How to Buy a House in Sydney – Step by Step Guide

What is the step by step process?

1. Determine your budget and borrowing power: Start by assessing your finances, calculating your deposit and obtaining lender pre-approval. This sets a realistic price range for your search.

2. Research and select a suburb: Sydney is large and diverse. Compare prices, trends and lifestyle factors across areas like the Inner West, Northern Beaches or Western Sydney, your suburb choice shapes what you can afford.

3. Inspections and due diligence: For any property you’re serious about, arrange building and pest inspections and have the contract reviewed. This protects you from hidden issues and unexpected costs.

4. Make an offer or bid at auction: Many Sydney properties go to auction. If buying privately, present a firm offer; if bidding, set a hard limit and stick to it.

5. Formal loan approval and settlement: Once your offer is accepted, the bank completes its valuation before issuing final approval. Settlement (usually 30–90 days) is when funds transfer and ownership changes hands.

HeyNest connects you with an independent broker who clarifies your budget, streamlines pre-approval and gives you confidence as you enter the market.

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What are the main costs involved?

• Deposit and loan principal: Deposits are typically 10-20% of the purchase price. The real long-term cost is the loan principal plus interest, making a competitive rate essential.

• Government fees and taxes (stamp duty): Stamp duty is the biggest upfront cost after the deposit in NSW, calculated on the property price or market value. Some first home buyers qualify for concessions or exemptions.

• Lender fees and ongoing costs: LMI, application/establishment fees, valuation fees and conveyancing fees.

Your broker negotiates sharp interest rates and lays out all associated fees so you fully understand the real cost of buying in Sydney.

Stop Stressing: Why a Broker is the 'Smart, Chill' Way

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Traditional Bank

Access to many lenders

Compares and negotiates the best market rates for you.

Dedicated, personalized guide every step of the way.

Only offers their own limited products.

Standard, often non-negotiable in-house rates.

Standardized service; often no single dedicated contact.

How can a broker simplify the process?

An experienced mortgage broker acts as your essential ally in the Sydney property market, transforming the often-stressful experience into a simple, confident process.

• They give you access to a wider range of lenders, uncovering products you might not find on your own. Their industry relationships help them negotiate better rates and fee reductions and they create a tailored loan strategy based on your income, deposit and long-term plans. Brokers also manage the paperwork, preventing errors and saving time.

HeyNest instantly connects you with an expert, independent mortgage broker who handles the heavy lifting. They provide clarity, confidence and impartial advice, ensuring your journey to securing a home in Sydney is as efficient and stress-free as possible.

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Frequently asked questions

How long does it take to get a mortgage in Sydney?

Pre-approval can take 1-3 business days. Formal approval after an offer is accepted typically takes 10-20 business days, depending on the complexity and lender.

What deposit is needed for a house in Sydney?

While 20% avoids LMI, it is possible to buy with a 5% or 10% deposit, though you will likely need to pay LMI in these cases.

Is it better to buy a house or an apartment in Sydney?

Houses offer land appreciation but are more expensive and scarce. Apartments are more affordable entry points, especially near the CBD, but have ongoing strata fees.