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Everything you need to know about buying your first home in QLD…
Preparing To Buy Your First Home
Plan your budget
Set a realistic long-term budget for repayments and costs, using online tools to help. Review and cut unnecessary expenses to stay on track as a first-home buyer. However, you should make sure to set aside some money to enjoy life, or you will probably not stick to your budget!
Know your limits
Stick to what you can afford and focus on needs like location and size. Don’t immediately aim for your dream home—buy within your means for peace of mind.
Maximise your deposit
Save as much as possible for a deposit. A 20% deposit can help you avoid mortgage insurance, saving money in the long run. There are a multitude of savings accounts available. Read about the things to look for in a savings account to find what is appropriate for your goals.
Managing debt
Minimize personal debt and consider consolidating loans. Paying more than the minimum helps you reduce debt faster, making homeownership more achievable.
Government grant
Explore government grants for first-home buyers, such as the Queensland First Home Owners Grant or federal programs that can reduce your costs.
Use a Finance Broker
A finance broker can help with pre-approval, budgeting, and accessing grants, making the first-home buying process smoother and less stressful.
Affinty’s First Home Buyer Web Book
Check out Affinity’s Complete Guide for First Home Buyers for more information on confidently navigating the home-buying process.
Securing The Best Home Loan
When buying a home, securing the right home loan is crucial to avoid years of unnecessary stress. With so many loan options available. Some of these options can save you thousands so it’s important to navigate potential traps and make an informed decision. Here’s what to consider…
Fixed vs Variable Home Loan?
Fixed-Rate Loan
Variable-Rate Loan:
Offset or Only Redraw?
An offset account makes it easier to transact with your savings, which can be beneficial or detrimental depending on your spending habits. If the offset facility comes with a higher interest rate, you need to ensure you have enough money in the account to justify the extra interest payment
For instance, with a $249,000 mortgage, a package including an offset account might cost 4.25% interest, while a basic product with a redraw facility might cost 4.00%. The extra interest for the offset account would be $622.50 per year. To break even, you would need to maintain around $14,500 in the offset account at all times.
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.
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Saving For Your First Home
Buying a home is a significant step, often accompanied by large financial commitments. However, with careful budgeting and expert advice, saving for your first home can be more manageable. Affinity offers tips to help you save effectively, making it easier to afford and pay off your home in the long run.
Even after saving enough for a deposit, it’s crucial to continue building your savings to cover mortgage repayments and unexpected expenses like property repairs. Having a substantial savings buffer provides financial security and peace of mind.
To determine how much to save, consider these three expert tips from Affinity:
Tactics for first home buyer deposit and beyond…
Set, Plan & Manage Your Savings Goals
Develop a plan to help you save your deposit and beyond. Work out how long it will take you to save the amount you need, and how much you’ll have to put aside each pay. Have your plan written out and placed somewhere visible, so you are always reminded to stick to it.
Track Your Expenses & Cut Back on Extras
The easiest way to see where you can cut back is by doing a budget. Write down your essential costs, such as rent, bills, and food, and subtract this amount from your income. Save the leftovers for your deposit. Give yourself some leeway – if your budget is too tight, you might be tempted to ignore it.
Move back home if you can
Many young people choose to move out later, or move back into the family home while they are saving for their first house. Rent is likely to be one of your biggest expenses. Thus, if you can cut this right down, you could increase your savings very quickly.
High interest savings account
Once you know how much you can save, maximize your savings by using a high-interest savings account instead of your everyday account. This reduces the temptation to spend and earns you more interest. Look for accounts offering bonus interest for months without withdrawals to further discourage spending.
Automate your savings
Boost your savings by setting up automatic transfers to your savings account as soon as you get paid. You can do this online or ask your payroll department to send part of your pay directly to your savings account. This “set and forget” method ensures consistent growth without manual effort. It also reduces the temptation to spend.
Consider Investing to earn more
Have you thought about investing your savings in shares or a managed fund? This is a good way to increase your overall capital. However, this is only a good idea only if you plan to buy your home in a few years’ time. This is because investments in shares or managed funds are suited to long-term goals.
