Your First Home in Sydney's Eastern Suburbs

Client success stories

Here is what we have been able to achieve for first-home buyers navigating different purchase price brackets in Sydney's competitive property market.

Purchasing up to $800,000

This is a highly favourable scenario for first-home buyers, as New South Wales stamp duty exemptions apply to purchases up to $800,000. When combined with the federal government's First Home Guarantee scheme, eligible buyers can secure a home with a 5% deposit, bypass stamp duty, avoid lenders mortgage insurance (LMI), and access competitive interest rates usually reserved for 20% deposits.

• Securing an entry-level apartment on a single income: A single first-home buyer wanted to purchase a $600,000 apartment using a 10% deposit. Based on their income, they could afford a loan amount of $530,000. By keeping the purchase under the threshold, they paid zero stamp duty. We also utilised the First Home Guarantee scheme to eliminate thousands of dollars in LMI fees and secure a much lower interest rate from the bank.
• Combining family gifts and casual income: A young couple aimed to borrow 90% of the purchase price to buy a home under $700,000, utilising their savings and a financial gift from their parents. Because the property fell below the stamp duty threshold, they avoided that upfront cost entirely. We applied the government guarantee to waive the LMI fees and lock in a highly competitive interest rate, ensuring the loan remained affordable despite their ongoing student loans and casual part-time income.
• Maximising overtime for emergency responders: A single client with a $50,000 deposit wanted to buy his first home for $755,000, requiring a $710,000 loan. He avoided stamp duty and accessed the government guarantee scheme for an excellent interest rate. This was achieved by placing the application with a major bank whose policy allowed 100% of his emergency responder overtime income to be verified, while maintaining a generous approach to his existing student loan.

Purchasing from $800,000 to $1,500,000

Purchases above $800,000 incur stamp duty on a sliding scale up to $1,000,000, where the full rate applies. For instance, a $900,000 purchase requires 50% of the standard stamp duty (approximately $19,706), rising to the full amount of $39,412 at $1,000,000. This requires buyers to cover both their minimum 5% deposit and the upfront stamp duty costs. The First Home Guarantee scheme remains available up to a maximum purchase price of $1,500,000.

• Navigating self-employed income and student debt: A first-home buyer purchasing on her own for $900,000 had a substantial deposit of over $300,000 but faced challenges proving her borrowing capacity. As she was young in her career and self-employed, we sourced a lender that evaluated her most recent year of tax returns in isolation rather than averaging past years. By leveraging a major bank with a generous student loan policy—which extends borrowing capacity if the debt is on track to be paid within five years—we secured the required finance despite the partial stamp duty costs.
• Leveraging the First Home Super Saver scheme: A young couple targeted a $1,500,000 property, the maximum limit for the government guarantee scheme. They utilised the First Home Super Saver scheme to withdraw $110,000 in voluntary superannuation contributions, combining it with a $35,000 family gift to cover the $64,512 stamp duty and their 5% deposit. We placed them with a major bank to secure a competitive interest rate with zero LMI, successfully navigating their complex self-employed income structure.
• Securing a city-fringe apartment: A young couple wanted to buy a well-located apartment near the city for $1,370,000. Holding $143,000 in savings, they needed to maximise their borrowing capacity without being penalised by extra fees. We utilised the government guarantee scheme to secure a loan of just over $1,200,000 at a competitive interest rate with no LMI costs.

Purchasing above $1,500,000

Properties over $1,500,000 do not qualify for the government guarantee scheme or stamp duty concessions, meaning full stamp duty must be paid upfront. Buyers in this space rely on substantial independent deposits, family gifts, or family equity guarantees to secure finance.

• Optimising rates for established professionals: A young couple with a deposit exceeding $800,000 sought to purchase a home valued above $2,000,000. While their asset position was strong, we still needed to satisfy bank criteria regarding ongoing serviceability. Backed by their established corporate careers, consistent base salaries, and regular bonus income, we negotiated with a major bank to secure premium, discounted interest rates reflective of their low-risk profile.
• Blending inheritance and specialised medical income: A young couple purchased a $1,900,000 home using a $600,000 deposit sourced primarily from an inheritance. To fulfill the lender's serviceability requirements, we presented an income analysis that combined his primary wages with his regular corporate bonuses, alongside her income as a recently self-employed medical practitioner. We utilised a lender with specific policy flexibility for medical professionals to obtain rapid approval.
• Protecting family gifts with flexible lender policies: A couple looked to purchase a $3,000,000 property using a $1,500,000 family gift. Most traditional lenders require parents to sign an absolute, non-refundable gift letter, which can raise asset-protection concerns for families. We identified a major lender comfortable with a tailored agreement stating the gift is refundable only upon the future sale of the property, protecting the family's assets while satisfying all credit requirements.
• Utilising a family equity guarantee with a 5% deposit: A young couple with strong incomes wanted to buy a home above $1,500,000 but only held a 5% deposit, making them ineligible for government assistance. We structured a loan with a major bank that allowed them to use equity in their parents' home as a limited family guarantee. This substituted for a cash deposit and eliminated the need for LMI. The guarantee is structured to remain in place for the first few years until the property gains sufficient organic equity to release the parents from the mortgage.

Why work with Loan Market Double Bay?

Partnering with a local expert gives you the edge in Sydney’s competitive property market:

• Borrowing Power: Understand exactly what you can borrow to refine your search and bid with confidence.
• Curated Loan Options: Get a shortlist of loan products tailored specifically to your financial goals.
• Optimised Applications: We manage the entire application process to ensure the best possible chance of approval.
• Grants and Concessions: We help you determine if you qualify for New South Wales first home buyer grants or stamp duty concessions.

Your 6 Step Guide to Home Ownership

01 | Master your budget and deposit

While a 20% deposit helps avoid Lenders Mortgage Insurance (LMI), some lenders accept as little as 5%.

• Guarantors: Use equity from family members to potentially boost your deposit.
• First Home Guarantee: This government initiative may allow you to purchase with a smaller deposit without paying LMI.
• Sydney Budgeting: Remember to factor in stamp duty, solicitor fees, and building and pest inspections.

02 | Navigate the loan process

We provide a tailored Game Plan after comparing over 60 lenders. Once you select a loan, we arrange pre approval, which typically lasts for three months and gives you a clear spending limit for house hunting.

03 | Know your options

We help you understand the different loan structures available:

• Variable rate: Repayments can change over the life of the loan.
• Fixed rate: Your interest rate is locked in for a set term for repayment certainty.
• Split loan: Combine fixed and variable portions for flexibility and security.
• Offset accounts: Separate accounts that can reduce the interest paid on your mortgage.

04 | Find your ideal Sydney home

Whether it is an apartment in Bondi Junction or a terrace in Paddington, consider your lifestyle:

• House vs Unit: Houses often have greater growth potential, while units can offer entry into highly sought after suburbs at a lower price point.
• New vs Existing: New builds may attract government grants, whereas existing homes offer established character and locations.

05 | Property buying checklist

Before signing a contract in the eastern suburbs, check for:

• Structural Integrity: Always arrange a professional building and pest inspection.
• Zoning and Restrictions: Verify any local council building or zoning restrictions.
• Ongoing Costs: Factor in council rates, body corporate fees, and insurance.

06 | Why choose a Loan Market Double Bay broker?

• Your Advocate: We are not a bank; we work for you and your best interests.
• Experienced Team: Our team's proficiency in financial planning and Eastern Suburbs real estate sets us apart.
• No Extra Cost: Our service is paid for by the lender, providing you with expert advice without an extra bill.