First Home Buyer Guide Brisbane 2026: Grants, Deposits and How Much You Can Borrow

Buying your first home in Brisbane is exciting, but the numbers can feel overwhelming: grants, concessions, deposits, lenders mortgage insurance, borrowing power. This guide walks through each piece in plain English so you know where you stand before you start inspecting properties.

Step one: know what help is on the table

Queensland first home buyers have access to some of the most generous support in the country, but the rules change regularly and each scheme has its own eligibility criteria. The three worth understanding first are:

• First Home Owner Grant (FHOG). A one-off payment from the Queensland Government for buying or building a brand-new home (including off-the-plan apartments and house-and-land packages) valued under the price cap. Established homes do not qualify. The grant amount has changed several times in recent years – it was boosted to $30,000 for eligible contracts signed up to 30 June 2026 – so confirm the figure that applies to your contract date on the Queensland Revenue Office website, or ask us.
• Transfer (stamp) duty concessions. Queensland has removed transfer duty entirely for eligible first home buyers purchasing or building a new home, and offers a first home concession on established homes up to a value threshold with a sliding scale above it (at the time of writing, the full concession applies up to $700,000 and phases out at $800,000). On a typical Brisbane purchase this can be worth tens of thousands of dollars.
• Home Guarantee Scheme. A federal scheme where the government guarantees part of your loan so you can buy with as little as a 5% deposit without paying lenders mortgage insurance. The scheme was expanded from October 2025 to remove income caps and place limits, and Brisbane's property price cap was lifted to $1 million. You must be an Australian citizen or permanent resident, live in the property and meet the lender's normal credit criteria.

Many buyers can combine all three. For example, a couple building a new home in Brisbane's outer suburbs may pay no transfer duty, receive the grant towards their deposit and use the Home Guarantee Scheme to avoid LMI.

Step two: work out how much deposit you actually need

The old rule of thumb is 20% of the purchase price, and it is still the cleanest option: no lenders mortgage insurance, access to the widest range of lenders and the sharpest pricing. But most Brisbane first home buyers do not have 20% saved, and they do not need to.

Here is how the deposit question usually plays out:

• 5% deposit is possible under the Home Guarantee Scheme, or with selected lenders if you are prepared to pay LMI.
• 10% deposit opens up most lenders, with LMI typically added to the loan rather than paid upfront.
• Guarantor support, where a parent offers equity in their own home as extra security, can let you borrow up to the full purchase price with no LMI. The guarantee can usually be released once you have built enough equity.

Remember that the deposit is not the only upfront cost. Budget for transfer duty (if any applies), conveyancing, building and pest inspections, lender fees, and a buffer for moving costs and the first few months of ownership. Lenders also like to see genuine savings: money you have held or accumulated over at least three months, rather than a lump-sum gift that arrived last week.

Step three: understand what lenders mean by borrowing power

Your borrowing power is the maximum loan a lender will approve based on your ability to repay it. Every lender calculates it slightly differently, which is why the same applicant can be told wildly different numbers by different banks. The main inputs are:

• Income. Base salary is straightforward. Overtime, bonuses, commission, casual hours and rental income are usually counted, but often only a portion of them, and lenders want to see a track record.
• Living expenses. Lenders review your actual spending from bank statements and compare it to a benchmark for your household size and location. Regular spending on subscriptions, food delivery and buy-now-pay-later shows up here.
• Existing debts. Car loans, personal loans and HECS-HELP repayments reduce what is left over. Credit cards are assessed on their limit, not the balance, so cancelling unused cards can lift your borrowing power immediately.
• The serviceability buffer. Regulators require lenders to test that you could still afford repayments if rates rose by at least 3 percentage points above the rate you are offered. This buffer is why borrowing power falls when rates rise.

A broker's job is to know which lenders treat your particular income and circumstances most favourably, so you are not relying on one bank's calculator.

Step four: get pre-approved before you fall in love with a property

A pre-approval (also called conditional approval) is a lender's written indication of how much they are prepared to lend you, subject to a valuation of the property you eventually choose. It typically lasts around three months and gives you three advantages: you know your true budget, you can act quickly when the right property appears, and sellers and agents take your offer more seriously.

Pre-approvals are not all equal. Some lenders fully assess your application up front; others issue an automated approval that is little more than a calculator result. We aim for the former, because it means fewer surprises when you sign a contract.

Brisbane-specific things to keep in mind

• Auctions versus private treaty. Many Brisbane homes sell by private treaty with a finance clause, which gives you time to get formal approval. Auctions are unconditional, so you need full approval before bidding.
• Flood and body corporate checks. Lenders value flood-affected properties conservatively, and apartment purchases involve body corporate fees that count as an ongoing expense. Factor both into your search.
• New builds and construction loans. If you are buying house-and-land to access the grant and duty exemption, you will usually need a construction loan with progress payments rather than a standard home loan.

A simple checklist to start

1. Pull together three months of payslips and bank statements, your last two tax returns if you are self-employed, and photo ID.
2. List your debts and credit card limits, and close what you do not use.
3. Check your eligibility for the grant, the duty concession and the Home Guarantee Scheme.
4. Talk to a broker about pre-approval so you are shopping with a real budget.

Every first home buyer's position is different, and the right combination of grants, deposit and lender depends on yours. Book a free strategy call and we will map it out with you, with no obligation.