The Real 2026 Cost of Buying Your First Home in Mascot

You can expect the real cost to buy a first home in Mascot in 2026 to land around $880k–$1.05m for a one‑bed and $1m–$1.25m for a two‑bed, once you include stamp duty and buying costs. On that kind of price, most first‑home buyers will need at least an 8–15% deposit, plus 3–6 months of expenses in cash or offset, and should keep repayments under 30–35% of after‑tax income when modelled at current rates plus 3%.

That’s the headline. Here’s how the numbers actually break down so you can decide a price range this week.

Understanding the real all-in cost helps set a safe Mascot price range.

1. What does a Mascot first home actually cost in 2026?

Indicative Mascot prices (mid‑2026)

These are ballpark contract prices based on recent Eastern Suburbs trends — always check current listings and sales:

• Older 1‑bed apartment (no lift/amenities): $780k–$880k
• Modern 1‑bed in larger complex: $820k–$950k
• Modern 2‑bed apartment: $1.0m–$1.2m

For first‑home buyers, the all‑in cost isn’t just the contract price. You also have:

• Stamp duty (unless fully exempt)
• Legal and conveyancing fees
• Building/pest/strata reports
• Loan setup and LMI (if <20% deposit)
• Moving and basic setup costs

A simple rule: add 4–6% on top of the purchase price for total costs if you’re not fully exempt from duty.

If you’re targeting Mascot, read our concession‑specific guide: Practical Ways To Use FHBG, FHSS And NSW Concessions In Mascot.

2. Worked example: 1‑bed Mascot apartment in 2026

Let’s run a realistic example for a first‑home buyer couple.

Scenario

• Target: Modern 1‑bed Mascot apartment
• Contract price: $900,000 (illustrative)
• State: NSW first‑home buyer, buying to live in

2.1 Upfront costs

Approximate, assuming no full duty exemption but some concessions:

• Stamp duty (after any concession): $20k–$30k (check latest NSW thresholds)
• Legal and conveyancing: $2k–$3k
• Building/strata reports: $800–$1,200
• Bank and government fees: $1k–$1.5k
• Moving and basic setup: $3k–$5k

Total non‑deposit costs: roughly $27k–$40k.

If you can access the First Home Guarantee (FHBG) or FHSS, these figures change meaningfully. We unpack that in detail in /insights/using-fhbg-fhss-state-concessions-mascot.

2.2 Deposit and LMI

On a $900k purchase:

• 20% deposit = $180,000 (no LMI)
• 15% deposit = $135,000
• 10% deposit = $90,000

If you borrow above 80% LVR without a government guarantee, you’ll usually pay Lenders Mortgage Insurance (LMI). On a $900k Mascot apartment, a 10–15% deposit could mean $15k–$30k in LMI (very rough range, varies by lender and borrower profile).

Many first‑home buyers choose:

• 10–15% deposit + FHBG (to avoid LMI), or
• 15% deposit + LMI if they don’t qualify for FHBG.

The real question: does stretching to 20% and losing a year or two of buying time make sense versus getting in sooner at 10–15% with a safe repayment plan?