Home Guarantee Scheme

Home Guarantee Scheme

Home Guarantee Scheme:

The Ultimate Guide

Are you a first home buyer needing help to get up the property ladder soon? Wondering what the Home Guarantee Scheme is, and whether or not it’s for you? We got you. We will explain everything you need to know about the scheme, including what it is, who’s eligible for it, and how to apply.

Here’s What Our Home Guarantee Scheme

Australia Guide Covers:

The Home Guarantee Scheme (HGS) is an initiative from the Australian Government that lets an eligible home buyer purchase a home with only 2% to 5% deposit without paying Lenders Mortgage Insurance.

This happens by having part of their Brisbane home loan from a participating lender guaranteed by the National Housing Finance and Investment Corporation (NHFIC), which is the governing body administering the scheme.

The Home Guarantee Scheme is designed to help Australians buy a home sooner. It is available for first home buyers or previous homeowners who currently do not own a home, and only applies to an eligible residential property.

The HGS includes:

  • First Home Guarantee (FHBG), previously known as the First Home Loan Deposit Scheme
  • Family Home Guarantee (FHG) for eligible single parents with dependents
  • Regional First Home Buyer Guarantee (RFHBG) for first home buyers living an buying in a regional area

The First Home Guarantee (FHBG) is part of the HGS and lets a first home buyer purchase a residential property with only 5% deposit without paying Lenders Mortgage Insurance. The NHFIC guarantees the remaining 15% of the deposit (buyers normally pay 20% deposit upfront). 

What are the First Home Guarantee Scheme QLD limitations?

  • The definition of a residential property includes (and is limited to):
    • an existing house, townhouse or apartment 
    • a house and land package
    • land and a separate contract to build a home 
    • an off-the-plan apartment or townhouse.
  • 35,000 places are available each financial year.
  • There are price caps for each location
  • Specific timeframes and criteria apply to the different property types. 
  • The contract of sale and (if applicable) eligible building contract may have to be executed by specific dates.

Consult a participating lender or their authorised mortgage broker QLD for more information on property eligibility criteria.

The Regional First Home Buyer Guarantee is part of the HGS and aims to provide assistance to first home buyers purchasing a property in a regional area. The scheme will cover 15% of the required deposit so eligible buyers can pay 5% of the purchase price without needing to pay the Lenders Mortgage Insurance premium.

What are the Regional First Home Buyer Guarantee limitations?

  • The definition of a regional area includes:
    • the Statistical Area Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city of that State or Territory; and 
    • Norfolk Island; or the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands; as defined in the version published by The Australian Bureau of Statistics (ABS) in July 2016.
  • Excluded from the RFHBG are:
    • the greater capital city areas of each state and the Northern Territory
    • the entire Australian Capital Territory
  • The definition of a residential property includes (and is limited to):
    • an existing house, townhouse or apartment 
    • a house and land package
    • land and a separate contract to build a home 
    • an off-the-plan apartment or townhouse.
  • There are 10,000 places available each financial year until 30 June 2025.
  • Applications are accepted from 1 October 2022 to 30 June 2023
  • There are price caps for each location
  • Specific timeframes and criteria apply to the different property types. 
  • The contract of sale and (if applicable) eligible building contract may have to be executed by specific dates.

Consult a participating lender or their authorised mortgage brokers Brisbane for more information on property eligibility criteria.

The Family Home Guarantee (FHG) is part of the HGS and aims to support eligible single parents with at least one dependent purchase a home sooner. The scheme will cover 18% of the required deposit so eligible buyers can pay 2% of the purchase price without needing to pay the Lenders Mortgage Insurance premium.

What are the Family Home Guarantee limitations?

