Spring is Sydney’s busiest season — listings surge, auctions stack up, and every week buyers lose a property they love because their finance is still a fortnight of paperwork away. This spring has a twist: prices are easing and the RBA raised rates to 4.60% on 29 September. That makes being finance-ready matter more, not less. Here’s the playbook.
Why getting ready now matters
- Pre-approval takes days to weeks — and lasts about 90 days. Sorted now, it covers the entire spring season.
- Auctions are unconditional. Spring is auction season, and you cannot bid safely while your finance is a hope rather than a document.
- Fixable problems take time. A credit-file surprise, a missing rental history, an old paid default — found now they’re annoyances; found the week of the auction they cost you the property.
Pre-approved before 29 September?
With rates now higher, your lender reassesses serviceability at formal approval using the higher rate, so the amount you can borrow can shrink. Roughly, each 0.25% rise knocks a few percent off borrowing capacity. Have your pre-approval re-checked before you bid, not after.
The five-step spring checklist
Prefer it on paper? Download the free two-page First Home Buyer Checklist (PDF) — grants, documents and the six steps, ready to print.
- Know your number. Run the borrowing power calculator, then have it verified properly — the calculator is a compass, not a contract.
- Check your credit file before a lender does. What lenders actually look at.
- Claim your schemes. First home buyer? The 5% deposit scheme has no income caps and Sydney’s price cap is $1.5m — plus $0 stamp duty up to $800k in NSW.
- Get pre-approved with the lender chosen for your situation, not the first one that says yes. How pre-approval really works.
- Set your auction rules. Walk-away price, valuation view, deposit cheque logistics — decided in daylight, not at the auction.
Upgrading this spring?
Selling and buying in the same market is a sequencing problem — bridging finance or a well-planned settlement window solves it. Start that conversation before you list.
Bidding at auction? The contract is unconditional, so if the bank’s valuation comes in low afterwards, the gap is yours to cover. How to handle a low valuation.
Common questions
How long does pre-approval last?
Typically around 90 days, and most lenders can refresh it with updated payslips rather than starting over. Getting pre-approved in late August covers the whole spring season through to early summer auctions.
Can I bid at auction with just a pre-approval?
You can — but understand what you're holding. Auction purchases are unconditional: no finance clause, no cooling-off. A strong pre-approval plus a realistic valuation view on the specific property is what makes bidding safe. We sanity-check both before auction day.
Should I buy now or wait for spring stock?
More stock means more choice and more competition. Late winter can be a sweet spot — motivated vendors, fewer bidders — while spring rewards buyers who are already finance-ready when the right listing appears. The wrong answer is deciding in October and starting the paperwork then.
What documents should I get together now?
ID, two recent payslips, latest tax return or notice of assessment (both, if self-employed), three months of bank statements, and statements for any debts. Having these ready turns pre-approval from weeks into days.
General information only — your situation determines what applies. Current at 24 September 2026.
