Buying your first home is one of the biggest and most exciting financial decisions of your life. It can also feel overwhelming — between saving a deposit, understanding grants and government schemes, getting pre-approval, and navigating the home-buying process itself, there is a lot to take in.
The good news is that as a first home buyer in Australia, you have access to significant government assistance. And with MoneyGenie Finance by your side, you won't have to figure it out alone. We guide you through every step of the process — from your first enquiry through to the day you receive your keys.
Our service is completely free to first home buyers. We are paid a commission by the lender upon settlement.
* Eligibility conditions vary by scheme and lender. Contact us for a personalised assessment.
As a first home buyer in NSW, you may be eligible for a range of government financial assistance measures that can significantly reduce the cost of your first home.
The NSW First Home Owner Grant provides a one-off payment of $10,000 to eligible first home buyers who purchase or build a new home. To be eligible:
The FHOG is applied for through your lender at settlement — we handle the application as part of your loan process.
The federal government's First Home Guarantee (formerly the First Home Loan Deposit Scheme) allows eligible buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the purchase price, bridging the gap to a 20% deposit in the lender's eyes.
LMI saving: On a $800,000 property with a 5% deposit, LMI could otherwise cost $25,000–$30,000. The First Home Guarantee eliminates this cost.
In NSW, first home buyers receive significant stamp duty relief:
Stamp duty on a $750,000 home would normally be approximately $29,000. As a first home buyer, you pay nothing. This is a substantial saving that can be redirected to your deposit or used to reduce your loan amount.
Note: For new homes, you may also have the option of choosing between stamp duty and an annual property tax. Speak to us or your conveyancer to determine which option is more beneficial for your situation.
LMI is a one-off insurance premium charged by lenders when your deposit is less than 20% of the property's purchase price. Importantly, LMI protects the lender (not you) in the event that you default on the loan and the property sale does not cover the outstanding balance.
On a $700,000 property with a 10% deposit, LMI can add $10,000–$20,000 to your loan costs. LMI can be paid upfront or capitalised (added to your loan balance).
Ways to avoid or reduce LMI:
We can help you assess which option is most achievable and cost-effective for your circumstances.
From first enquiry to receiving your keys, here is what to expect when you work with us.
Know your borrowing capacity before you start inspecting homes. We assess your income, expenses, and credit history, then work with lenders to obtain a pre-approval. This gives you a clear budget and makes you a credible buyer in the eyes of vendors and agents.
Beyond the purchase price, budget for: stamp duty (or exemption), conveyancing fees ($1,500–$3,000), building and pest inspections ($500–$800), loan establishment fees, council rates, strata levies (if applicable), and moving costs.
With pre-approval in hand, you can confidently make offers on properties. If buying at auction, know your absolute maximum before bidding — bid with your head, not your heart.
After a successful offer, your conveyancer will handle contract exchange. We submit your full loan application for unconditional (formal) approval. This typically takes 3–10 business days once all documents are received.
On settlement day, your lender releases funds to the vendor's solicitor, the title transfers to your name, and you receive your keys. Your first mortgage repayment typically begins 30 days after settlement.
Our service does not end at settlement. We monitor your loan rate over time and contact you if a better deal becomes available, so you are always well looked after.
Being first home buyers, the home buying experience was very new and daunting for us, but with Nabita's professional help we were able to secure an excellent deal on our home loan. She was always available to answer our questions and was very professional and approachable. We would like to thank her and her team for their support and assistance. Highly recommended.
Mr & Mrs A. Adhikari
Stanhope Gardens, NSWWe had a great pleasure dealing with Nabita. She is very professional, friendly and helpful. She answered all our questions efficiently. Buying your first home might be daunting but because of her, everything went very smoothly for us. We will have no hesitation referring her to our family and friends.
Mr and Mrs A. Kar
Ingleburn, NSWVery happy with the services offered. Nabita was very professional and helped us find a great deal for our first home. Very happy with the service.
Mr and Mrs S. Maharjan
Baulkham Hills, NSWSend us your enquiry and we will be in touch within 24 hours. Our first home buyer consultations are completely free and obligation-free.