  • Only single parents with no spouse or de factor partner can avail of the scheme.
  • A person who is separated from their spouse but not divorced is not considered single.
  • Eligible single parents must be the natural or adoptive parent of their dependent child/children.
  • Eligible single parents must be legally responsible for the daily care, welfare and the development of their dependent children who must be in their care.
  •  The definition of a dependent child is within the meaning of:
    • subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991 or   
    • at least 16 but under 22 years of age, receive a disability support pension within the meaning of the Social Security Act 1991 and live with you.  
  • Applicants must not have:
    • a freehold interest in real property in Australia  
    • a lease of land in Australia  
    • a company title interest in land in Australia. 
  • The definition of a residential property includes (and is limited to):
    • an existing house, townhouse or apartment 
    • a house and land package
    • land and a separate contract to build a home 
    • an off-the-plan apartment or townhouse.
  • There are 5,000 places available each financial year.
  • Applications are accepted from 1 July 2022 to 30 June 2023
  • There are price caps for each location
  • Specific timeframes and criteria apply to the different property types. 
  • The contract of sale and (if applicable) eligible building contract may have to be executed by specific dates.

Consult a participating lender or their authorised Brisbane mortgage brokers for more information on property eligibility criteria.

To apply for the FHBG, home buyers must be:  

  • applying as an individual or couple (married / de facto)  
  • an Australian citizen(s) at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office) 
  • intending to be owner-occupiers of the purchased property  
  • first home buyers who have not previously owned, or had an interest in, a property in Australia. 

To apply for the RFHBG, home buyers must be:  

  • applying as an individual or couple (married / de facto)  
  • an Australian citizen(s) at the time they enter the loan  
  • at least 18 years of age  
  • earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office)  
  • intending to be owner-occupiers of the purchased property* 
  • first home buyers who have not previously owned, or had an interest in, a property in Australia 
  • home buyers (or at least one borrower when applying as a couple) must have lived in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement (also called the Home Loan Date)*. 

To apply for the FHG, home buyers must be:  

  • applying as an individual  
  • a single parent with at least one dependent child 
  • an Australian citizen at the time they enter the loan  
  • at least 18 years of age  
  • be earning no more than $125,000 per year  
  • intending to be owner-occupier of the purchased property  
  • NOT currently own property. 
Note: Australian Defence Force member applicants may be eligible for a partial exemption and should check with their Participating Lender if this applies; and other persons buying together, including siblings, parent/child or friends, are not eligible.

You can submit your application to any of the 32 participating lenders and their representatives (Brisbane brokers) authorised by the NHFIC, Note that the NHFIC does not accept applications.

How much deposit do I need to purchase a new home?

It’s often assumed that because banks do 95% loans that this means you need the remaining 5% as a deposit. This is often not correct, as there are other costs that need to be factored in.

The figure is usually closer to needing 8% of your purchase price. 

Will the HGS count in our initial deposit?

According to the NFHIC website, the Guarantee is not a cash payment or a deposit for home loans Brisbane.

Aspiring first home buyer from Brisbane? The Brisbane mortgage brokers from NBHL can help

At North Brisbane Home Loans we are happy to help you determine if you’re eligible for the Home Gurantee scheme. Once we’ve established your eligibility we can organise a pre-approval so you can be confident when engaging a participating lender. We will help get your home loan application underway sooner. 

Aspiring first home buyer from Brisbane?
The Brisbane mortgage brokers from NBHL can help

At North Brisbane Home Loans we are happy to help you determine if you’re eligible for the Home Gurantee scheme. Once we’ve established your eligibility we can organise a pre-approval so you can be confident when engaging a participating lender. We will help get your home loan application underway sooner.

Why Choose North Brisbane Home Loans?

5 Star Customer Rating

We put you first and genuinely want to help you achieve your property ownership dreams.

Being a top rated first home buyers mortgage broker in Brisbane we delivered the right home loan for first home buyers. We have hundreds of happy customers, find out what they’ve said about working with North Brisbane Home Loans here.

Experienced Mortgage Brokers

With more than 90 years’ combined experience in the industry, our first home buyer mortgage broker can confidently offer you the amazing advice when it comes to finding the right value loan for you.

