Buying your first home is one of the biggest milestones of your life — and one of the most confusing. Between deposits, grants, stamp duty, and choosing the right loan, it can feel like you need a finance degree just to get started. You don't. You just need the right broker. How Much Do You Need to Save? The general rule is a 20% deposit to avoid Lenders Mortgage Insurance (LMI). But many first home buyers in Sydney successfully purchase with as little as 5% deposit through the Federal Government's First Home Guarantee scheme, which allows eligible buyers to purchase with just 5% down and no LMI. For a $750,000 property, that's a $37,500 deposit instead of $150,000 — a huge difference. First Home Owner Grant (FHOG) in NSW If you're buying a newly built home in NSW valued under $600,000, you may be eligible for a $10,000 First Home Owner Grant. This is paid directly to you at settlement. Stamp Duty Concessions First home buyers in NSW purchasing a property up to $800,000 pay no stamp duty. Properties between $800,000 and $1,000,000 receive a partial concession. This can save you tens of thousands of dollars. What Can You Borrow? Your borrowing capacity depends on your income, expenses, existing debts, and the number of dependants. Our brokers use the same serviceability calculators as the banks — we'll give you a clear picture of what you can borrow before you start shopping. Fixed vs Variable Rate — What's Better for First Buyers? For first home buyers, a split loan (part fixed, part variable) is often a great starting point. You get the certainty of knowing what a portion of your repayment will be, while still benefiting from any rate drops. Why Use a Mortgage Broker? A mortgage broker shops the market for you. Instead of going to one bank, we compare dozens of lenders to find you the best rate and the most suitable loan structure for your situation. And our service is free — we're paid by the lender, not you. Loan Connect has helped hundreds of first home buyers in Sydney get the keys to their first home. Let's make yours happen. Contact us today for a free, no-obligation consultation.
