Complete First Home Buyer Guide — Brisbane 2026

The biggest myth in Australian property is that you need a 20% deposit. You don't. Here's what you actually need in 2026:

Minimum deposits by scheme:

• 2% deposit — Help to Buy scheme (government contributes up to 40% equity for new homes, 30% for existing)
• 2.20% deposit — Some specialist lenders allow you to borrow the remaining deposit
• 5% deposit — First Home Guarantee (FHBG) — no LMI required, unlimited places
• 5% deposit — Family Home Guarantee for single parents — no LMI
• 10-15% deposit — Many lenders with LMI (we can often get LMI waived or reduced)
• 20% deposit — Standard, no LMI required

What does this look like for a $600,000 Brisbane home?

• 2% deposit = $12,000 (Help to Buy)
• 5% deposit = $30,000 (First Home Guarantee)
• 10% deposit = $60,000 (plus ~$10,000–$15,000 LMI)
• 20% deposit = $120,000 (no LMI)

Plus you'll need approximately $2,000–$5,000 for legal fees, inspections, and other purchase costs. Many first home buyers are surprised at how little they actually need to get started.

Queensland first home buyers have access to some of the most generous incentives in Australia. Here's every scheme available right now:

1. Queensland First Home Owner Grant (FHOG) — $30,000

A $30,000 cash grant for buying or building a brand new home valued under $750,000. This is real money — paid at settlement, reducing the amount you need to borrow. You must be an Australian citizen or permanent resident, over 18, and never have owned property in Australia before.

2. First Home Buyer Stamp Duty Concession

Buying an existing home in QLD? You pay no transfer duty on homes up to $500,000, and a reduced rate on homes between $500,000 and $700,000. On a $600,000 home, this saves you approximately $8,750 compared to the standard rate.

3. First Home Guarantee (FHBG) — 5% Deposit, No LMI

The federal government guarantees the gap between your 5% deposit and the 20% normally required. This means no Lender's Mortgage Insurance — saving $10,000–$30,000 on a typical Brisbane purchase. Since October 2025, places are uncapped — there's no annual limit.

4. Help to Buy Scheme — 2% Deposit

Launched December 2025, the government contributes up to 40% equity for new homes or 30% for existing homes. You only need 2% deposit. Income caps apply ($90,000 single, $120,000 couple). When you sell, you repay the government's equity share.

5. Family Home Guarantee — Single Parents

Single parents (including widowed) can buy with just 2% deposit and no LMI. Available for both new and existing homes. You don't need to be a first home buyer to access this one.

6. Regional First Home Buyer Guarantee

Buying in regional Queensland? This scheme lets you purchase with 5% deposit and no LMI in eligible regional areas.

Here's exactly what the process looks like, from "I want to buy" to picking up the keys:

Step 1: Get Your Finances Assessed (Week 1)

Before you start scrolling Domain or REA, talk to a broker. We'll review your income, debts, savings, and credit history to tell you exactly how much you can borrow. This is free and takes about 15 minutes.

Step 2: Get Pre-Approved (Week 1–2)

Pre-approval (also called conditional approval) means a lender has reviewed your finances and agreed in principle to lend you a specific amount. It typically lasts 3–6 months and gives you a firm budget to work with. Sellers and agents take pre-approved buyers more seriously.

Step 3: Start House Hunting (Weeks 2–12)

Now you know your budget, start looking. Popular first home buyer suburbs in Brisbane include Ipswich, Logan, Moreton Bay, and Redland Bay — all within commuting distance of the CBD with median prices under $600,000.

Step 4: Make an Offer or Bid at Auction

Found the one? Your solicitor or conveyancer will help you make a formal offer. If buying at auction, your pre-approval gives you confidence to bid. Remember: auction purchases are unconditional — no cooling-off period.

Step 5: Contract and Due Diligence (2–5 days)

Once your offer is accepted, you'll sign a contract. In QLD, you get a 5 business day cooling-off period for private treaty sales (not auctions). Use this time for building and pest inspections.

Step 6: Formal Loan Approval (1–3 weeks)

We submit your full application to the lender. They'll order a property valuation and verify your documents. This is where having a broker saves you time — we chase the lender daily.

Step 7: Settlement (4–6 weeks after contract)

Your solicitor, the seller's solicitor, and the lender coordinate settlement. The loan funds are transferred, the title changes to your name, and you get the keys. Welcome home!

Borrowing capacity depends on your income, debts, living expenses, and the lender's assessment criteria. Every lender calculates differently — which is exactly why using a broker matters.

