Download the First Home Buyer Checklist
Buying your first home in South-West Sydney can involve many important steps. Download our free First Home Buyer Checklist to help you prepare your finances, review the contract, understand NSW government assistance, coordinate with your lender and stay organised through to settlement.
First home buyer checklist have complex legal steps that can feel overwhelming at first. Organising the financing, doing your due diligence, and making it through settlement day require preparation and professional assistance from a licensed conveyancer or solicitor. Our checklist walks you through the major steps involved in a property transaction so you know what to expect.
Key takeaways
It’s important to be prepared before you begin looking at properties.
The exchange of contracts creates a binding agreement and starts the settlement period.
The NSW Government provides assistance programs for home buyers.
Coordinate with your lender to ensure your funds will be available when you need them.
Before you start looking
There are a few things you may want to consider getting organised before you start looking at what’s on offer.
Determine your borrowing power
Knowing how much financing you may have access to can help you determine your price range. Speak with a mortgage broker and a bank or mortgage lender to understand how much you can realistically borrow. Lenders look at many factors, such as debt-to-income ratios and living expenses.
Seeking pre-approval for a home loan can signal your financial health to a seller as a serious buyer. Pre-approval isn’t a guarantee that the home loan will be fully approved. However, it can increase your credibility as a buyer.
How long does home-loan pre-approval last?
Home-loan pre-approval commonly lasts for around 90 days, although the period varies between lenders. When applying, you may need to provide identification and information about your income, employment, living expenses, assets and debts. Pre-approval is conditional and does not guarantee final loan approval.
How much deposit should a first home buyer save?
A 20% home-loan deposit is a common savings goal because it may help you avoid Lenders Mortgage Insurance. However, a 20% deposit is not compulsory for every home loan, and some eligible buyers may be able to purchase with a smaller deposit. Your lender or mortgage broker can explain the deposit requirements that apply to the loan you are considering. This home-loan deposit is different from the contract deposit paid when contracts are exchanged.
There are other costs you may want to factor in beyond just the purchase price, such as:
Stamp duty.
Conveyancer legal fees.
Lender fees.
Moving costs.
Utility connection fees.
Initial deposit.
Consider what type of property you’re looking for. Options like a unit or townhouse may come with additional obligations, such as strata fees. A licensed conveyancer or solicitor can help review strata reports for an apartment.
What should first home buyers research in a suburb?
Research the suburb as carefully as the property itself. For a first home in South-West Sydney, consider public transport, commuting times, schools and childcare, shops, medical services, parks, access to major roads and other amenities that may affect how suitable the area is for your current and future needs.
Understanding the contract of sale
Before a residential property can be marketed for sale in NSW, a contract for sale must be prepared by a solicitor or licensed conveyancer and made available for the property. NSW law also requires certain prescribed documents and information to accompany the contract, depending on the property. Details commonly dealt with in the contract include:
The settlement date.
The names of the vendor and buyer.
The agreed purchase price.
A legal description of the property.
What will be included and excluded (such as furniture or fixtures).
Special conditions
The contract of sale may include conditions that must be met before the sale can be completed. Some common conditions include:
The purchase being subject to the buyer’s financing getting approved.
The completion of building inspections to assess structural integrity.
Pest inspections to find any infestations.
Repairs being completed before the settlement.
A condition handling a tenant currently occupying the property.
How much do building and pest inspections cost?
As a general guide, a building-only inspection for a standard residential property may cost around $400–$600, while a separate pest inspection may cost around $200–$400. Costs can vary depending on the property’s size, age, type and location, the provider and the scope of the inspection. Combined building and pest reports may also be priced differently, so obtain a current quote before relying on these indicative ranges.
Your solicitor or licensed conveyancer can explain who is responsible for arranging and paying for inspections and how any negotiated inspection conditions are recorded in the contract.
Additional legal documents
Additional legal paperwork that may need to be attached to a contract of sale include:
Title search.
Sewerage diagram.
Section 10.7 Planning certificate.
Strata plan.
Download the First Home Buyer Checklist
Exchange of contracts and the cooling off period
Once you’ve determined your budget and found a property you’re interested in, you may wish to make an offer. Engage a conveyancer who is experienced in property transactions in South-West Sydney to help you. A written offer should contain basic information, such as:
Your name and contact details.
Any conditions you have.
The proposed purchase price.
The desired timeframe for a response.
Deliver the offer to the vendor directly or to the vendor’s agent, depending on how they wish to manage offers. If the seller agrees to the offer, they may send you a copy of the contract of sale. The seller’s conveyancer or solicitor must have a contract of sale drafted before putting the property on the market.
Have the contract reviewed carefully by your conveyancer. Even if you believe the document looks straightforward, there can be unusually worded terms or omissions that need a professional eye to catch.
Once both parties have signed the contract, they can be exchanged. This can happen physically or digitally with e-signatures. The contract is now legally binding and starts the settlement period. Settlement commonly occurs around six weeks after exchange, although the contract may provide a different period. A contract deposit is usually paid when contracts are exchanged. In NSW, this is commonly 10% of the purchase price, although a lower amount may be negotiated. The contract deposit is separate from the deposit or equity required by your lender. Your lender can explain whether Lenders Mortgage Insurance may apply to your loan.
