Buying your First Home with a Home Loan
Buying your first home is a big step, and you don’t have to work it out alone. We’ll show you how much you can borrow, which government schemes you qualify for, and how to buy sooner with a smaller deposit.
- Buy with as little as a 5% deposit through eligible government schemes
- Check your NSW stamp duty exemptions and concessions
- Pre-approval so you can bid at auction with confidence
Schemes that could help you buy sooner
Eligibility rules and price caps change regularly. We’ll check which ones apply to you and how to combine them.
5% Deposit Scheme (Home Guarantee Scheme)
Buy with a 5% deposit and avoid lenders mortgage insurance (LMI), which can save you tens of thousands of dollars upfront.
Sydney property price cap: $1.5 million
First Home Buyers Assistance Scheme
No stamp duty on eligible homes up to $800,000, and a reduced rate up to $1,000,000. On a Sydney purchase, that can be one of your biggest savings.
Thresholds are set by Revenue NSW and can change
First Home Super Saver Scheme
Save for your deposit inside super with voluntary contributions, which can be taxed more favourably, then withdraw them to buy your first home.
Withdrawal limit: $50,000
Your path to your first home
Six steps from your first conversation to the keys in your hand, and support for as long as you have the loan.
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Step 1
Free readiness check
We look at your income, savings and spending, and tell you what you can borrow today.
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Step 2
A plan to get ready
If you’re not ready yet, we’ll show you exactly what to change to borrow more.
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Step 3
Pre-approval
We apply for any schemes you’re eligible for and secure pre-approval so you can make offers.
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Step 4
Approval to settlement
Once you’ve found your home, we handle formal approval and coordinate settlement.
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Step 5
Settlement day
We work with your conveyancer and lender so your loan funds on time, the property transfers into your name, and you pick up the keys to your first home.
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Step 6
After settlement
We check in regularly to review your rate, help you set up offset or redraw, and make sure your loan keeps suiting you as your life changes.
How much deposit do I need for my first home in Sydney?
Most lenders prefer a 20% deposit. Below that, you’ll usually pay lenders mortgage insurance (LMI). But 20% of a Sydney property is a lot to save, and waiting can cost you more than LMI if prices keep rising.
Through the federal 5% Deposit Scheme, eligible first home buyers can buy with a 5% deposit and no LMI. Some lenders also waive LMI for certain professions, or accept a family guarantee where a parent uses equity in their home as security.
Don’t forget the other upfront costs:
- Stamp duty (you may be exempt under the NSW scheme)
- Conveyancing and legal fees
- Building and pest inspections
- Loan establishment fees and moving costs
What affects how much I can borrow?
Lenders look at your income, living expenses, existing debts (including credit card limits and BNPL accounts), dependants and credit history. Each lender assesses these differently, which is why the same buyer can get very different borrowing limits from different banks. Part of our job is to find the lender whose policy suits you best.
Why use a broker for your first home?
Banks can only offer their own products. We compare 50+ lenders, explain the trade-offs in plain English, and handle the paperwork and lender follow-up, so you can focus on finding the right home.
Google review for first home buyer
Sam was incredibly helpful in guiding me through the purchase of my first property. He explained everything clearly, was highly responsive, and was easy to communicate with. Everything ran smoothly through our loan approval process. I would highly recommend!
First home buyer questions
Can I buy a home with a 5% deposit?
Yes, if you’re eligible for the federal 5% Deposit Scheme or a lender’s low-deposit product. We’ll check your eligibility and compare the total cost of each option, including LMI.
Do I pay stamp duty as a first home buyer in NSW?
Eligible buyers pay no stamp duty on homes up to $800,000 and a reduced amount up to $1,000,000.
How long does pre-approval last?
Usually around 90 days, depending on the lender. We can renew it if your search takes longer.
Can my parents help me buy?
Yes. A family guarantee lets a parent use equity in their property as extra security, which can help you avoid LMI or buy with a smaller deposit.
What does it cost to use Clio Financial?
Our service is free for most home loans. We’re paid by the lender, and we disclose this in full in our Credit Guide.
Let’s get you into your first home
Book a free 15-minute call. We’ll tell you what you can borrow and what to do next.