Finance for Queensland homes
Finance can feel like the hardest part of buying your first home. Deposits, repayments, loans, grants and approvals can all feel like a lot when you are just starting out.
The good news?
You do not need to understand everything before you ask for help.
This page breaks down the basics of first home buyer finance, so you can get a clearer idea of what to ask, what to check and what your next step could look like.
Start with your budget
Before choosing a home design, house and land package or location, it helps to get a rough idea of what may be realistic for your budget. Your budget may be shaped by:
- How much you have saved
- Your income and regular expenses
- The type of loan you apply for
- Your deposit amount
- The property price
- Grants or government support you may be eligible for
- Your ongoing repayments
You do not need an exact number straight away. But understanding your budget early can help you compare the right homes, locations and packages from the start.
How much deposit do you need?
The deposit needed for a first home can vary depending on your lender, loan type, property price and personal circumstances.
Some buyers may aim for a larger deposit, while others may be able to explore lower deposit options if they meet eligibility requirements for certain schemes.
It is worth looking into your deposit early, because it can affect:
- The type of loan available to you
- Whether Lenders Mortgage Insurance applies
- Your repayments
- Your borrowing power
- The kind of property you can consider
Use our mortgage calculator
Want to get a rough idea of repayments?
Our mortgage calculator can help you sense-check what different loan amounts and repayment assumptions could look like.
It is only a guide, but it can be a helpful place to start before speaking with a finance specialist.
Construction loans explained
Building a new home can work a little differently to buying an established property.
With a construction loan, funds are usually released in stages as your home is built. These are often called progress payments and generally line up with key stages of construction.
This means you may not draw down the full loan amount from day one. Your lender or broker can explain how the loan, repayments and progress payments will work based on your situation.
First Home Buyer Support In Queensland
If you are buying or building your first home in Queensland, you may also be eligible for government support.
This can include the Queensland First Home Owner Grant, transfer duty concessions and Australian Government first home buyer schemes. Eligibility and the support available will depend on your circumstances and the property you choose. Queensland’s First Home Owner Grant currently provides eligible buyers with $30,000 towards buying or building a new home valued under $750,000, including land.
You do not need to work out every scheme here. Our First Home Buyer Grants page explains the main options and what to check.
Think beyond the purchase price
When you are buying your first home, it is easy to focus only on the advertised price. But your budget should also consider the other costs that can come with buying, building and moving.
These may include:
- Loan repayments
- Conveyancing or legal costs
- Insurance
- Utilities
- Moving costs
- Rates
- Optional upgrades or personalisation
- Furniture and appliances
- Ongoing maintenance
Understanding the full picture can help you make a decision that feels good now and manageable later.
FAQs.
How much deposit do I need for my first home?
The deposit needed can vary depending on your lender, loan type, property price and whether you are eligible for any government support or lower deposit schemes.
Should I speak to a broker before choosing a house and land package?
It can be helpful to understand your budget early, so you know which packages may suit your situation before getting too far into the process.
What is a construction loan?
A construction loan is a loan used when building a new home. Funds are generally released in stages as the build progresses rather than being paid all at once.
What first home buyer support is available in Queensland?
Eligible first home buyers may be able to access the Queensland First Home Owner Grant, transfer duty concessions and Australian Government first home buyer schemes. The support available depends on your circumstances and the property you choose.
Can I use grants towards buying or building my first home?
Potentially. Queensland’s First Home Owner Grant applies to eligible buyers purchasing or building a new home, subject to current eligibility and property requirements.
What other costs should I plan for?
Alongside the property price, first home buyers should consider repayments, insurance, legal costs, moving costs, utilities, rates and any personalisation or upgrade costs.
Do I need finance approval before speaking to Mayde?
No. You can speak to Mayde before everything is finalised. We can help you understand the next step and connect you with finance support if needed.
Not sure what you may be able to afford?
You do not need to have all the answers yet. Tell us where you are at, and we’ll help you understand what to look at next.
