Guide For First Home Buyers In Brisbane

We don’t charge a fee for our services, instead we are paid a commission by the lender once your loan is complete, which means we’ll work hard to recommend the best home loan for you.

How much of a deposit you need to buy your first home will depend on the value of the property you are buying, and the amount you are borrowing.

For a new property, you may need a minimum deposit of between 5% – 6% of the property purchase price (as some of the extra costs may be covered by the First Home Buyers Grant). For an existing property, you may need a minimum deposit of around 5% – 10%. Keep in mind that you will also need to set aside money for other costs including a conveyancer, and potentially a building and pest inspection.

Contact our team today and we can provide an estimate for the deposit amount you’ll need to have saved for your first home.

While many lenders prefer a deposit of at least 20% of the purchase price, this isn’t a hard and fast rule. Some mortgage lenders in Brisbane will happily offer 5% deposit home loans to first home buyers with a good credit rating. Because this kind of loan comes at greater risk for the lender, they may require you to take out Lender’s Mortgage Insurance (LMI). However, under the government First Home Loan Deposit Scheme, eligible first home buyers can obtain home loans with just a 5% deposit without having to take out LMI. This is because the National Housing Finance and Investment Corporation (NHFIC) will act as a guarantee on the remaining 15% of the deposit. To find out more about eligibility and what 5% home loans are available to first home buyers, contact our experienced team of Brisbane mortgage brokers on 07 3889 9719.

At North Brisbane Home Loans, we understand that obtaining the best interest rate is only the first half of the equation. Because the best rate overall won’t always equal the best home loan product to suit your specific needs. This is why we are committed to working with individual borrowers to gain a thorough understanding of each client’s unique circumstances, current financial situation and even long-term economic goals. This hands-on approach, combined with our extensive database of home loan lenders and products, ensures that we will be able to help you find the best first home buyer loan product to suit you and your family.

Purchasing a property involves a lot of complicated legal obligations and official paperwork in order for ownership to be lawfully transferred from the seller to the buyer. These tasks are usually handled by a professional conveyancer. In Queensland, a buyer is not obligated to use a conveyancer, but they are strongly encouraged to do so because of the high risk of litigation if something isn’t handled correctly. An experienced conveyancer will be able to assist you with testing contract guarantees, making sure you satisfy lender conditions, paying any necessary transfer duty, preparing the Notice of Sale, arranging the actual transfer of the property title and handling the financial settlement. North Brisbane Home Loans can recommend several trusted conveyancers who we have established working relationships with over the years as part of our exclusive partner network.

Guarantors can be a great option for first home buyers who have a deposit of less than 20% of the purchase price and who aren’t eligible for the First Home Loan Deposit Scheme. Often a close relative who already owns their own home, a guarantor is someone who offers the equity in their property as security for your loan. This means that you can borrow up to 95% of the purchase price and you won’t have to pay Lenders Mortgage Insurance (LMI).

There isn’t really a definitive answer, as it depends on a few factors. Being eligible for some government initiatives for first home buyers can greatly help with your ability to buy a home and impact your decision on how much you can afford or what type of house you want to purchase. 

Generally speaking, buying a cheap house first is a good strategy for first-time home buyers in Australia. This allows you to get into the property market sooner and start building equity, rather than waiting until you can afford to buy a more expensive home. It also gives you some breathing room if something goes wrong with your home purchase, since you won’t have lost as much money.

Again, there’s no one-size-fits-all answer to this question as it depends on your personal financial situation. You may be eligible for government grants and stamp duty concessions, which can make buying a house without a partner more affordable. 

Buying a property can be a good investment in the long run, but it’s important to consider all the associated costs as well as the changes in your lifestyle that you might undergo. You may buy a house fit for single person, but your status and needs could change down the line. It might be worth speaking to a financial adviser or real estate agent.

 If you’re thinking of purchasing a house for single person, you’ve come to the right place! Book an appointment with our Brisbane mortgage brokers and they will be happy to help.

To find out how much you may be able to borrow for your first home, use our free home loan borrowing calculator or contact us today on  07 3889 9719

If you have decided to purchase or build a new property for your first home (off the plan, or never before lived in), you may be eligible for a $15,000 building grant.

You can check your eligibility for the Queensland First Home Owners’ Grant here. You may also be eligible for a transfer duty or stamp duty first home concession.

There is currently a range of fantastic government grants and assistance schemes that are designed to help first home buyers purchase a property sooner. These include the First Home Loan Deposit Scheme, the $15,000 HomeBuilder Grant, the First Home Concession (which can potentially save you up to $8,400 on transfer duty fees) and the Queensland First Home Owner’s $15,000 cash grant (for those who are buying or building a brand-new home). Each of these government concessions come with their own range of eligibility criteria, so check the official government websites for the latest information or talk to one of our brokers for a detailed explanation.

The answer to this question will often largely come down to your personal preferences and budget. But there are various pros and cons to buying a new house or an existing house, so it’s important to research your chosen option thoroughly. For example, buying a brand-new house could enable you to cash in on the First Home Owner’s Grant, while also providing you with a more modern home that comes with a warranty. But new housing estates are often situated further from the city centre, so a commute to the CBD may be longer than what you’re used to. First home buyers who purchase existing homes may find they are more affordable and more plentiful in a wider range of suburbs. Existing homes also offer great opportunities for future renovations, but to avoid unpleasant surprises (such as termites or mould) it’s a good idea to make sure relevant inspections are carried out prior to purchase.

Organising a pre-inspection may seem like just another expense, but it has the potential to save you thousands of dollars in the long run. Building and pest inspections are carried out by a trained and impartial inspector before a sale is finalised. They’ll complete a thorough examination of the entire property, checking all the nooks and crannies that you probably haven’t looked out (such as the roof space or under the sub-floor). The inspector will check for structural issues, termites or signs of water penetrations – all issues that can cause considerable damage to a home and cost tens of thousands of dollars to fix. A pre-purchase inspection will not only give you peace of mind that the property you’re buying has no major defects, but it can also be a useful bargaining tool during negotiations.

When it comes to a home loan for first home buyers, there is no “one size fits all” product. The best mortgage for you won’t necessarily be the best home loan for your neighbour or colleague. To find the best home loan for you, we first need to understand things like your borrower status, your credit history, your employment type and your current deposit. Only after we’ve taken the necessary time to talk things through will we start making recommendations about loan products. So, you can be reassured that when a North Brisbane Home Loans broker presents you with a shortlist of home loans, they’re offering the absolute best home loans tailored to suit you personally.

Queensland does have some state-specific auction rules that you’ll need to know about before bidding at a Brisbane property auction. For example, properties sold at auction won’t have a cooling-off period, so you may wish to gain home loan pre-approval before making a bid.

Some home loans Brisbane lenders will have limits on the maximum amount you can borrow, so keep this in mind when applying for a mortgage. While median house prices in Brisbane’s most sought-after suburbs are in the range of $1.5 million, some lenders offer a maximum borrowing limit of just $1 million.

Choosing the best home loan for first home buyers involves more than just looking for the lowest interest rate. Depending on your circumstances and future financial goals you may benefit from a mortgage that includes an offset account or the ability to make additional repayments. 

To get the right first time home buyer loans to suit your needs, it’s best to talk to an experienced finance broker about which mortgage option is right for you.