Compare home loans in NSW

Due to having the largest metropolitan city in Australia, the property market in New South Wales (NSW) tends to be more competitive and expensive than in other states.

With an increasing population, NSW generally suffers housing shortages that increase as you move further towards Sydney. The state government offers several incentives if you are a first time buyer or are intending to build a property. These benefits should be fully researched before you consider getting a home loan as they can substantially reduce costs or can add to your initial deposit.   

Although figures fluctuate depending on market changes, the property market in NSW is generally more driven than in other states. The state has a high level of industry with both national and multinational companies based there and is therefore highly attractive to job seekers.

The average income in NSW is also higher than in most states and is experiencing steady growth. This has pushed house prices up, with buyers now having more to spend on properties. Units and townhouses have also become a better option for potential homeowners with a greater availability of these housing types than traditional detached houses.

As an attractive lifestyle option for many job seekers, NSW in recent years has experienced high demand for property and a housing shortage. This is compounded by the limited amount of land available to develop.

Therefore, if you are considering buying a property in NSW you will need a larger deposit than in most states and must be prepared to spend more due to the high demand that is driving prices. 

Due to the demand for both rental and properties to purchase in NSW, the state has become attractive for foreign and local investors wanting to capitalise on the booming market. This can make it even more difficult for first time buyers or those inexperienced in the property market to purchase properties.   

Both state and council laws and regulations control purchasing a property in NSW.

Depending on the council region your property is in you may need to pay initial application costs as well as ongoing rates and charges. In all states you will need to pay a stamp duty on the purchase of a property. This will depend on the value of the property and the state in which it is located. NSW stamp duty costs are similar to other states with comparable population and industry.