First Home Feeling Out of Reach? What Lane Cove Buyers Need to Know in 2026

For a lot of people, owning a first home can feel like a moving target. Rising prices, the deposit mountain and a wall of government schemes with similar sounding names are enough to put anyone off before they even start. David Willis, Principal Mortgage Broker at Yellow Brick Road Lane Cove, reckons it does not have to be that hard. The support available to first home buyers is better than most people realise, and knowing which pieces you can actually use is half the battle.

David has spent forty years working closely with clients, and now helps local buyers and investors from Yellow Brick Road Lane Cove. A lower North Shore local himself, he is firmly in the plain language over jargon camp. Here are the three things he says every first home buyer, or anyone helping one into the market, should get their head around.

1. The First Home Guarantee: a 5% deposit, no LMI

The First Home Guarantee lets eligible first home buyers purchase with a deposit as small as 5 per cent, with the government guaranteeing the gap so you do not have to pay Lenders Mortgage Insurance. On a Sydney purchase, that is a saving that can run well past $25,000 straight up.

The scheme was expanded from 1 October 2025. The old income limits are gone, the annual cap on places has been scrapped, and the property price thresholds have been lifted. For Sydney buyers the cap now sits at $1.5 million, which brings a lot more of the local market within reach than it used to be. The catch worth knowing is that the guarantee is applied through a participating lender, not directly, which is exactly where having a broker in your corner pays off.

2. Grants and stamp duty concessions

This is where it pays to know the rules in your own state. In New South Wales the First Home Buyer Assistance Scheme can wipe out stamp duty entirely on a home worth up to $800,000, with a sliding concession applying between $800,001 and $1 million. Importantly, it covers established homes as well as new builds, which is the more relevant one for a suburb like Lane Cove. On top of that, a First Home Owner Grant is available for eligible new homes, subject to current price caps.

Stamp duty is often the single largest upfront cost in a purchase, so a full exemption can be the difference between buying this year and waiting another two. It is money that goes straight back into your deposit.

3. Your borrowing power

Before you fall for a listing, it helps to know what you can genuinely borrow. Your income, any existing debts, your everyday living expenses, your credit history and the size of your deposit all feed into the number a lender will put in front of you. David’s job is to look at the whole picture, tell you honestly where you stand, and if you are not quite there yet, map out the few things that would move the needle.

Why a quick chat sorts it out

Every one of these schemes comes with its own eligibility rules, and in the right circumstances they can be stacked together. That is precisely where most people get lost. With access to more than 35 lenders and forty years of reading these situations, David can look at where you are, work out which schemes you qualify for, and line up a lender that actually fits. Whether you are buying your own first place or helping a son or daughter into theirs, a short conversation can turn a confusing process into a clear next step.

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If you or someone you know is starting their property journey, David Willis would love to help you get it sorted. The first chat is free, with no obligation. Just clarity.

Yellow Brick Road Lane Cove is a franchisee of the Yellow Brick Road Group. Credit services are provided by Credit Representatives of Yellow Brick Road Finance Pty Limited ACN 128 708 109, Australian Credit Licence 393195. This article is general information only and does not take your personal circumstances into account. Government scheme eligibility, thresholds and price caps change, so confirm the current details with David or the relevant government body before making a decision.

This is a sponsored post. Yellow Brick Road Lane Cove is an In the Cove Business Supporter.