We are a team of experienced mortgage brokers in Brisbane that helps to get the amazing home loan for first home buyers.

We Work For You – Not The Banks

We don’t charge any fees for our first home owner loan services, our commission comes from the lender.

As a personal first home buyers mortgage broker in Brisbane, we’re by your side every step of the way to ensure you select the right first time home buyer loan product for your individual circumstances.

Exclusive Partner Network

Not only do we provide you with the amazing advice on first home owners loan needs, but we also introduce clients to our network of trusted partners offering discounted rates.

Save time and money searching for reliable building and pest, real estate agents, solicitors and more.


Reviews from First Home Buyers Brisbane, QLD

kelly dalbykelly dalby
04:21 04 Apr 24
The best customer service ever! The team is still getting us fantastic rates and deals years later after our initial consultation... without asking!! They just do it!! Brilliant to deal with and would absolutely use them again and again.
Mackenzie VandebergMackenzie Vandeberg
04:48 03 Apr 24
Pat and Fiona are a dream team. As nervous first home buyers, they stepped us through everything. They were very accessible for appointments and had frequent, open communication I needed at all stages of the process. They are thorough and experts at what they do, helping us to get into a property faster and easier than we thought possible. They also got us an amazing interest rate. Highly recommend to anyone and will definitely be using them in the future for any subsequent purchases or refinancing.
Cassidy HardinghamCassidy Hardingham
07:03 27 Mar 24
Pat, Di and Jake were amazing to work with. We are first home buyers and they really helped us through the process and took the time to explain every little detail. Very friendly and down to earth. Would 100% recommend!
Darren StonemanDarren Stoneman
07:21 25 Mar 24
Brendan helped us find a loan perfect for us and our situation. Always happy to answer any questions and was very friendly. Would recommended the team here at NBH.
Steph JessupSteph Jessup
04:53 21 Mar 24
Pat and the team helped us secure our second mortgage and could not have been more helpful. They know their stuff and go above and beyond. Would highly recommend!!
Meditech ServiceMeditech Service
12:43 15 Mar 24
Pat and his team are a league to their own, nothing but acute professional care with knowledge to match. Even with the banks being difficult they fought a good fight and got me approval. This is my 3rd mortgage with them and I won’t go anywhere elseA*
Ryan CameronRyan Cameron
05:30 08 Mar 24
Very happy with the product and service provided by these guys, would recommend/use again
Antoinette BothAntoinette Both
00:50 21 Feb 24
Exceptional service. I have used Pat for a number of years and he has always provided exceptional service. He provides clear and professional advice and always made sure the process was easy. I have used him for new mortgages as well as refinancing and every time it is seamless.I highly recommend Pat and his team to anyone looking for finance.
Chloe FosterChloe Foster
00:21 17 Feb 24
Best broker in town! . We’ve bought and sold a number of properties using other brokers, however our last purchase was the best experience we have ever had! Customer service and skill were on point and the speed and efficiency of the application was amazing. Patrick and his team went above and beyond to give us an experience that left us without stress and got us into our new home with ease. Cannot recommend these guys enough. They will have our business forever!
02:11 16 Feb 24
NBHL provide great service. They provide straightforward advice & their communication is fantastic
Ian CossartIan Cossart
05:34 11 Feb 24
We recently engaged NBHL as our mortgage broker. Could not be happier with the whole team. The process was smooth, timely and painless. They provided fantastic advise along the way and went out of their way ensuring that we understood everything. I highly recommend the team at NBHLs. They were brilliant!
Joanne NelsonJoanne Nelson
23:06 07 Feb 24
Patrick and his team are very people focused. They took the time to walk me through what can be a minefield, provided options and explained the process. I was so grateful for their updates and communication throughout the process. Knowing they were in control gave me confidence and that nothing was missed and the outcomewas exactly as discussed with no surprises. I will continue to use their services, it's a great family and local business.
Mattie RyanMattie Ryan
22:29 04 Feb 24
