It is understood the men planned to detonate the device on a flight from Sydney to the Middle East, possibly Dubai, Seven News reported.
The accused, whose names are known to Daily Mail Australia but not yet confirmed by police, were arrested in dramatic raids across Sydney on Saturday night.
Kitchen mincers are believed to be among the everyday items the alleged bombers used to form the lethal explosive, according to the Herald Sun.
The device was 'ready to go' as counter-terrorism police stormed properties across the city's west and inner-east.
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