Your first home

How much deposit and cash will you need?

The contribution required depends on the property, lender, loan-to-value ratio and whether lenders mortgage insurance or an eligible government scheme applies. Your budget should also allow for conveyancing, inspections, moving costs and any applicable duties or fees.

• Separate the purchase deposit from total funds required at settlement
• Check the source of your deposit and the lender's savings-history requirements
• Keep a sensible cash buffer after settlement

What are genuine savings?

Genuine savings are funds a lender accepts as evidence that you can build or maintain a deposit over time. At higher loan-to-value ratios, some lenders or mortgage insurers typically look for around 5% of the purchase price held or accumulated over roughly three months. Regular savings, a term deposit or eligible investments may count, depending on policy. A recent gift or inheritance can still help fund your deposit but may not itself satisfy a genuine-savings test. Keep bank statements and documents showing where any lump sums came from.

What if your deposit was gifted?

A gift from family does not automatically rule out a loan. Some lenders have products or loan-to-value ranges without a separate genuine-savings requirement; others may accept a documented rental payment history in place of savings history, or require gifted funds to sit in your account for a period. The lender may ask for a signed gift letter confirming the money is not repayable. We check the applicable lender and insurer policy before recommending an option. You still need an acceptable deposit, borrowing capacity and funds for purchase costs.

NSW transfer duty relief for first home buyers

Eligible buyers of a new or existing NSW home may receive a full transfer duty (stamp duty) exemption at a value of $800,000 or less, or a reduced rate above $800,000 and below $1 million. For vacant land to build a home, the corresponding thresholds are $350,000 and below $450,000. Conditions include prior ownership, citizenship or residency and living in the home. Check the contract date and eligibility with Revenue NSW and your conveyancer before relying on a concession in your settlement budget.

NSW First Home Owner (New Homes) Grant

The NSW grant is $10,000 for an eligible first buyer purchasing or building a new home; it does not apply to an established home. The purchase price cap is $600,000 for an eligible new or substantially renovated home, or $750,000 for eligible land plus a building contract. It may be available alongside transfer duty relief if you meet both sets of rules. Confirm eligibility and when the grant is payable before counting it toward funds required at settlement.

Australian Government 5% Deposit Scheme

The scheme previously known as the First Home Guarantee is now part of the Australian Government 5% Deposit Scheme. Eligible first home buyers can purchase with a minimum 5% deposit, while eligible single parents or guardians may qualify with a minimum 2% deposit, without paying lenders mortgage insurance. The government guarantees part of the loan for the participating lender; it is not a cash grant and does not remove the need to qualify for the loan. Property price caps and other criteria apply. We can check participating lenders and whether this option works alongside relevant NSW concessions.

Other support worth checking

The First Home Super Saver Scheme may let eligible buyers withdraw qualifying voluntary super contributions and associated earnings toward a first home. Help to Buy is a separate shared-equity scheme: eligible buyers can contribute a minimum 2% deposit while the government takes a share in the home, subject to its own income, property and lender rules. Shared equity affects the proceeds when you later sell or buy out the government share. We compare eligibility, up-front cash and long-term ownership costs rather than assuming every program is suitable.

Choosing the loan—not only the lender

We compare variable, fixed and split options together with offset, redraw, repayment flexibility and total cost. A cheaper headline rate can be poor value if the features, fees or policy do not suit how you will use the loan.

From pre-approval to settlement

We verify the key information, explain approval conditions and coordinate the application with your conveyancer and lender. Pre-approval is conditional; the property, valuation and your circumstances still need to satisfy the lender before unconditional approval.