How to Buy Your First Home in Brisbane: A Checklist

Buying your first home in Brisbane goes more smoothly when you do things in the right order. Set your budget first, confirm which concessions apply to you, then get pre-approval before you inspect a single property.

This first home buyer checklist follows that order. Each step explains what to do and why it comes where it does.

How Much Can a First Home Buyer Afford to Borrow?

Your borrowing capacity is the amount a lender is willing to lend you. Your comfortable repayment is often lower than that figure, so your first home buyer budget should be built on repayments you can sustain, not the maximum on offer.

Lenders look at your income, your expenses, your debts and your credit history. You can get a starting figure from our borrowing capacity page, then compare it with what you actually spend each month.

As an illustration, consider a buyer planning a $600,000 loan over 30 years. At an illustrative rate of 6.75% p.a., principal and interest repayments are about $3,890 a month. If the rate rose to 8.75% p.a., repayments would be about $4,720 a month, or roughly $830 more.

This buyer tests their household budget against the higher figure. They find it is tight, so they lower their target loan amount and keep a cash buffer for the first year. The result is a price range they can afford if rates rise, not only at today's rate. The rates in this example are illustrative only and are not current market rates.

What Deposit Do You Need to Buy Your First Home?

Many lenders accept a deposit below 20%, including 5% or 10%, but a smaller deposit usually means paying Lenders Mortgage Insurance (LMI). LMI is a one-off premium that protects the lender, not you, and it is often added to the loan, which increases what you owe.

The trade-off is time. A larger deposit can reduce or remove LMI, but saving it takes longer, and Brisbane prices may move while you wait. A broker can compare how the cost of LMI stacks up against the cost of waiting.

If family is helping, lenders have their own rules for a gift deposit. These often cover who the gift can come from and what paperwork they need, so raise this early in your first home loan application.

Which First Home Buyer Concessions Apply in Queensland?

Queensland offers a transfer duty (stamp duty) concession for first home buyers. For an eligible first home buyer of an established home, no duty is payable if the home is valued at $700,000 or less. To be eligible, buyers must meet the first home buyer tests, including the requirement from 1 August 2026 to be an Australian citizen, permanent resident or specified foreign retiree. The concession then phases out up to $800,000.

The first home concession for an established home only applies to a home valued under $800,000. The buyer must also move in within one year of settlement and live there as their home. Rules for new homes and vacant land differ, and grants for new homes have their own conditions. Check the Queensland Revenue Office site for your contract before you commit.

The Queensland Revenue Office also publishes a transfer duty estimator. Use it with the price range from your budget to see your likely duty bill before you make an offer.

How Do Home Loan Options Differ for First Home Buyers?

The main choices are the interest rate type and the features attached to the loan. A variable rate moves with the lender's decisions, a fixed rate stays the same for a set period, and a split loan uses both.

Each has a cost. A fixed rate gives certainty but can limit extra repayments and may carry break costs if you leave early. A variable rate can fall, but it can also rise.

Two features are worth comparing across home loans:

• An offset account holds savings against your loan balance, which reduces the interest charged. Some loans with this feature charge a higher rate or an annual fee.
• Redraw lets you access extra repayments you have made. Check the lender's rules, because access can have conditions.

Ask about interest rate discounts as well. Lenders offer different discounts depending on your deposit, so compare the rate you would actually receive, not the advertised one.

Why Get Pre-Approval Before You Inspect Properties?

Pre-approval is a lender's conditional indication of how much it may lend you, and it lets you shop and bid with a clear ceiling. It is not a final approval, and the lender will still assess the property you choose.

It usually comes with an expiry period, so time it to match when you plan to start looking. A change in your job, debts or spending before settlement can also affect the outcome.

When you are ready to apply for a home loan, you will generally need to show your income, your savings history, your existing debts and your identification. Having these on hand speeds up the home loan application, and a broker can lodge it with the lender that suits your situation.

What Costs Come After the Deposit?

Beyond the deposit and any LMI, budget for transfer duty if it applies, legal or conveyancing fees, building and pest inspections, and lender fees. Moving costs and early repairs also add up.

Another cost is insurance. Arrange building insurance as soon as you sign the contract. Under the standard Queensland contract the buyer generally carries the risk from shortly after signing, and lenders will want proof of cover before settlement. Strata buyers should check what the body corporate insures.

If you plan to use the First Home Super Saver Scheme to put voluntary super contributions toward your deposit, rules and limits apply. Speak to your accountant about how it affects your tax position, and check the official guidance before you rely on it.

Where Should You Start With Your First Home Buyer Checklist?

Start by talking to a broker before you start browsing, so your budget, concessions and pre-approval are lined up in the right order. You can read more about how we help on our first home buyers page.

Frequently Asked Questions