Buying or building your first home is an exhilarating yet daunting experience! We understand the challenges first-time homebuyers face and we are here to assist, every step of the way!
There are several State & Federal Government Grants, Schemes & Incentives that may improve your chances of owing a home if your income is not quite enough to borrow what is needed through normal means OR your deposit is lacking. We have noted these below! Additionally, as a first-time homebuyer, it’s essential to look at your long-term financial objectives and what you think is affordable – adjusting to home ownership & the additional costs of having your own property can take some time.
We will let you know your options, what you can borrow, and what you can afford, based off the income you are earning and the deposit you have saved hard for (Bank of Mum & Dad can help too).
Understanding the home buying process is another vital aspect for first-time buyers.
WBHL will guide you through assist in giving advice with things such as contracts, finance clauses, property inspections, conveyancing and settlement.
Please refer to the ‘Home Loans’ page for further information in relation to loan amounts, deposits, and home loan specifics that might be relevant.
Queensland Stamp Duty Concessions:
For New Homes:
– Full duty concession for new or substantially renovated homes
– Contract must be dated on or after 1 May 2025
– No value cap for the concession (applies to home and residential land)
For Established Homes:
– Applies to homes valued under $800,000
For Vacant Land:
– Full concession applies to land valued under $500,000
– Must build and occupy the home within 2 years
Queensland First Home Owners Grants:
For brand new Homes OR Land + Construction only:
– $30,000 for contracts signed between 20 November 2023 and 30 June 2026 (both dates inclusive).
– House must be less than $750,000 in value
Other Schemes if limited deposit:
– First Home Loan Guarantee Scheme – Supports home buyers who have saved a minimum deposit of 5% of the Property Value, and meet other eligibility criteria, to buy a home. Housing Australia provides a Guarantee to the Participating Lender (not all lenders can access the scheme) to enable you to borrow up to 95% of the Property Value WITHOUT PAYING LENDERS MORTGAGE INSURANCE! 35,000 spots available 2025-26 Financial Year. Price Cap is for a property thous is only $550,000 around the Wide Bay area…. It is $700,000 in Brisbane & other major cities.
– Regional Home Guarantee Scheme – Similar to the First Home Loan Guarantee Scheme is supports home buyers who have saved a minimum deposit of 5% of the Property Value, and meet other eligibility criteria, to buy a home in a regional area. Housing Australia provides a Guarantee to the Participating Lender to enable you to borrow up to 95% of the Property Value WITHOUT PAYING LENDERS MORTGAGE INSURANCE! 10,000 spots available 2025-26 Financial Year. Price Cap is for a property thous is only $550,000 around Wide Bay area…. It is $700,000 in Brisbane & other major cities.