First Home Buyer Loans in Sydney

Common mistakes to avoid

Applying with one bank only
Borrowing capacity can vary by $100,000+ between lenders. 

Bidding at auction without a pre-approval.

Auction contracts are unconditional — no finance clause. 

Underestimating costs
Stamp duty and purchase costs sit on top of your deposit. 

Taking on new debt mid-process
Car loans, credit cards, or buy-now-pay-later can reduce your borrowing capacity.

First home buyers need clear advice and consistent support from start to finish.

We’ve helped hundreds of Sydney clients navigate the First Home Guarantee, FHBAS, and FHSS — and we stay on your file from first call through to keys.

No templates, no jargon — just clear explanations, honest trade-offs, and confidence in what you’re signing.

We don’t recommend specific suburbs — that’s the role of a buyer’s agent — but we do see where first home buyers are consistently buying within scheme price caps:

Inner West & South (more affordable pockets)
Marrickville fringes, Tempe, Wolli Creek, Arncliffe, Rockdale, Kogarah — typically apartments under $800,000 

Western Sydney growth corridor
Marsden Park, Schofields, Box Hill, Riverstone, Oran Park — house-and-land options under $1,000,000 

Inner South-West
Campsie, Lakemba, Punchbowl, Bankstown — older apartments and townhouses well within the caps 

Northern Beaches & Northern Suburbs (selected pockets)
Dee Why, Frenchs Forest, Hornsby — mainly apartment entry points 

We can share what we’re seeing in your price range and how it aligns with lending and scheme limits.

For a $1 million Sydney home with a 20% deposit, most lenders want household income of around $180,000–$220,000.

With a smaller deposit, you may need slightly more income due to a larger loan and possible LMI.

The First Home Guarantee lets eligible first home buyers purchase with a 5% deposit and no Lenders Mortgage Insurance.

The government guarantees the gap between your deposit and 20%, which can save $20,000–$40,000 on a typical Sydney purchase.

Yes — through the First Home Super Saver Scheme.

You can make voluntary super contributions and later withdraw up to $50,000 per person for your deposit. ATO approval is required before signing a contract.

Lenders Mortgage Insurance protects the lender when your deposit is below 20%.

First home buyers can avoid LMI by saving a 20% deposit, using the First Home Guarantee, or applying with a parental guarantor.

Eligible first home buyers pay no stamp duty on properties up to $800,000 and receive a concession up to $1,000,000.

Above $1,000,000, standard stamp duty applies.

Yes. Off-the-plan apartments may qualify for the $10,000 First Home Owner Grant and stamp duty concessions.

The key issues are settlement timing and whether lenders are comfortable with the development. We check both upfront.

Buying with a partner is usually straightforward. Buying with a friend or family member can work, but needs careful structuring.

Most joint loans are “joint and several”, meaning each borrower is responsible for the full debt. A co-ownership agreement is strongly recommended.

There’s no single cut-off.

As a guide, a score above 700 is comfortable with most major lenders. Below 600, lender options narrow. We review your credit position early so we can choose the right lender first.