How To Prepare A Winning Contract Offer
Here are our essential tips for preparing a winning contract offer…
Deciding on your contract offer
◦ Put it in Writing: Demonstrates seriousness and avoids confusion.
◦ Understand the Documents: Agents will present several documents; ensure you get independent legal advice if needed.
◦ REIQ Contract of Sale: Includes provisions for finance, building, and pest inspections. Conditions can be varied by agreement.
Presenting your contract offer
Provide Full Details:
◦ Purchase price
◦ Deposit method (cheque/electronic transfer)
◦ Required settlement period
◦ Solicitor or conveyancer details
◦ Bank or financial institution details
◦ Any special conditions or requests
Confirm Timeframes: Ensure all investigations, checks, and searches are completed within the agreed timeframe.
Deciding on building and pest reports: Before you purchase any property (especially a new property) it is important that you receive a copy of a Pest & Building Report from a qualified inspector.
Paying a deposit
Encouraged, not required: In most cases, buyers are urged to pay a deposit.While there’s no legal obligation to pay a deposit, doing so strongly signals to the seller that your offer is genuine and made in good faith, giving you a competitive edge.
Installment contract: If the deposit exceeds 10% of the purchase price, the agreement is classified as an ‘Installment Contract,’ which carries legal implications.
How to pay: Deposits can be paid through various methods, including:
◦ cash
◦ cheque
◦ electronic transfer.
◦ deposit bonds
◦ bank guarantees.
Consult a financial planner: Before opting for a deposit bond or bank guarantee, buyers should consult their lender or financial advisor to understand any potential costs or obligations associated with these payment methods.
Contract Conditions
Cooling-Off Period: Deposit is refundable if the contract is terminated legitimately.
Inspections and Finance: Ensure all conditions are met within the timeframe. Seek legal advice if extensions are needed.
The Contract
Standard Contract: Prepared by the Real Estate Institute of Queensland and Queensland Law Society.
Seek Legal Advice: Have your solicitor review the contract and add any necessary special clauses.
Independent Valuation: Obtain before signing.
Complete Warning and Disclosure Statements: Ensure these are correct before signing.
By following these steps, you can prepare a strong contract offer and navigate the property buying process with confidence.
Government Grants and Family Guarantors
As a first home buyer, you have options for government assistance available to you. Learn about how you can access these grants and other benefits.
Accessing the Queensland First Home Owner Grant
The Queensland First Home Owner Grant (FHOG) provides $30,000 for eligible contracts signed between 20 November 2023 and 30 June 2026. This applies to brand-new homes only. Established homes do not qualify.
Key eligibility requirements:
Stamp Duty (Transfer Duty) Concession
No Stamp Duty on New Builds for First Home Buyers
From 1 May 2025, eligible first home buyers purchasing or building a new home can receive a full stamp duty (transfer duty) concession, reducing their transfer duty to nil. This is a separate benefit from the FHOG. You can be eligible for both.
This concession applies to new builds and off-the-plan purchases. Established homes do not qualify for the full concession under this initiative.
For full details, visit the Queensland Revenue Office transfer duty concessions page.
Boost to Buy — Queensland’s Shared Equity Scheme
The Boost to Buy scheme is designed to help first home buyers with a 2% deposit access a government equity contribution of up to 30% for new homes and 25% for existing homes, to purchase a property valued up to $1 million.
This means you could enter the property market with a significantly smaller deposit while the Queensland Government holds an equity share in your home, which you buy out over time.
Current status: Round 2 is currently open, South East Queensland allocations are now exhausted. Regional Queensland allocations are still available. Half of all Boost to Buy places are reserved for regional Queensland.
How to apply: To apply, you must use the approved lender, Unity Bank, for your home loan. If you meet the eligibility criteria, they will submit your application on your behalf.
Use the eligibility checker on the Queensland Treasury website to see if you qualify.
Australian Government 5% Deposit Scheme
The federal government’s 5% Deposit Scheme (formerly known as the Home Guarantee Scheme) has been significantly expanded and now has no income caps, no waitlists, and removes the need for Lenders Mortgage Insurance (LMI).
From 1 October 2025, first home buyers with a minimum 5% deposit can access the scheme, while single parents or legal guardians can access it with a minimum 2% deposit.
