deposit and no Lenders Mortgage Insurance. Since 1 October 2025, the scheme has no income caps and no waitlist, and eligible first home buyers can apply through participating lenders. In NSW, the published price caps are $1.5 million in capital cities and regional centres, and $800,000 in other areas.
4. Australian Government Help to Buy Scheme
Help to Buy is a shared equity scheme. Eligible buyers need a minimum 2% deposit and a participating lender, and the Government can contribute up to 30% for an existing home or 40% for a newly built home. Current income limits are $100,000 for individual applicants and $160,000 for joint applicants or single parents. For NSW, the current published price caps are $1.3 million in capital city and regional centre locations and $800,000 in the rest of the state.
5. First Home Super Saver Scheme
This federal scheme helps eligible first home buyers save through super. It allows up to $15,000 in voluntary contributions per year and up to $50,000 total to be withdrawn, plus associated earnings, subject to the scheme rules.
Not every buyer will qualify for every scheme, and not every scheme works well with every strategy. That is why the best approach is to work out eligibility early, not after you have already found a property.
What are the steps to buying your first home?
Here is the simple version:
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Work out your borrowing power
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Understand your deposit and upfront costs
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Check which grants or schemes may apply
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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 the loan
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Exchange contracts
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Settle and get the keys
Each stage matters. Getting one part wrong can cost you time, money, or even the property.
That is why we guide buyers through the whole process from strategy and lender selection through to approval and settlement.
Common mistakes first home buyers make
The most common mistakes we see are:
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looking at properties before knowing real borrowing power
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underestimating upfront costs
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relying on outdated or incomplete scheme information
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applying directly with the wrong lender
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focusing only on rate and ignoring structure
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leaving grant or concession checks too late
A first home is a major decision. A small mistake early can cost a lot later.
How Help Street helps first home buyers
A great mortgage broker should do more than just compare rates.
At Help Street, we help you understand what you can borrow, what it may cost to buy, which schemes may apply, which lenders are worth considering, and how to structure the loan properly for your situation.
We also help coordinate the process from pre-approval through to settlement, so you are not left guessing what comes next.
A lot of buyers still think they need a 20% deposit to buy a home. Sometimes that is the right strategy, but not always.
Depending on your situation, you may be able to buy with a 5% deposit, a 10% deposit, or in some cases even less where an eligible support scheme applies. The right answer depends on your income, savings, purchase price, and whether you qualify for any government support. The Australian Government 5% Deposit Scheme can support eligible buyers with a minimum 5% deposit, and eligible single parents or legal guardians with a minimum 2% deposit.
Your deposit is also only part of the picture. You may also need to budget for legal fees, inspections, moving costs and, depending on the property and your eligibility, stamp duty.
Ready to find out what you can actually afford?
A quick conversation can save months of confusion and potentially thousands of dollars.
If you’re buying your first home in Sydney, NSW or even Australia Wide, we can help you understand your numbers, your options and your next step.
* Last updated by Help Street on the 10 April 2026. Scheme rules, lender policies and price caps can change. Always confirm eligibility before relying on any government support.
Useful Government Links :
The Treasury, Australian Government
Revenue NSW Grants & Schemes
First Home Buyers, Australian Government