Links Property Finance · Home loans for first home buyers: First Home Buyer Checklist NSW
Most first home buyers do the right things in the wrong order, and it costs them time rather than money.
Buying your first home: what comes first, and what comes next?
Borrowing power, deposit and scheme eligibility come first, before you inspect. Then pre-approval and a price limit that includes stamp duty and costs; then the offer or auction, exchange, formal approval and settlement, as set out in the NSW buying process.
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Doing the steps in that order saves time, and the checklist sets out what to do at each one.
Part of the first home buyer loans guide.
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What could a 5% deposit get you?
What could a 5% deposit get you?
No LMI: an estimated $22,800 premium avoided (a broad guide; real premiums vary by lender and loan).
Stamp duty: $0 for eligible NSW first home buyers (saves $30,187).
Indicative only. The deposit excludes stamp duty, legal and inspection costs, and a participating lender, not this calculator, confirms 5% Deposit Scheme eligibility.
Confirm your numbers.
I honestly couldn’t recommend Links Property Finance and Charles highly enough. After speaking with others who weren’t able to help me, Charles went above and beyond to understand my situation…
Charles looked after us really well and his knowledge gave us the confidence to purchase our property. He wasn’t pushy and always ensured we felt comfortable with the repayments.
Paperwork and finances were never my strong suit. He has made this process as simple and dummy proof for me as humanly possible. This is not the first time I use a mortgage broker, however it was the easiest and most pleasant.
- Before you start looking
- Work out what you can borrowNot what a website estimates. A real figure, verified against lender policy, decides your price range and therefore every other decision. Start with the borrowing power calculator, then have it checked.
- Add up the full cost, not just the depositTransfer duty, legals, inspections, lender fees and moving all land within weeks of each other. The cost of buying calculator produces the complete figure.
- Check which schemes you qualify forThe 5% Deposit Scheme, NSW stamp duty relief, the First Home Owner Grant and Help to Buy have different criteria. Several can apply at once. Confirm eligibility rather than assuming.
- Understand where your deposit came fromLenders ask. Savings, a gift, an inheritance or an asset sale each need different evidence, and low-deposit files face genuine savings rules. Sort the paperwork before it is urgent.
- Check your credit fileYou can obtain it free once a year. Old defaults, forgotten telco accounts and errors all show up here, and finding them now is far better than at assessment.
- Reduce or close unused credit card limitsLenders assess the limit, not the balance. This is one of the few levers that lifts borrowing power quickly, though it should be modelled before you act.
- Getting finance ready
- Gather your documentsPayslips, tax returns, bank statements, identification, and financials if you are self-employed. The document centre lists what applies to your situation.
- Get pre-approval properly assessedNot an online estimate. A verified pre-approval means the number you offer on is a number that funds. It typically holds around 90 days. How it works.
- Keep your finances steady from hereNo new car loans, no buy-now-pay-later accounts, no job changes without advice. Anything that alters your position can change the approval.
- While you are looking
- Research the suburb, not just the propertyDifferent property types finance differently. Studios under 50 square metres, company title flats and off-the-plan apartments all carry lender restrictions worth knowing before you fall in love.
- Ask the agent what the vendor wantsPrice is one term. Settlement length, deposit size and conditions matter too, and flexibility on those sometimes wins a property that money alone would not.
- Have your solicitor or conveyancer engaged earlyYou want contracts reviewed before you offer, not after. Arranging this in advance removes a bottleneck at the worst moment.
- Before you offer or bid
- Have the contract reviewedYour solicitor checks the title, inclusions, special conditions and anything unusual. On strata, they read the strata report.
- Order building and pest inspectionsFindings become either a price adjustment or a first-year budget. Skipping them to compete is a gamble with far more money than the inspection costs.
- Know your ceiling and write it downAuctions are unconditional: no cooling-off, no finance clause. Decide the number when you are calm, not when the auctioneer is looking at you.
- Have the deposit ready to moveUsually ten per cent on exchange. If yours sits in equity, shares or a term deposit, releasing it takes longer than a weekend.
- After exchange
- Give your broker the contract immediatelyFormal approval runs against the specific property, and the valuation is ordered from here. Every day matters if a finance clause is running.
- Arrange building insuranceUsually required from exchange, and lenders will ask for evidence before settlement.
- Complete your final inspectionShortly before settlement, confirming the property is as it was and the agreed inclusions are still there.
- Confirm settlement figuresYour conveyancer confirms the exact amount payable and the adjustments for rates and water. Have the funds available a few days early, not on the day.
Nothing here requires your details and there is nothing to download. If a step raises a question specific to your situation, that is exactly what a free thirty-minute conversation is for.
Common questions about first home buyer
What should I do first as a first home buyer?
Establish what you can realistically borrow, before anything else. Every later decision, the suburb, the property type, the deposit target and the timeline, follows from that number. Buyers who inspect first and check finance later routinely fall in love with something outside their range.
How long does the whole process take?
For an established property with finance prepared, offer to keys commonly runs five to eight weeks. Getting ready beforehand takes as long as your documents and deposit take. Off-the-plan and house-and-land run to entirely different timelines, sometimes over a year.
Do I need pre-approval before I start looking?
You can look without it, but you should not offer without it. Pre-approval tells you the range and lets you act decisively when the right property appears. Agents also treat pre-approved buyers differently, which matters in a competitive market.
Can I use more than one government scheme?
Often yes. Stamp duty relief and the 5% Deposit Scheme commonly apply together for eligible buyers, and the First Home Owner Grant can apply on eligible new builds. Help to Buy is generally an alternative rather than an addition. Eligibility depends on you and the property.
What is the most common mistake?
Budgeting for the deposit and forgetting everything else. Duty, legals, inspections and moving costs arrive in the same few weeks, and buyers who have not planned for them end up borrowing awkwardly or scrambling at settlement.
Have your file checked before you apply
Charles can tell you in thirty minutes what is done, what is missing and what to do next. Free, no credit check.
Prefer a callback?
Charles calls back within one business day. No documents needed yet.
General information only, not credit or financial advice. Lender requirements and government scheme criteria differ and change over time; your position is confirmed in a full assessment.
Official sources for the figures on this page: Housing Australia, 5% Deposit Scheme · Revenue NSW, First Home Buyers Assistance Scheme · Revenue NSW, First Home Owner Grant · ATO, First Home Super Saver Scheme. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.