The best in the businessWe have bought a number of properties over the years. Pat and and the team make everything so easy for us. Pat’s knowledge and expertise has saved us so much money over the years, and we will continue to go back to NBHL time after time.
Braden TwomeyBraden Twomey
02:52 31 Jan 24
Excellent service and knowledge. Pat and Jake were able to support through the entire process and were contactable almost every step of the process. They supported my loan preferences and knew the right angles to take to ensure successful loan approval and settlement.
Elaine LawryElaine Lawry
02:24 22 Jan 24
Invaluable advice . We have engaged Pat and his team several times over the last 15-20 years, whenever we have needed to refinance. Each time the experience has been trouble free, taking all the pressure off us to wade through everything ourselves enabling us to make informed decisions about our home loans. We have even recommended Pat and his team to family members who have also had a very positive experience.
Emma EyreEmma Eyre
01:18 15 Jan 24
We highly recommend the service of Pat and the team at NBHL. Pat is extremely knowledgeable and professional, and works in an engaging and personable manner. Communication is always prompt, and we have been incredibly satisfied with the result each time we've worked with the team.
Long DinhLong Dinh
05:51 02 Jan 24
Outstanding, informative & efficient!Pat and the team have a truly spectacular and streamline business. Their secure platform, digital systems and informative communications & instruction helped us broker a competitive loan and secure a property. With how busy life can get, having North Brisbane Home Loans provide their services has been an absolute stress saver!
Mel SmallMel Small
05:24 20 Dec 23
Best in the business!I have been doing business with NBHL for quite some time as Patrick is an exceptional Mortgage Broker! He is professional, very knowledgeable, and quick to respond to any questions I had regarding my home loan, he consistently exceeds my expectations. I highly recommend Patrick and his team to anyone applying for a home loan or just wanting to refinance.
Madelinne DavilloMadelinne Davillo
23:32 18 Dec 23
We just recently purchased our first home with the help of NBHL amazing team! They have made this process so much easier due to their efficiency and outstanding communication. I cannot recommend them enough. Thank you so much Pat, Fiona and Di!
04:58 18 Dec 23
Pat and Jake helped me and my partner through so many questions when getting our first home loan! I can't imagine having a better crew on my team. I learnt so much, and felt like I had some great friends looking out for me along the way. Definitely recommend!
Andrew LawryAndrew Lawry
00:09 15 Dec 23
05:46 13 Dec 23
Excellent service, highly recommend
Ben PriceBen Price
06:22 06 Dec 23
North Brisbane Home Loans stands out as best in the business for home loans. Pat and his team’s commitment to first class service and transparent communication make them leaders in their field. Their seamless and stress-free approach ensures clients receive a second-to-none service. I confidently recommend Pat and the team at North Brisbane Home Loans. Thanks team!
Bogdan ZoloticBogdan Zolotic
06:13 01 Dec 23
Pat and Jake were amazing, really want to shout out Jake for the effort he went to making sure that everything ran smoothly I couldn’t recommend the team more they were quick and made sure to follow up on every loose end and we ended up making the deadline and securing the place we wanted, you can see why they have such good reviews, even the little care package at the end with the letter addressed to us with the gifts the reviews really do show how much the team care about the work that that they do.Bogdan & Eleanor
Kanchana MurugeshKanchana Murugesh
01:42 30 Nov 23
Immense market knowledge and very professional. He has a very good experience and knowledge on the current market. He really paid attention to every detail and updated with the info needed. Due to his timely action, we were able to buy our First Home on time. 🙂 Grateful to him and the Team.
Tim KeleherTim Keleher
04:40 29 Nov 23
Easy and stress free . My wife and I have used Patrick a number of times and this time was no different to other experiences with him. He was always on hand to answer any questions and put our minds at ease. Patrick’s technology based approach made getting all our documents from our existing bank accounts into a format required for reviewing was brilliant to use. Anyone considering a new loan I would highly recommend Patrick Cranshaw and his services.
Adrian GirgentiAdrian Girgenti
23:45 16 Nov 23
Wonderful experience with Pat, Fiona and the team at NBHL. As a first home buyer, they made it simple for me to understand and were very responsive to my questions and concerns. Thank you!
