First Home Buyers Gold Coast

Buying your first home in Queensland

Purchasing your first home is one of the most exciting milestones in life - but it can also feel overwhelming. Between saving a deposit, understanding grants, navigating lender requirements, and getting to settlement, there's a lot to take in. That's where we come in.

At Loan Hive, we specialise in helping first home buyers across the Gold Coast and Southeast Queensland. We break down the complexity, help you access every grant and scheme you're entitled to, and find you a loan that fits your budget and lifestyle.

QLD First Home Owner Grant

The Queensland First Home Owner Grant (FHOG) provides eligible buyers with a $30,000 grant for contracts signed between 20 November 2023 and 30 June 2026, when purchasing or building a new home valued under $750,000. To qualify, you must:

Be an Australian citizen or permanent resident aged 18 or over
Have never previously received a first home owner grant in any state or territory of Australia, and neither you nor your spouse can have owned residential property in Australia that you occupied
Purchase or build a brand new home - the grant does not apply to established homes
Move into the home within 1 year of the completed transaction and live there continuously for at least 6 months as your principal place of residence
Purchase price or construction cost must be less than $750,000 (including land)

The $30,000 grant can be used as part of your deposit or applied at settlement to reduce the amount you need to borrow. Our brokers will confirm your eligibility and help you apply as part of the loan process. For full eligibility details, see the Queensland Revenue Office.

Stamp duty concessions for first home buyers

Queensland offers stamp duty concessions for eligible first home buyers. Since 1 May 2025, first home buyers of new homes or vacant land pay zero stamp duty regardless of price. For established homes valued under $500,000, you may also pay no stamp duty, with a partial concession applying for homes between $500,000 and $550,000.

These concessions apply in addition to the FHOG, and combined they can significantly reduce your upfront costs when buying your first home.

Federal government schemes

In addition to Queensland's state-based assistance, there are several federal government programs designed to help first home buyers get into the market sooner:

First Home Guarantee (formerly FHLDS)

The First Home Guarantee allows eligible first home buyers to purchase with as little as a 5% deposit, without needing to pay Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property value, bridging the gap between your 5% deposit and the standard 20% threshold.

From 1 October 2025, the scheme was expanded significantly. Income caps have been removed, there are no longer any limits on the number of places available, and property price caps have been increased. In Queensland (including the Gold Coast), the property price cap is now $1,000,000. The property must be owner-occupied and you must move in within 6 months.

Help to Buy Scheme

The federal Help to Buy Scheme is a shared equity program where the government co-purchases a portion of your home (up to 40% for new builds, 30% for established homes). This reduces the amount you need to borrow, lowering your repayments. You gradually buy out the government's share over time as your equity grows.

Eligibility is subject to income limits and property price caps. We can walk you through the full criteria and help you determine if this scheme suits your situation.

How much deposit do you need?

The standard deposit requirement is 20% of the property's purchase price. If you borrow more than 80%, most lenders will require you to pay Lenders Mortgage Insurance (LMI) - a one-off premium that protects the lender (not you) against default.

However, there are several ways first home buyers can get into the market with less than 20%:

5% deposit with LMI: Many lenders will accept a 5% genuine savings deposit, with LMI added to the loan.
5% deposit via First Home Guarantee: Avoid LMI entirely if you qualify for this scheme.
Family guarantee: A parent can use equity in their own property to guarantee part of your loan, helping you avoid LMI.
First Home Super Saver Scheme (FHSSS): Save for your deposit inside your super fund and withdraw up to $50,000 in voluntary contributions.

Frequently asked questions

Most lenders require a minimum 5% deposit, though 20% is the standard to avoid Lenders Mortgage Insurance (LMI). With a 5% deposit, you'll pay LMI - a one-off fee that can range from a few thousand to tens of thousands of dollars depending on the loan amount. Alternatively, if you qualify for the First Home Guarantee, you can borrow with just 5% and avoid LMI altogether. We'll help you understand which option works best for your situation.

To qualify for Queensland's $30,000 First Home Owner Grant (for contracts signed 20 November 2023 to 30 June 2026), you must be purchasing or building a brand new home (not an established property) valued less than $750,000, you must not have previously received a first home owner grant in Australia (nor have owned residential property you occupied), you must be an Australian citizen or permanent resident aged 18 or over, and you must move into the home within 1 year of settlement and live there continuously for at least 6 months. If you're buying with a partner, both parties must meet these criteria. Full details are on the Queensland Revenue Office website. We'll confirm your eligibility and lodge the grant application on your behalf.

Your borrowing capacity depends on your income, expenses, existing debts, and the size of your deposit. Lenders assess your ability to service the loan using a stressed interest rate (typically 3% above the current rate) to ensure you can still afford repayments if rates rise. As a rough guide, most lenders will lend 5-7 times your gross annual income, though this varies widely. The best way to find out exactly how much you can borrow is to speak with one of our brokers - we'll assess your finances and give you a clear picture of your capacity.

Beyond the purchase price and deposit, first home buyers often forget to budget for: stamp duty (if not eligible for full concession), conveyancing/legal fees ($1,500-$2,500), building and pest inspection ($500-$800), loan application fees (varies by lender), Lenders Mortgage Insurance if applicable, moving costs, and immediate home setup expenses. As a rule of thumb, budget an additional 3-5% of the purchase price for these upfront costs. We'll give you a full breakdown tailored to your situation so there are no surprises at settlement.

First Home Buyer Loans