First home buyers in the Hills District typically need a 5–20% deposit and may qualify for the First Home Guarantee (5% no LMI), the NSW First Home Owner Grant (new builds), and First Home Buyer stamp duty concessions. Eligibility conditions apply to all schemes. General information only — individual circumstances vary.
Step 1 — Get pre-approval first
Before inspecting properties, get a pre-approval. This tells you your realistic price range and makes you a credible buyer. Pre-approval is conditional — it's an assessment of your financial position, not a guarantee of finance. Individual borrowing capacity varies based on income, expenses, existing debts and lender criteria.
Step 2 — Budget for more than the deposit
Beyond the purchase price, Hills District buyers need to budget for: stamp duty (check revenue.nsw.gov.au for first home buyer concessions), conveyancing fees ($1,500–$3,000+), building and pest inspection ($400–$800), loan establishment fees (often nil), moving costs, and home and contents insurance. Budget approximately 3–5% of the purchase price for upfront costs. Figures are indicative only.
Step 3 — Understand the schemes available
Key NSW schemes (eligibility and conditions apply, subject to change — verify at nhfic.gov.au and revenue.nsw.gov.au): First Home Guarantee (5% deposit, no LMI, limited annual places); First Home Owner Grant NSW (for eligible new homes); First Home Buyer Assistance Scheme (stamp duty exemptions or concessions); Help to Buy shared equity scheme; First Home Super Saver Scheme. Confirm eligibility directly — schemes change regularly.
Step 4 — Choose the right loan structure
Variable rate, fixed rate or split — each suits different circumstances. Offset accounts, redraw facilities and repayment flexibility are features worth understanding before you commit. A mortgage broker can compare products across a wide lender panel and explain which structure aligns with your goals. Individual suitability varies.
Step 5 — Make an offer and exchange contracts
In NSW, property is purchased through formal exchange of contracts. Have your solicitor or conveyancer review the contract before exchange. A cooling-off period typically applies to private treaty sales (5 business days in NSW). Always seek independent legal advice before signing any contract.
Step 6 — Settlement
Settlement in NSW typically takes 4–6 weeks from exchange. Your broker and conveyancer manage the process. After settlement, review your loan annually to ensure it remains competitive.
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Frequently asked questions
Written and reviewed by Chris Brown, CEO & Founder of New Vision Financial Services. Authorised Credit Representative of Finsure Finance and Insurance Pty Ltd (ACL 384704). Published 12 September 2025. General information only — not financial, legal or taxation advice. Individual circumstances vary. Seek independent advice before making financial decisions.