Lauren MaidensLauren Maidens
10:56 09 Nov 23
Aidan CuretonAidan Cureton
04:41 08 Nov 23
Pat and his team were a pleasure to work with while we were looking for our first home. I want to pay special thanks to Jake, who truly went above and beyond for us and was always happy to answer our questions (which there were many of)
Emilie GehrkeEmilie Gehrke
02:14 07 Nov 23
The team at NBHL have been amazing throughout our whole time with them. As first home buyers they’ve made the process a lot more easier & stress free. Huge thanks to Pat & Fiona!
Brittany AdamsBrittany Adams
12:09 19 Oct 23
Thank you Patrick, Di and team. We really appreciate all the help and information you provided us with our first home loan. NBHL made the process simple and easy to go through. You and your team were very quick to answer any queries we had and easy to get in touch with. We will definitely be using the NBHL team again in the future.I recently had the pleasure of working with Patrick again after 3 years for our refinance, and I couldn’t be happier with the experience. Patrick, Jake and the whole team were extremely knowledgeable, professional, and patient as we navigated the whole process. They took the time to understand our needs and preferences, and found us the best suited option. The use of their portals to upload information and documents is a game changer! I would also like to mention the articles in the monthly newsletters are quite in depth and have been incredibly insightful. I have highly recommend Patrick and NBHL to friends, family and colleagues. See you next time! Cheers!
Nicola BarnesNicola Barnes
22:10 12 Oct 23
Fantastic support and experience! . My partner and I loved our experience with the Brokers, they were always knowledgeable, supportive and friendly in all communications. We were a little sad to stop our regular catch ups once we had our new home!
Trish CatleyTrish Catley
04:04 12 Oct 23
I can not recommend Pat and his team enough!They went above and beyond to help us get our loan at the best deal and worked around the clock for usCannot thank then enough!
Annaliese Jade HAnnaliese Jade H
07:11 10 Oct 23
Pat and the NBHL team are so helpful and easy to deal with. I used them for my first home purchase a few year ago, and recently for a refinance. Both times they were responsive and proactive, and able to answer all our questions in easy to understand terms. I won't hesitate to use them again next time
Ellen JenkinsEllen Jenkins
09:35 07 Oct 23
Pat and his team were fantastic to deal with for the purchase of our first home. Not only were we guided to a great rate, the hassle and stress was minimised greatly! Thanks NBHL, we’re super excited to be in our first home with your assistance.
prakash nprakash n
02:43 03 Oct 23
The best mortgage broker I have dealt with. My application was not straight forward due my partner is on a different visa. I did try few other brokers before I reached out to NBHL, none of them had a correct approach or answers for my situation. But Patrick and team have experience dealing with similar situation to mine, he took time explaining every single possibility and how to approach them.Any issues you come across, they will know how to handle it.Would definitely recommend to friends and family.
Amara NAmara N
05:38 29 Sep 23
I can highly recommend Pat Cranshaw and his team for prompt, honest and professional advice. I very much appreciated Pat's knowledgeable advice on refinancing my home loan . Thank you and best wishes to Pat and his team.
Russell VosselerRussell Vosseler
08:36 25 Sep 23
Pat, Jake & their team are absolutely great at securing the best rate. I have been using them for many years now, and always consult them for refinancing every 1-2 years to check what is the best rate available to me. They are able to negotiate much better rates with the banks than if you go to the banks directly.
Lloyd FinucaneLloyd Finucane
04:48 19 Sep 23
Without pre-approval, Pat and Jake allowed us to buy ourselves the house we wanted. They managed to get us financial approval with a lender perfect for us in only 6 days.We are very happy with our experience and would recommend others to use NBHL when looking for a fast and easy borrowing experience.
Shane ClarkeShane Clarke
09:40 14 Sep 23
Highly Professional and helpful. I would highly recommend Pat and his team!! Our situation was slightly complex, however they guided us through the process and were able to achieve a successful outcome.Their professionalism and communication with us were of the highest order. I would highly recommend Pat to anyone looking for a homeloan!!
Bernadette GilliesBernadette Gillies
00:19 13 Sep 23
