How are young people affording expensive mortgages in Sydney?
Uncover the practical strategies young Australians are using to secure a mortgage and purchase property in Sydney's competitive housing market.
How Young People Afford Sydney’s Costly Mortgages
Despite sky-high prices, young buyers in Sydney are still entering the property market. Discover the creative strategies they're using to own a home.
MORTGAGE YOUNG
Smart mortgage strategies in Sydney
Sydney buyers need more than a good salary, they need to leverage every advantage.
Family guarantees: Avoid large deposits and LMI with parental support.
Government schemes: Programs like FHBAS and FHLDS help reduce deposit and stamp duty costs.
Buying together: Couples or friends can boost borrowing power by combining income and savings.
Smaller deposits: Many buyers start with 5–10% and use smart strategies to minimise LMI.
HeyNest connects you with a broker who identifies the best mix of grants, guarantees and loan options for your situation.
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Maximizing borrowing power
Lenders want a strong financial profile. Young buyers are boosting theirs by:
Reducing credit limits and paying off deb
Showing consistent savings habits
Maintaining stable employment
Managing living expenses before applying
HeyNest brokers optimise your profile and negotiate higher pre-approval amounts with multiple lenders.
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Alternative ways to enter the market
With high prices in Sydney, buyers are exploring new pathways:
Rentvesting: Buy elsewhere, keep renting in Sydney.
Regional buying: Choose affordable NSW areas and own sooner.
Apartments first: Start smaller, build equity, upgrade later.
A HeyNest broker helps you choose the best strategy for your goals and budget.
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Frequently asked questions
Is it better to save a 20% deposit or buy sooner with a smaller one?
It depends on market growth; often, buying sooner with a smaller deposit (and managing the LMI) is better if property prices are rising faster than you can save.
What is the minimum income to afford a mortgage in Sydney?
There is no single minimum, as it depends entirely on the loan size, your debts, and the current interest rate, but generally requires a household income significantly above the national average.
Can the First Home Super Saver Scheme (FHSSS) be used for a Sydney home?
Yes, the FHSSS allows you to save for your first home within your superannuation fund, accessing tax benefits to boost your deposit faster.
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