Buying your first home just became a little easier. From 1 October 2025, the Australian Government has expanded its first home buyer support, allowing eligible Australians to purchase a property with a deposit as low as 5% — without paying costly Lenders Mortgage Insurance (LMI). The move aims to make home ownership more achievable, especially in areas like Sydney’s Eastern Suburbs, where saving a 20% deposit has long been one of the biggest challenges for buyers.
Under the new First Home Buyer Incentive, there are no income caps or limits on the number of applicants, and property price caps have been increased — in New South Wales, up to $1.5 million in metropolitan areas. This broader access means more first home buyers can consider properties in highly desirable suburbs such as Randwick, Coogee, Maroubra and Bondi, where opportunities have often felt out of reach. The scheme also supports single parents with deposits as low as 2%, helping more families step into home ownership.
For buyers, the benefits are clear: lower upfront costs, faster entry into the market, and greater choice across more price ranges. The flow-on effect for the Eastern Suburbs market is expected to be positive — with renewed interest from first-time buyers creating more movement and competition in the apartment and entry-level housing sectors.
💡Tips for First Home Buyers💡
- Check your eligibility – Confirm your position under the scheme before you start your property search. It can help you act fast when the right property appears.
- Set a realistic budget – While the deposit hurdle is lower, remember to factor in stamp duty, legal fees, and ongoing mortgage repayments.
- Get pre-approval and be ready – In Sydney’s fast-paced market, having finance ready gives you a stronger position when the right home comes up.
If you’re hoping to buy your first home in the Eastern Suburbs, this is the perfect time to start exploring what’s possible.
Our team can guide you through available properties that fit the new price thresholds, help you understand how the incentive works, and connect you with trusted mortgage partners to get you closer to owning your first home.
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