Seamless from start to finish! Pat and his team were amazing. The whole process was so easy and painless. The application process was seamless from the upload of supporting docs right through to the actual signing of loan application and mortgage docs. Pat and his team were there to support us every step of the way with regular contact and simple explanations. I can’t thank them enough.
Carolyn RCarolyn R
11:59 12 Sep 23
I can’t thank the team at North Brisbane Home Loans enough for getting my home loan unconditionally approved today after an unexpected last-minute hiccup. From the very first call I had with Pat, talking me through the process and various options, to liaising with Di and Jake through the pre-approval process and then having Fiona on speed dial over the past week or so, answering all my calls and diligently working to get full approval while up against the clock - everything was done promptly and efficiently, with all communications clearly setting out what was required at every stage to make the whole process seem less daunting. Nothing was too much trouble for this friendly, helpful, calm-under-fire, amazing team. Woohoo! Thank you, thank you, thank you! Team work really does make the dream work and NBHL are the dream team. Thanks again!
This is the second time we have used Pat and the team; this most recent venture was exceptionally complicated, daunting and stressful. However Pat and Jake almost made it simple. They responded to my 1000 panicked emails with patience and clarity, never sugar coating anything. All the legalities were made transparent and easy to understand. We are so happy to say as from today, this amazing team of professionals played a very big part in bringing a very traumatic previous 18 months for our family to an end, with our new home purchase becoming unconditional literally hours ago. We can't thank them enough, it's been a long journey, but we made it thanks to them. If there was an option to pop down 10 stars, we wouldn't hesitate. Thanks, NBHL
Danielle SwannDanielle Swann
06:28 26 Aug 23
Very helpful. Patrick was very professional and easy to deal with, and I felt that I could ask all the silly questions during the home loan refinancing process and get real answers and still be taken seriously. He took his time to explain my different options thoroughly, and made the process as smooth as possible once a decision had been made.
Sarah KolkkaSarah Kolkka
05:12 23 Aug 23
10/10 recommend. Pat recently helped my husband and I remortgage our home and the whole process was simple and effortless. I always felt like Pat and his team were working hard for us and we were looped in through the whole process. Would absolutely recommend 🙂
Nathan GerchowNathan Gerchow
00:11 21 Aug 23
Reanna HarperReanna Harper
00:42 11 Aug 23
Exceptional Broker and Team - Honest, Prompt and Realistic. Highly recommend Patrick and the Team he works with. Our trusted broker that we go to repeatedly for mortgaging and refinancing. Always honest and seeks products that fit primary needs, plus offers valuable and realistic advice. The only broker we refer our friends and family to! Always in touch with us on time, made refinancing easy, friendly and upfront - every member of the Pat's team answered all our questions and laid out the steps ahead well in advance of settlement. Refinancing couldn't have gone any smoother! Only praise to share. We will continue to use Pat indefinitely.
Chloe SChloe S
07:13 10 Aug 23
00:16 10 Aug 23
Great experience
Gavin ShieldsGavin Shields
23:09 08 Aug 23
Excellent customer service, advice and attention to detail.Have now used NBHL for re-financing our home loan and to purchase our investment property. Can highly recommend.
Johan Van ZylJohan Van Zyl
21:50 24 Jul 23
Luke was great. Very professional. Recommend NBL services.
Kallum FrancisKallum Francis
11:42 24 Jul 23
Luke and the team at NBHL were a pleasure to deal with throughout the entire process of buying our first home. Luke was always contactable and made the effort to answer all our queries promptly and simplify the entire journey. As first home buyers we couldn't imagine buying without the help of such a knowledgeable team that has put a great emphasis on customer care.
Royce khanRoyce khan
06:27 04 Jul 23