The scheme involves the Australian Government providing a guarantee to your lender to help you get a loan with a small deposit, but you remain responsible for all costs and repayments. To keep the guarantee, you must meet ongoing obligations, such as living in the property as an owner-occupier.
Must go through participating lenders
You cannot apply directly to Housing Australia. Instead, applications must go through a Participating Lender as part of a home loan application. See the list of Participating Lenders here. Once pre-approved, you have 90 days to find a home and sign a contract of sale.
Property price caps apply depending on your location
Check the property price cap tool on the federal government’s First Home Buyers website.
Also worth knowing: The Australian Government also offers a Help to Buy shared equity scheme — check firsthomebuyers.gov.au for full details on all federal programs.
Getting Financial Help with Family Guarantors
There are many types of guarantor loan options, but the most common is that of a family guarantor loan. This is when the guarantor is directly related to the borrowers. Grandparents, siblings, and other family members can be considered on a case-by-case basis, but are not as preferred as a direct parent.
Benefits of a Family Guarantor
A family guarantor loan has 2 main benefits for a borrower or applicant:
1. You don’t need a deposit, which means you can buy your home now. (You may need to cover some costs along the way in most cases)
2. Not having to pay Lenders Mortgage Insurance (LMI), which means a considerable amount of money saved.
Benefits of a Family Guarantor
A family guarantor loan has 2 main benefits for a borrower or applicant:
1. You don’t need a deposit, which means you can buy your home now. (You may need to cover some costs along the way in most cases)
2. Not having to pay Lenders Mortgage Insurance (LMI), which means a considerable amount of money saved.
How does it work?
The new loan is secured by both the new property being purchased as well as the property owned by the guarantor. For the majority of guarantor loans we ask the lender to limit the guarantee secured on the guarantor’s property.
This means that they are not liable for the entire amount of the loan, only a portion of it, usually only the 20% depending on the bank and situation.
What are the risks?
A guarantor is legally responsible for your home loan if you face difficulties making repayments. If you’re struggling, it’s important to seek help from your bank or broker, as your home will be the first asset at risk before any action is taken against the guarantor.
While there is concern that the bank may sell the guarantor’s home to cover the debt, banks typically explore all options to resolve the issue before resorting to this extreme measure.
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.
Conveyancing & Settlement
Conveyancing is the legal transfer of a property’s title from the seller to the buyer.
Before you buy a property, you should research who you want to use for conveyancing. We recommend you do this research before you enter a contract of sale. Solicitors’ conveyancing costs can vary significantly – between $600 – $1,500 – so it’s important to do your homework.
Why use a solicitor?
The Real Estate Institute of Queensland (REIQ) is Queensland’s peak real estate advisory body. The REIQ recommends using a qualified solicitor for any property matter, including conveyancing.
Using a solicitor saves time on paperwork such as title searches and stamp duty. It should also provide peace of mind. This is very important when making one of the largest single financial transactions of your life.
Most of these searches are standard in the conveyancing process. DIY or discount conveyancing services may skip these crucial checks, posing risks to buyers.
Affinity Property works with a range of highly qualified solicitors and conveyancing services. For more information CLICK HERE.
Conveyencing cost
What are the conveyencing costs you may need to pay?
The costs involved in conveyencing include the cost of:
What do council and property searches involve?
Council and property searches help identify potential planning issues or future changes, such as:
What do zoning and title searches involve?
Zoning and title searches reveal potential property restrictions, such as:
Settlement
- Start Packing: Once your contract is unconditional, begin packing.
- Stay in Touch: Keep in contact with your agent and solicitor for any issues before settlement.
- Pre-Settlement Inspection: Arrange this with the agent to ensure all contract conditions are met.
- Inspection Timing: Conduct the inspection after the seller vacates the property.
- Settlement Attendance: Typically, the solicitor attends the settlement on the buyer’s behalf.
- Notification: Both solicitors notify the agent once settlement is complete.
- Key Handover: The new owner receives the keys after the agent is notified by both parties.
Your quest of buying a house, unit, townhouse or any other property is now complete – enjoy!
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this information is appropriate for you.