First Home Buyers

You may need less than you think

Many first home buyers assume they need a 20% deposit. In Queensland today, a combination of federal schemes, the First Home Owner Grant and stamp duty concessions means many buyers can get in with far less. The trick is knowing which ones you qualify for and how they work together.

We’ll work out exactly what’s available to you, what you can borrow, and what you’ll need upfront, before you start making offers.

“Joe from Fast Funding was amazing and got our first home loan approved… From start to finish Joe was there to answer all our questions no matter what time of day it was.”
Jacinta D., Facebook review

What’s available to Queensland first home buyers (October 2026)

Eligibility rules apply to every scheme, and they change regularly. We’ll check the current rules against your situation.

How the savings add up

Here’s an example of a first home buyer building or buying a new home for $700,000 in Queensland:

• Stamp duty: $0 (new home concession)
• First Home Owner Grant: $30,000
• Deposit: from 5% ($35,000) under the 5% Deposit Scheme, with no LMI

Buying an established home for $650,000 instead:

• Stamp duty: $0 (under the $700,000 threshold)
• Grant: not available (the grant is for new homes only)
• Deposit: from 5% ($32,500), with no LMI

Examples are illustrative. Your eligibility, the property and the lender’s criteria determine what you actually receive.

Our process for first home buyers

1. A first chat about your income, savings, debts and the kind of home you want.
2. Your real budget. We work out your borrowing power across several lenders, plus the schemes and concessions you qualify for.
3. Pre-approval, so you can make offers and bid with confidence.
4. Contract to settlement. Once you’ve found the home, we handle the formal application and valuation, and work with your solicitor or conveyancer through to settlement.
5. Grant and concession paperwork. We make sure the right forms are lodged so you receive what you’re entitled to.

Tips before you start looking

• Get pre-approved first. Agents and sellers take you more seriously, and you’ll know your limit before you fall in love with a property.
• Know your full costs. Budget for legal fees, building and pest inspections, loan fees and moving costs, as well as the deposit.
• Make your contract subject to finance, and to building and pest inspections. Give yourself enough days to get them done.
• Check your credit file for errors before you apply, and avoid new credit cards or car loans while you’re buying.
• Family help counts. A family guarantee or gifted deposit can help, but it needs to be documented properly.

Example: a first home land-and-build at Benobble

A first home buyer came to us wanting to build their first home at Benobble, in the Scenic Rim near Canungra. They had saved about $58,000 and the land and build would cost around $749,000. The challenge was getting into the market with a relatively small deposit while keeping upfront costs under control.

We assessed their borrowing capacity, checked which first home buyer support they qualified for, and compared lenders to structure the loan around their deposit and the grant.

Keeping the total cost under $750,000 meant they qualified for the $30,000 Queensland First Home Owner Grant. They built their first home for about $749,000 with a loan of around $674,900, and the completed home was valued at about $875,000, giving them equity from day one.

Client details and figures have been changed or omitted for privacy.

Frequently asked questions

How much deposit do I need for my first home?

As little as 5% under the 5% Deposit Scheme, with no LMI, for homes up to $1 million on the Gold Coast. Some buyers can get in with 2% through Help to Buy or the Family Home Guarantee.

Can I get the First Home Owner Grant on an established home?

No. In Queensland the grant is only for new homes, including homes you build, valued under $750,000.

Do I pay stamp duty as a first home buyer in Queensland?

Not on a new home or vacant land (contracts from 1 May 2025), and not on an established home valued up to $700,000. A partial concession applies between $700,000 and $800,000.

Can I combine schemes?

Often, yes. For example, you can use the 5% Deposit Scheme alongside the First Home Owner Grant and the stamp duty concession on a new home. We’ll check which combinations apply to you.

What if my parents want to help?

They can gift you money towards your deposit or act as guarantors using equity in their home. Both need to be set up correctly. We’ll explain the options and the risks to them.

Talk to Joe about buying your first home

Call (07) 5538 8334 or book a time with Joe.

General information only. It does not take into account your objectives, financial situation or needs. Scheme, grant and concession details are current as at October 2026 and can change; eligibility criteria apply. Check current details at firsthomebuyers.gov.au and the Queensland Revenue Office. Lending criteria, fees and charges apply, and all loans are subject to lender approval. Fast Funding (Australian Credit Representative Number 397509) is a Corporate Representative of BLSSA Pty Ltd (Australian Credit Licence 391237).