I am writing to express our sincerest gratitude for the exceptional assistance you provided us in navigating the complex process of securing a home loan. Your professionalism, clear communication, unwavering transparency, and adept use of technology truly set you apart.You consistently ensured that we understood each step of the home loan process. Your ability to explain complex financial terms in a simplified manner made us feel confident and empowered in making informed decisions.Moreover, your expertise in utilising technology to streamline the loan application process was truly remarkable. From secure online document submission to virtual meetings, you effortlessly incorporated modern tools into our interactions. This not only saved time but also demonstrated your commitment to staying at the forefront of industry trends, ensuring a smooth and efficient experience.Once again, thank you for everything you have done. I wish you continued success in your endeavours, and may your expertise positively impact many more individuals like myself.Well done Team North Brisbane Home Loans!!
E ViennetE Viennet
22:01 26 Jun 23
6 years ago we used NBHL service to buy our house/land package as a first time owner in Australia. Pat, Di and the team have been really professional. Everything went so smoothly. A month ago, we contacted NBHL to discuss any possibility to buy an investment property. Luke has been awesome, and went through all the options in details. Here, again the communication was great and everything went smoothly. Highly recommended.
Nicholas ThorburnNicholas Thorburn
03:24 24 Jun 23
Hassle-free re-finance. Pat and the team from North Brisbane Home Loans made our complicated re-finance very easy. The team go out of their way to ensure a smooth loan application/transfer process. Second time with this great experience from the NBHL team, highly recommended.
Alicia PharoahAlicia Pharoah
06:19 15 Jun 23
Friendly, professional service for expat loan refinancing. Pat, Di and team were incredibly helpful, patient, and flexible while finding an Aussie non-resident refinancing solution for me. These days that is no easy task!They kept me informed at every stage of the process from the solution hunting, to the decision making and throughout the closing process.Their services were invaluable and I couldn’t recommend them highly enough.
Just TeenzJust Teenz
01:23 11 May 23
I contacted Pat at North Brisbane Home Loans based on their reviews. From the minute I spoke with Pat I felt at ease with his knowledge, experience, friendliness and felt straight away that he had our best interests at heart.Pat, Di and the team at North Brisbane Home Loans are so lovely and took away a lot of the stress of the whole process by communicating regularly and by explaining in detail all answers to any questions we had. They guided us through every step of the way and now thanks to the team we are in our dream home.Thank you all so much, we are over the moon!10/10 recommend!
Celene KeepenceCelene Keepence
23:28 23 Mar 23
Pat, Di, and the team at North Brisbane Home Loans are fantastic. They supported us every step of the way in our home loan application/home buying journey, and we couldn't be happier with the service recieved. They made the process so easy for us and we will definitely use their services again. We highly recommend!
Hayden MeyersHayden Meyers
05:52 12 Feb 23
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Pat was amazing in taking us through a step by step guide on how to purchase our first home!They were extremely responsive throughout the entire process with consistent and reliable communication.Would recommend to anyone looking to get into the market with a knowledgeable Broker!Thankyou.
Laura Cromb-SmithLaura Cromb-Smith
06:47 27 Dec 22
The most amazing service from Pat & Di at NBHL. Their expertise and patience throughout the entire process made it feel easy to buy our first home. Their guidance and support was immeasurable and we couldn’t have done it without them!Thanks to the team at NBHL for everything.
Katie ChittendenKatie Chittenden
02:05 01 Dec 22
Fantastic mortgage Broker!We used Pat and his team when we originally bought our first home back in 2017, and they were so fabulous that we went back to them this year (2022) to re-mortgage and change up our home loan. They do a wonderful job - great communication and dedication to get you the best rates possible. They also fix any mistakes the bank makes for you, quickly and efficiently. Can't rate them high enough, we will definitely be going back to them in the future.
Betty VisensangBetty Visensang
21:18 23 Oct 22
Knowledgeable, Professional and CalmBack in 2021 a colleague referred me to Patrick, we weren’t ready to buy yet but wanted to meet Pat as he had helped my colleague with his family home, plus 2 additional investment properties. My colleague was so impressed by the services offered by Pat that I had to meet him for myself! He didn’t disappointment, we decided after our first meeting on a plan and locked in to touch base again in a years time!1 year later, everything was in place and Pat helped us put everything in place and we are now proudly living in our new family home!Many healthily conversations were had, and Pat is really knowledgeable but we also appreciate his cool and calm manner.We will not hesitate to refer him and North Shore Home Loans to friends and family. We will also definitely be reaching out again when we expand our investment portfolio in the future.
