Buying your first home in Brisbane is an exciting milestone. This guide covers everything you need to know about becoming a Brisbane homeowner in 2024.
Brisbane First Home Buyer Grants & Schemes
First Home Owner Grant (FHOG) - $30,000
Queensland offers a $30,000 First Home Owner Grant for eligible first home buyers purchasing or building a new home. Key eligibility requirements:
- Must be a new home (not previously lived in)
- Property value under $750,000
- Australian citizen or permanent resident
- Not previously owned property in Australia
- Must live in the property for 12 months within first year
First Home Guarantee (Federal Government)
The First Home Guarantee allows eligible first home buyers to purchase with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property value.
Key points:
- Income caps apply ($125,000 single, $200,000 combined)
- Property price caps apply (Brisbane cap: $700,000)
- Must be owner-occupied
- Limited places available each year
Stamp Duty Concessions
Queensland offers stamp duty concessions for first home buyers:
- Concession for homes under $500,000 - Reduced stamp duty
- Concession for vacant land under $250,000 - Reduced stamp duty
As your Brisbane mortgage broker, we help you understand which grants and concessions you’re eligible for.
How Much Can You Borrow in Brisbane?
Your borrowing capacity depends on:
- Your income (employment type and stability)
- Existing debts (credit cards, personal loans, HECS)
- Living expenses
- Deposit amount
- Property type and location
Example Borrowing Scenarios
Single buyer, $80,000 salary, $40,000 deposit: Potential borrowing: $400,000 - $450,000
Couple, $150,000 combined income, $80,000 deposit: Potential borrowing: $650,000 - $750,000
Our Brisbane home loan brokers provide accurate borrowing capacity assessments based on your specific situation.
Brisbane Suburbs for First Home Buyers
Popular first home buyer suburbs in Brisbane include:
North Brisbane:
- Chermside (4032) - Near Westfield, good transport
- Aspley (4034) - Family-friendly, affordable
- Nundah (4012) - Village lifestyle, train access
South Brisbane:
- Mt Gravatt (4122) - Central location, good value
- Eight Mile Plains (4113) - Busway access, growth area
- Sunnybank (4109) - Diverse community, amenities
East Brisbane:
- Wynnum (4178) - Bayside lifestyle
- Carindale (4152) - Family suburb, Westfield
West Brisbane:
- Indooroopilly (4068) - Near UQ, great amenities
- Toowong (4066) - Village feel, train access
The Home Buying Process
Step 1: Get Pre-Approval
Before house hunting, get pre-approval from a lender. This tells you exactly how much you can borrow and shows sellers you’re a serious buyer.
Step 2: Find Your Property
Work with a buyer’s agent or search yourself. Attend open homes, research suburbs, and understand market values.
Step 3: Make an Offer
In Queensland, you can make a formal offer through the agent. If accepted, a contract is prepared.
Step 4: Building & Pest Inspection
Get a qualified inspector to check the property for structural issues and pest damage. This protects your investment.
Step 5: Formal Loan Application
Once your offer is accepted, submit your formal loan application. Your Brisbane mortgage broker handles this process.
Step 6: Settlement
Settlement typically occurs 30-60 days after contract signing. This is when ownership transfers and you get the keys!
Costs to Budget For
Beyond the purchase price, budget for:
- Stamp duty (or concession if applicable)
- Building & pest inspection ($400-$600)
- Solicitor/conveyancer fees ($1,000-$2,000)
- Loan establishment fees (often waived or negotiable)
- Moving costs ($500-$2,000)
- Initial repairs/improvements (varies)
- Council rates and body corporate (ongoing)
Common First Home Buyer Mistakes
Avoid these pitfalls:
- Not getting pre-approval first - Wastes time and risks disappointment
- Borrowing the maximum - Leave buffer for rate rises and emergencies
- Skipping building inspection - Can reveal costly issues
- Not comparing lenders - Different rates and features available
- Forgetting ongoing costs - Council rates, maintenance, utilities
Why Use a Brisbane Mortgage Broker?
A Brisbane mortgage broker helps first home buyers by:
- Comparing 40+ lenders in one place
- Finding the best rate for your situation
- Explaining grants and schemes you’re eligible for
- Handling the application paperwork
- Providing guidance throughout the process
Our service is completely free to you - lenders pay us when your loan settles.
Ready to Buy Your First Brisbane Home?
Book a free, no-obligation assessment with our first home buyer specialists. We’ll explain your options, calculate your borrowing capacity, and guide you through the process.
Get Your Free First Home Buyer Assessment
Home Loan Brokers Brisbane - helping Brisbane first home buyers since 2009.