A Guide To Purchasing Your First Home In Port Macquarie

What can be incredibly exciting and deeply stressful at the same time?

Purchasing your first home is pretty high on the list.

Searching for the right property and then negotiating and financing your move can be incredible, with the interest rates being low and the professionals at Percival Property here to help, you, you know you are in the right hands.

This guide to purchasing your first home in Port Macquarie is designed to help you go forward with confidence.


Lock in Your Finance

When it comes to your savings, you will need between a 5% and 20% deposit. Once you have an overall idea of your budget, find out how much you can borrow. It’s important to compare home loans, as the home financing market is highly competitive and different loans have different features and rates.

Additional costs, such as the Government Stamp Duty on the property and any legal and conveyancing fees, will need to be covered by your savings.

How to Buy Your Property

Private Treaty:

The owner of a residential property sets a price and the prospective buyer makes an offer to buy, usually via the vendor’s real estate agent.


A reserve price is set, which is the minimum amount acceptable, and a licensed auctioneer sets a date on which bids are made. If you are the highest bidder, you are required to sign the contract.

Off The Plan:

When purchasing a property off the plan, you are committing to the purchase in advance of the property being built, and it’s important to be aware that you may face delays and changes in the design.

Finding The Right Home

Once your price and budget are in place, do your research on the Port Macquarie area and start the hunt for your home. Whether you are already a local or you are moving here for the first time, this is a coastal region that is popular for growing families. Not only are you close to the beach, but the infrastructure and job market are on the rise.

The Benefits of The NSW First Home Loan Deposit Scheme

If you qualify for the NSW FHLDS, your home loan from a participating lender is guaranteed by the Government, enabling you to purchase with as little as a 5% deposit. The guarantee extends only to a maximum amount of 15% of the property’s value, as assessed by the lender, and there is a price cap on the value of the property.

In NSW capital city and regional centres, such as Port Macquarie, the price cap is $800,000, and stamp duty concessions may apply.

For a property to be eligible under the scheme, it must be a ‘residential property,’ which includes:

  • Existing houses, townhouses, or apartments
  • House and land packages
  • Land and a separate contract to build the home
  • An off-the-plan townhouse or apartment

There are 10,000 of these loan guarantees available each financial year, and to be eligible, single applicants can have an annual income of up to $125,000, shown from the previous financial year, and couples up to $200,000. Further details on the scheme’s eligibility and timeframe requirements can be found here.

Your Offer Has Been Accepted And Contracts Have Been Exchanged… Now What?

Whether your accepted offer has been via private treaty or auction, the final step is the exchange of contracts between the buyer and the vendor. Keep in mind that private treaty sales have a 5-day cooling-off period for the buyer, with only 0.25% of the purchase price required if you back out.

However, there is no cool-off period on purchases made at auction.

If you’re ready to take the big step of buying your first home, get in contact with the team at Percival Property and we can assist you every step of the way.

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