Brianna DobingBrianna Dobing
09:46 09 Jun 22
We had a great experience with North Brisbane Home Loans. Our broker was Luke and he was excellent in listening to what we needed and providing us with loan options that would work for our situation. We liked the videos they provided explaining the product options and recommendations. Being able to watch the videos in our own time was helpful. Fiona was amazing in collating all our information and documents and working with the bank once we did find a house. The communication and customer service was superb. I would recommend NBHL.
Rachael WishartRachael Wishart
09:28 25 May 22
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Luke was brilliant in taking us through a step by step guide on how to achieve our goals, provided us with useful resources, and was very willing to answer all questions we had as first home buyers. We had a tight settlement timeline and the team (Luke and Fiona in particular) made it appear effortless. They were extremely responsive throughout the entire process with consistent and reliable communication. We could not recommend NBHL highly enough!
Trish ChandTrish Chand
06:37 14 Mar 22
My husband and I are grateful to Luke, Fiona and the team at North Brisbane Home Loans they are absolutely brilliant to deal with.We had a very pleasant experience with Luke he took the time to investigate several different scenarios to get us the best possible product and solution. Luke and Fiona were very responsive to our queries even calling after hours when necessary. While we were first time home buyers they reassured us every step of the way, confident in their advice and decision. Their patience and willingness to walk us step by step each process over the phone was greatly appreciated.Overall a very efficient and professional organisation you won’t be disappointed.
10:57 06 Sep 21
I had an absolutely amazing experience with North Brisbane Home Loans. I was able to buy my first home with the advice, help and professional guidance of Pat and his team. I was very well looked after from the minute I reached out. Everything was handled in a very friendly, professional and timely manner. Whenever I was worried, unsure or needed assurance I was replied to promptly with everything I needed to know. The team were even willing to drive to my workplace to ensure all of my documentation could be signed and submitted promptly. I cannot recommend them enough!

Frequently Asked Questions By First Time Home Buyers

How Much Does A First Home Mortgage Broker Cost?

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 Do I Need To Buy My First Home?

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.

What should I know about 5% deposit home loans?

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.

Which home loan lenders in Brisbane have the best rates?

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.

What is a conveyancer, and will I need one?

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.

Can I use a guarantor as a first home buyer?

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).

Is it better to buy a cheap house first?

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.

Should I buy a house if I'm single?

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.

Who to talk to about buying a house for a single person?

 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.

How Much Can I Borrow As A First Time Home Buyer?

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

Am I Eligible For The First Home Owners Grant?

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.

Are there any other Government Grants available for first home buyers in Brisbane?

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.

Should I buy a new or existing house?

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.

What do I need to know about pre-purchase inspections?

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.

How do I know which home loan is right for me?

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.

Are there specific auction rules in Brisbane?

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.

How much you can borrow?

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.

What features should your ideal Brisbane home loan include?

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.