Do I need a 20% deposit for my first home?

Not always. Eligible buyers may be able to buy with a 5% deposit and no LMI through the Australian Government 5% Deposit Scheme. Other low-deposit loans and family guarantees may also be available. You still need to meet the lender's borrowing requirements and allow for buying costs.

Can I get the Queensland first home owner grant for an established home?

Queensland's grant is for eligible new homes, including some substantially renovated homes, so an ordinary established home misses out. An established home may still qualify for a first-home transfer duty concession or the 5% Deposit Scheme. Each benefit has its own property and eligibility rules. We can go through those with you.

Does pre-approval mean I can make an unconditional offer?

Pre-approval is conditional, so it doesn't make an unconditional offer safe. The lender still needs to accept the property and complete its checks. Before signing, have your conveyancer or solicitor check the contract and talk to your broker about finance conditions. Auction purchases need particular care because you generally cannot make the winning bid subject to finance.

What should I budget for besides the deposit?

Allow for transfer duty unless a concession applies, conveyancing, building and pest inspections, lender fees, any LMI, and moving costs. Keep some money available after settlement rather than putting every dollar into the purchase. The buying-cost guides above help you build a budget for the property you are considering.

Can I buy my first home if I work casually or have just changed jobs?

It may be possible. Lenders differ in the job history they require and how they assess variable pay. Your recent payslips, employment contract and earlier work history help show what income is likely to continue. Check the home loan job requirements before choosing a lender or committing to a purchase.

Can my parents help me buy without giving me cash?

A guarantor home loan may let a parent use equity in their property to support part of your loan. You still need enough income to repay it. The guarantee puts the parent's property at risk, so they should get independent legal advice and understand how the guarantee can later be removed.

First home buyer loans | Hunter Galloway

Start with the whole journey

Start with your deposit and buying budget. The 8 chapters below take you through the rest.

Saving up for a deposit

Work out which loan or scheme fits you before setting a savings target. That choice affects how much deposit you need. A deposit of around 20% generally avoids lenders mortgage insurance (LMI), and a smaller deposit usually means paying LMI. Eligible first home buyers may be able to buy with a 5% deposit and no LMI through the Australian Government 5% Deposit Scheme, and a family guarantee is another pathway.

Work out your buying costs separately from your deposit: transfer duty unless a concession applies, conveyancing, building and pest inspections, lender costs and LMI where it applies, plus a buffer for moving in. Many lenders also want to see genuine savings, especially when your deposit is small.

Grants and Government schemes

Queensland's First Home Owner Grant is $30,000 for eligible contracts signed on or after 20 November 2023. It applies to a new home you buy or build that is valued at less than $750,000, including the land and any contract variations, so a home valued at exactly $750,000 misses out. Established homes are not eligible.

At least one buyer must be an Australian citizen or permanent resident, neither you nor your spouse can have received a first home owner grant before or owned a home you have lived in, and each buyer needs to move in within a year and live there for at least six continuous months. Our grant guide covers the full conditions and how to apply.

Finding the right home

Location matters, but so do the property itself and whether it works for you. These resources will help you to understand where to find the best properties, and how to do your step-by-step research online:

Buying a home

These resources cover the steps from making an offer on a house to settlement:

Home loans explained

LVR means loan-to-value ratio: how much you're borrowing compared with the property's value. These guides explain fixed rates, LMI, offset and redraw too:

Applying for a home loan

Find out what home loan pre-approval covers, how the application works and what to do if your loan is declined:

Home loans for different types of employment

How you're paid can affect which lenders suit you. These guides cover the job history and income documents lenders may need and whether your profession qualifies for an LMI waiver:

Bank home loan review

Got a particular bank in mind, or just curious how they compare? Start with our bank reviews below:

Questions and answers

Get an answer for your own purchase

Which first-home-buyer path fits your situation? Tell us your deposit, income and when you're hoping to buy. We can talk you through the options and a realistic next step.

Book a free assessment

or call 1300 088 065

Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328.