First Home Buyer

In considering if you’re ready to buy your first home, it is important to first see that you have your finances in check and that they align with your goals. This includes having healthy savings habits, a deposit saved for a down payment and a clear financial plan in the works. Make sure that you also have a realistic and firm idea of what you want, especially in regards to location, timeframe and budget.

Get familiar with and see if you qualify for different home loans or other financial support including the First Home Owners Grant. Home loan approval can take time, so try to begin talks with your financial institution about receiving pre-approval. This will give you a better idea as to how much you will be able to borrow as well as well as other important process factors such as house deposit criteria. Be sure to also check and understand the finer details of your personal credit report. As a first home buyer, black marks on your credit report may influence lender trust and impact your ability to gain approval for a home loan.

Do your research. Consider where you want to buy and live. If you’d like to have a better physical idea of a potential dwelling or build, visit our display homes, which feature some of our most popular single and double storey designs. Consider and compare different suburbs and packages to get a better idea of your options and how different factors may influence your budget and home goals. Research your options from suburbs and land availability to home designs. Visiting Meridian Homes display homes gives you a tangible feel for layout, size, and style. We can guide you in comparing different locations, packages, and inclusions so you can confidently make your choice. If you’re unsure where to begin, our team is here to walk you through every step. Contact us to help you get the ball moving on your dream home.

The First Home Owners Grant NSW is a government-funded, one-off grant valued at a sum of $10,000. Its intended purposes include improving housing affordability in NSW, encouraging the building of new homes and supporting the first home buyer in purchasing their own property.

The grant is offered to first home buyers and owners for:

• The purchasing of a new home of up to $600,000
• The building of a new home up to $750,000

With ‘new home’ being defined as a residence that has not been lived in previously, a property that has not been sold as new before, a new build or a knock down rebuild.

This sum of money can be put towards a house deposit, or serve as a monetary buffer against stamp duty, legal fees or other unexpected costs. For further in-depth information on eligibility and application processes, read more about the First Home Owners Grant here.

When it comes to building a new home, there are a lot of variables that have to be factored in that can drastically change the cost of the total project. According to The Urban Development Institute of Australia, in 2019 the median lot price for Sydney was $459,000. In regards to the actual building of a home, the Australian Bureau of Statistics reported that the Australian average for home size was $1393.55 per spm, however it is notable that this excludes costs such as planning permits, design and site work. With the average dwelling in Australia spanning 229.8sqm in 2019, this places the cost of building at roughly $320,238.

Since then, construction costs have risen significantly. In 2025, most sources now estimate the cost of building a home in Australia at $2,000–$3,000 per sqm for standard homes, and up to $4,500 or more per sqm for custom or high-spec builds. This means that the same average home size of 229.8sqm would cost between $460,000 and $690,000 to build today, before factoring in land, planning, or site costs.

As a first home buyer, some important factors of cost to consider include:

• Location – different areas will fluctuate in price, which is influenced by suburb appeal, CBD proximity, accessibility to transport and infrastructure etc. It can also dictate certain council and build requirements, such as the Bushfire Attack Level (BAL) rating, which may require you to build with more specialised, non-combustible materials or other construction treatments.
• Cost of the land – dictated by size, area, production potential, existing structures etc.
• Site work – this includes excavation of the plot, levelling, removing greenery and other landscaping costs such as fencing, paving and gardening.
• Complexity – utilising an architect or developing a specialised design requires more expertise and time, and therefore a higher cost. But in doing so, it will ensure that the space on your land will be utilised effectively and can maximise your house floor space. It means that your home can also be customised towards your needs and increase your property value due to the more unique quality of the build.
• Quality – this depends on the higher quality materials and finishes that you desire for your home, which will increase the cost due to the craftsmanship required and price of needed materials.
• Desired timeframe

As a family business, we are committed to helping hard working Australians take the step into home ownership with confidence and comfort. We understand the stress and complexities that can be involved in buying your first home, and are committed to upholding transparency and honesty when guiding you every step of the way to ensure that your experience is as rewarding as it is exciting.

As a first home buyer you can be inundated with confusing and vague options with hidden costs, but at Meridian Homes we offer some of the newest, cost-effective designs and packages to make buying your brand new home easy and simple. Our new home packages are designed to remove hidden costs and confusion, offering affordable, high-quality homes with inclusions that make moving in easy. However, we understand that building your first dream home is not always a one-size-fits all, and are happy to work to customise a plan to suit your needs, family or lifestyle.

Enquire here for advice and start your new home journey with us today.