Last updated: July 2026 · Reviewed by John Pierre Saliba, Director and Mortgage Broker, MFAA Accredited
Buying Your First Home in Brisbane, 2026
Brisbane offers first home buyers one of Australia's most generous support packages: a $30,000 First Home Owner Grant for new builds, stamp duty concessions for homes under $700K and the First Home Guarantee allowing 5% deposit with no LMI. With the 2032 Olympics on the horizon and strong population growth, Brisbane remains a compelling market. This guide walks you through every step.
Queensland's $30K FHOG is the standout. Combined with the First Home Guarantee, a first buyer building a new home under $750K could enter the market with as little as $37,500 deposit and receive $30,000 back after settlement. That is a net deposit outlay of $7,500 on a $750K property. I walk Brisbane first buyers through this strategy regularly.
Step 1: Know Your Borrowing Capacity
Your borrowing capacity depends on gross income, HECS obligations, other debts, deposit size, living expenses and the lender's assessment rate. As a rough guide, most lenders allow 5.5 to 7 times your gross annual income. Use our Borrowing Power Calculator for a quick estimate, then book a full assessment with John for a precise figure across 50+ lenders.
Step 2: Deposit Options for Brisbane
- 20% deposit, no LMI: $950K purchase = $190,000 required
- 5% + First Home Guarantee, no LMI: $700K (cap) = $35,000 required
- 2% + Family Home Guarantee, no LMI: Single parents. $700K = $14,000
- 5 to 10% + guarantor, no LMI: Parent's property as additional security eliminates LMI
Deposit Comparison Table
| Property Price | 5% Deposit | 10% Deposit | 20% Deposit |
|---|---|---|---|
| $580K (unit) | $29,000 | $58,000 | $116,000 |
| $700K | $35,000 | $70,000 | $140,000 |
| $800K | $40,000 | $80,000 | $160,000 |
| $950K (median house) | $47,500 | $95,000 | $190,000 |
Use our LMI Calculator to estimate Lenders Mortgage Insurance costs if you are buying with less than 20% deposit without a guarantee scheme.
Step 3: Government Schemes, QLD 2026
- First Home Owner Grant (QLD): $30,000 for new homes valued under $750,000. One of the most generous grants in Australia.
- Stamp duty concession (QLD): $0 transfer duty for properties under $500K. Sliding concession between $500K and $700K. Full duty above $700K.
- First Home Guarantee: Buy with 5% deposit and no LMI. The government guarantees the remaining 15%. Income cap $125K (single) or $200K (couple). Property cap $700K in Queensland.
- Family Home Guarantee: 2% deposit, no LMI. Single parents only. Income cap $125K.
- First Home Super Saver Scheme: Withdraw voluntary super contributions (up to $50K) for your deposit at a lower tax rate.
Step 4: Budget for All Costs
- Transfer duty (if above concession thresholds)
- Legal and conveyancing fees: $1,200 to $2,500
- Building and pest inspection: $400 to $700
- Loan application fees: $0 to $600 (often waived)
- Moving costs: $500 to $2,000
- Immediate home costs: variable
Step 5: Get Pre-Approved
Pre-approval confirms your borrowing capacity in writing, which is essential before making offers or bidding at auction. Valid for 3 to 6 months depending on the lender. We arrange it at no cost, typically within 2 to 5 business days.
Step 6: Property Search and Due Diligence
- Always order a building and pest inspection before signing a contract
- Have your solicitor review the contract before signing
- Check body corporate records for units (minutes, levies, sinking fund)
- Queensland contracts include a 5-day cooling-off period (unless bought at auction)
- Confirm the postcode is not LVR-restricted by your lender
Step 7: Contract, Formal Approval and Settlement
Sign the contract and pay the initial deposit (typically $1,000 to $5,000 at contract signing in QLD). We then move to formal approval, typically 5 to 15 business days. Settlement is usually 30 to 60 days after the contract goes unconditional. Keys are handed over at settlement.
Step 8: Move In
Once settlement completes, the property is yours. Set up utilities, arrange contents insurance and update your address. If you used the FHOG, ensure you occupy the property within 12 months as required by the Queensland government.
What Can I Afford? Affordable Brisbane Suburbs
Brisbane has strong options for first home buyers looking for more affordable entry points. Here are suburbs worth exploring:
- Kedron: 8km north of the CBD with good bus and bike connections. Growing cafe culture.
- Nundah: Well-connected via train and bus. Strong local village feel with dining and retail.
- Ferny Grove: End of the Ferny Grove train line. Leafy, family-friendly with good schools.
- Chermside: Major suburban centre with Westfield, hospital access and public transport.
- Greenslopes: 5km south of CBD, close to hospitals and the PA precinct.
For full suburb data, repayment estimates and a free consultation, visit our Brisbane mortgage broker hub.
Mistakes to Avoid
- Missing the $30K FHOG by buying established instead of new (if eligible)
- Buying above $700K and losing stamp duty concessions
- Bidding at auction without formal pre-approval
- Underestimating costs beyond the deposit
- Applying to multiple lenders simultaneously, which damages your credit score
