In short
- On an $800,000 home with a 20% deposit, a first home buyer needs about $166,665 in cash.
- The same purchase costs about $196,852 without the first home buyer exemption, because stamp duty is $30,187.
- With a 5% deposit under the federal 5% Deposit Scheme, the cash needed drops to about $46,665.
The full list of upfront costs
Here's what an $800,000 first home in NSW typically costs to buy with a 20% deposit. The "Other buyers" column shows the same purchase without the first home buyer exemption.
| Cost | First home buyer | Other buyers |
|---|---|---|
| Deposit (20%) | $160,000 | $160,000 |
| Stamp duty | $0 | $30,187 |
| Transfer registration fee NSW LRS | $183 | $183 |
| Mortgage registration fee NSW LRS | $183 | $183 |
| Conveyancer or solicitor often $1,500–$2,500 | $1,800 | $1,800 |
| Building and pest inspection often $400–$800 | $600 | $600 |
| Loan application or setup fees varies by lender | $400 | $400 |
| Moving costs | $1,500 | $1,500 |
| Safety buffer connections, small repairs | $2,000 | $2,000 |
| Total cash needed | $166,665 | $196,852 |
Conveyancing, inspection, loan and moving figures are typical estimates. Get quotes for your own purchase.
The deposit: 20%, or less?
The deposit is by far the biggest cost. Most lenders want 20% of the price. If you borrow more than 80%, they usually charge lenders mortgage insurance (LMI), which protects the lender, not you, and can cost thousands or tens of thousands of dollars depending on the loan.
There are ways to buy with less:
- The federal 5% Deposit Scheme. Eligible first home buyers can buy with a 5% deposit without paying LMI. Since October 2025 there are no income caps or limits on places, but property price caps apply, so check the cap for your area with Housing Australia.
- Paying LMI. Many lenders accept 5% to 10% deposits if you pay LMI, which is often added to the loan.
- Family help. Some lenders accept a family guarantee instead of a larger deposit.
With a 5% deposit on an $800,000 home, you'd need about $46,665 in cash, but your loan would be $760,000 instead of $640,000, so repayments are higher.
Stamp duty: the second-biggest cost
Standard NSW stamp duty on an $800,000 home is $30,187. Eligible first home buyers pay nothing up to $800,000, and reduced duty up to $1 million. Read the full stamp duty guide for how it's worked out.
Grants that can help
If you're buying or building a new home, the First Home Owner (New Homes) Grant pays $10,000 for homes up to $600,000, or land and a build up to $750,000 combined. It's separate from the stamp duty exemption, so eligible buyers can get both. Established homes don't qualify.
Costs after you move in
Budget for the ongoing costs of owning, not just the purchase:
- Council rates and water, usually billed quarterly.
- Strata levies if you buy a unit or townhouse.
- Home and contents insurance.
- Maintenance. A common rule of thumb is 1% of the home's value each year, less for a newer unit.
Lenders also check you could still afford repayments if your rate were 3 percentage points higher, the buffer set by APRA. Use the repayment calculator to see both.
Plan the whole purchase in one spreadsheet
Stamp duty, upfront costs, repayments, your monthly budget and a savings plan, with a dashboard that updates as you go.
Common questions
How much deposit do I need for a first home in NSW?
Lenders usually want 20% to avoid lenders mortgage insurance. Many lend with 5% to 10% if you pay LMI, and the federal 5% Deposit Scheme lets eligible first home buyers buy with 5% without paying LMI.
What upfront costs do people forget?
Building and pest inspections, loan fees, the mortgage registration fee, moving costs, and a buffer for things like connection fees and small repairs after you move in.
Do first home buyers pay stamp duty in NSW?
Not on a home valued at $800,000 or less if you qualify for the First Home Buyers Assistance Scheme. You pay reduced duty up to $1 million.
What are the NSW registration fees?
From 1 July 2026, NSW Land Registry Services charges $182.73 to register a transfer and $182.73 to register a mortgage.