First Home Buyers

 First Home BuyerPurchasing your first home requires financial planning and research. Because the process of buying your first home can seem daunting and foreign to many people, we work closely with you to ensure that you feel confident and understand each step in the process.

Purchasing a property involves a long, chronological to-do list. Download our standard Purchase Timeline.


When you decide to buy a property, the first consideration should be your budget and whether or not you need to obtain a loan. Research and consider the different financing options available from different banks and lenders to make an informed decision about what loan product is right for you.

A loan will be secured over the property you are purchasing and the lender will have certain rights in relation to the property, including the option to sell the property if you cannot repay the loan. If you are unsure about the terms of your loan, send us a copy of your loan documentation and we will explain to you what your obligations are. If you are unsure about your financial circumstances, we highly recommend that you consult an accountant or financial adviser.

Stamp Duty and Grants

When you are planning to purchase a property you should factor in the cost of stamp duty. It is not uncommon that first time purchasers can be shocked by the amount of stamp duty that is payable and that amount cannot always be covered by your loan. We recommend that you take into account the cost of stamp duty when considering your budget before you commit to buying a property.

As a first-home buyer you may be eligible for a government grant. We will advise you on the different grants that may be available to you.

Private treaty or auction?

The most common way that people purchase property in NSW is by private treaty, that is, where a seller will advertise the amount they would like to sell their property for and negotiates a price with prospective buyers. If you wish to submit an offer on a property, you will usually do so via the seller’s real estate agent who will communicate that offer to the seller, and keep you informed of any counter offers from other prospective buyers.

Once you have agreed on a purchase price, send the contract to us so that we can advise you on the terms of the contract before you commit to it. Once you are happy with the contract, we will exchange the contract and you will pay the deposit. Usually a 5 business day cooling-off period will apply, unless you agree to waive your right to a cooling-off period.

In today’s competitive property market it is becoming more and more common to sell property at auction. When property is sold at auction there is no cooling-off period, so you must make sure that you are certain that you understand your obligations under the contract and are satisfied that there are no defects in the property. You must also be ready to pay the full amount of the deposit on the day of the auction. So long as you receive legal advice on the contract prior to the auction, buying at auction should be no riskier than buying by private treaty.