Rough guide for a single borrower (2026 rates):

• $70,000 salary → approximately $400,000–$480,000
• $85,000 salary → approximately $500,000–$580,000
• $100,000 salary → approximately $580,000–$680,000

For a couple (combined income):

• $120,000 combined → approximately $600,000–$720,000
• $150,000 combined → approximately $750,000–$880,000
• $180,000 combined → approximately $880,000–$1,050,000

These are estimates only. Actual borrowing power depends on your specific debts (HECS, credit cards, car loans), number of dependants, and the lender's individual serviceability calculator. One lender might approve you for $550,000 while another says $620,000 for the exact same application.

This is why we compare across 50+ lenders — to find not just the best rate, but the lender that gives you the most borrowing power for your situation.

The purchase price isn't the only cost. Budget for these additional expenses:

• Stamp duty (transfer duty): $0 on homes up to $500K for first home buyers in QLD, concessions up to $700K. Above $700K, expect $8,000–$20,000+
• Conveyancing/solicitor fees: $1,200–$2,500
• Building and pest inspection: $400–$700
• Lender's Mortgage Insurance (LMI): $0 with government guarantee schemes, otherwise $5,000–$30,000+ depending on deposit and loan size
• Loan application fees: $0–$600 (many lenders waive this)
• Title registration fee: ~$200
• Moving costs: $500–$2,000
• Home and contents insurance: $1,500–$3,000/year (required from settlement)

Total additional costs (typical): $3,000–$8,000 for first home buyers using a government scheme, or $15,000–$35,000+ if paying LMI and full stamp duty.

A bank can only offer you their own products. If you walk into Commonwealth Bank, they'll only show you CBA home loans — even if NAB or a non-bank lender has a better rate or more suitable product for your situation.

A broker compares 50+ lenders for you. We have access to the big four banks, regional banks, credit unions, and specialist non-bank lenders. We find the lender that offers the best rate AND the most suitable loan features for your specific needs.

Key advantages of using a broker:

• We compare rates across 50+ lenders in minutes — it would take you weeks to do this yourself
• We know each lender's quirks, policies, and credit appetites — saving you from rejected applications
• We handle ALL the paperwork and lender communication
• We provide ongoing support — rate reviews, refinancing advice, and help with future purchases

In 2026, over 70% of Australian home loans are written through brokers. There's a reason for that — it's simply a better way to find and secure a home loan.

After helping thousands of first home buyers, here are the most common mistakes we see:

• Not getting pre-approved first: You find your dream home, make an offer, then discover your borrowing capacity is $50,000 short. Get assessed before you fall in love with a property.
• Going straight to your bank: Your bank knows you're loyal — they don't need to offer you their best rate. A broker negotiates on your behalf across 50+ lenders.
• Forgetting about government schemes: We regularly meet buyers who didn't know about the $30,000 FHOG or the 5% deposit guarantee. Check your eligibility before you start.
• Not budgeting for additional costs: Stamp duty, legal fees, inspections, and moving costs add up. Budget an extra $5,000–$10,000 minimum on top of your deposit.
• Maxing out your borrowing capacity: Just because a lender will approve $700,000 doesn't mean you should borrow that much. Leave room for rate rises, lifestyle changes, and emergencies.
• Skipping the building and pest inspection: $500 for an inspection can save you $50,000+ in hidden structural or termite damage. Never skip it.
• Having too many credit cards: Even if your credit card balance is zero, the available limit reduces your borrowing capacity. Close cards you don't use before applying.

How long does it take to buy a first home?

From first broker meeting to settlement, typically 8–16 weeks. Pre-approval takes 1–3 days, house hunting varies, and settlement is usually 30–42 days after signing the contract.

Can I buy a first home with HECS/HELP debt?

Yes. HECS debt does reduce your borrowing capacity slightly (lenders factor in the repayment), but it absolutely does not prevent you from getting a home loan. We work with this daily.

Do I need to save the deposit in a specific account?

Lenders want to see "genuine savings" — money you've saved over time, typically 3–6 months. Gifts from family are accepted by most lenders with a signed statutory declaration. Some lenders are more flexible than others — we know which ones.

Can I use my super for a first home deposit?

Yes, through the First Home Super Saver Scheme (FHSSS). You can access voluntary super contributions of up to $50,000. You need to apply to the ATO before signing a contract.

What if I've already owned property overseas?

The Queensland FHOG requires that you've never owned residential property in Australia. Owning property overseas doesn't disqualify you from the QLD grant, but it may affect eligibility for some federal schemes.

I earn a good income but have bad credit — can I still buy?

Yes, specialist lenders exist for borrowers with credit impairments. The rates are higher, but we can often get you approved and then refinance to a better rate once your credit improves (usually 12–24 months). Talk to us — we've helped many people in this situation.