Cooling off period
For many residential properties bought by private treaty in NSW, the buyer has a five-business-day cooling-off period after contracts are exchanged. There is generally no cooling-off period for properties bought at auction or where contracts are exchanged on the same day after a property is passed in at auction. Off-the-plan contracts generally have a 10-business-day cooling-off period. The cooling-off period may also be waived, reduced or extended in certain circumstances. A solicitor or licensed conveyancer can explain the consequences before you agree to waive or shorten it, including the use of a section 66W certificate.
Grants and concessions for first home buyers in NSW
There are various NSW Government schemes designed to assist home buyers get into the NSW property market. Here are some programs you may wish to consider.
Do first home buyers pay stamp duty in NSW?
Eligible first home buyers in NSW may receive a full transfer duty (stamp duty) exemption or a concessional rate under the First Home Buyers Assistance Scheme. For new or existing homes, a full exemption may apply to eligible purchases valued at $800,000 or less, while a concessional rate may apply to eligible homes valued above $800,000 and below $1 million. Vacant land has separate thresholds. At the time of writing, the applicable thresholds include:
Existing home:
Full exemption for homes valued up to $800,000.
Concessional rate for homes valued over $800,000 and less than $1,000,000.
Vacant land for a home build:
Full exemption for vacant land valued up to $350,000.
Concessional rate for vacant land valued over $350,000 and less than $450,000.
First home owner grant
The NSW Government is offering a $10,000 grant towards building or buying your first new home. The grant may apply to the following:
A newly built home, townhouse, unit, or apartment not exceeding $600,000.
Vacant land plus a home building contract not exceeding $750,000.
A substantially renovated home not exceeding $600,000.
Refer to Revenue NSW for full conditions and eligibility criteria.
First Home Super Saver Scheme (FHSS)
The FHSS is a national program that allows eligible parties to make voluntary superannuation contributions of a maximum of $15,000 per year up to $50,000 in total. This money may then be withdrawn at a later date as part of a house deposit. You can apply for an FHSS determination to find out how much you’re able to withdraw.
Refer to the Australian Taxation Office website for up-to-date information on FHSS eligibility and conditions.
Government scheme figures last checked: 20 August 2026. Eligibility criteria and thresholds can change. Check Revenue NSW and the Australian Taxation Office for current information.
Searches and due diligence your conveyancer runs
Your conveyancer performs crucial searches, so you have all pertinent information about the sale before signing. Some of the major tasks include the following.
Contract review
They will check the details of the contract of sale, such as:
The accuracy of the property’s description.
The agreed-upon purchase price.
All inclusions and exclusions have been accounted for.
Any special conditions are worded correctly.
Restrictions that may affect the buyer.
All seller disclosure documents have been provided.
Property search
A title search can give you important information on the property, such as:
Easements.
Encumbrances.
Mortgages.
Restrictions on use.
Caveats.
This information is especially important if you plan to renovate, extend your home, or undertake other future development after purchase.
Adjustment of ongoing costs
A new property comes with ongoing expenses that must be divided between the buyer and seller during the legal transfer. These costs may include:
Council rates.
Water rates.
Strata levies.
Land tax.
The buyer’s representative is usually responsible for calculating how the costs will be divided based on when the buyer takes possession of the property.
Coordinating With Your Lender
You and your representative need to coordinate with your lender throughout the conveyancing process. There are several steps that may need to be completed, including:
Your lender may require a copy of your contract of sale to complete the loan approval.
Check with your lender that the loan is on track for approval by the settlement date and whether they require any further documentation, such as proof of income or identification.
Check that the loan amount is sufficient. There may be expenses you need to cover separately, such as the deposit, transfer duty, and conveyancing fees.
If you’re selling a house to fund the new purchase, your conveyancer may assist with the discharge of your existing mortgage and ensure the funds will be available on settlement day.
What to expect on settlement day
Settlement day is conducted mostly between your conveyancer and the seller’s representative. With the right guidance and preparation, it should go smoothly. Most NSW property settlements are completed electronically through an Electronic Lodgment Network, such as PEXA or Sympli. Here’s the basic process:
Your conveyancer checks that all conditions on the contract of sale have been met, the funds from your lender are available, and appropriate adjustments have been made.
Where applicable, your lender releases the funds required for settlement. Any seller mortgage is discharged and, if you are borrowing, your new mortgage is registered on title.
The conveyancer confirms that the settlement has been completed. You may pick up the keys.
Conclusion
Buying property in the NSW housing market involves several steps that may require professional help to support a successful purchase. Organising financing and working with a licensed conveyancer or solicitor to manage the settlement process can help you realise the dream of owning your own home.
General information only: This article provides general information about buying property in NSW and does not constitute legal, conveyancing, financial or tax advice. Property transactions, lending requirements and eligibility for government grants or concessions depend on your circumstances and the rules in force at the relevant time. You should obtain advice from a solicitor or licensed conveyancer and, where appropriate, your lender, mortgage broker, accountant or financial adviser before making decisions.
Bateys Law Firm’s conveyancing lawyers can support you through the home-buying process. Contact us to arrange a complimentary 20-minute consultation.
