From Saving to Settlement
Buying your first home in Queensland is an exciting milestone and this First Home Buyer Checklist will help make it smoother. It can feel like you have stepped into a maze of lender requirements. With information about government assistance, property inspections and unfamiliar paperwork, it can all be a bit overwhelming.
The good news? You do not have to work everything out at once. And you definitely don’t have to do it on your own.
Based in Samford Village, North Brisbane, Alan and Vicki have helped many Queensland first home buyers achieve their property goals since 2001. “We know every buyer’s circumstances are different, so we focus on making the process clear, personal and manageable.”
Here is your practical Queensland first home buyer checklist.
Work out your deposit
A 20% deposit is often considered the benchmark because it may help you avoid lenders’ mortgage insurance (LMI). It also allows you to access to a broader range of loans. However, you may not need to wait until you have saved the full 20%.
Eligible Queensland first home buyers may be able to buy with a 5% deposit. They can do this through the Australian Government 5% Deposit Scheme without paying LMI. Other options include the Australian Government Help to Buy shared-equity scheme or help from a family guarantor.
Each pathway has different eligibility requirements and financial implications. Before assuming that buying is years away, speak with an experienced mortgage broker to explore what may be possible.
Budget for more than the deposit
Your deposit is only one part of the cost of buying as a first home buyer in Queensland property. You may also need to allow for:
- Transfer duty, known as stamp duty
- Conveyancing and search fees
- Building and pest inspections
- Loan application or valuation fees
- LMI, where applicable
- Building and contents insurance
- Moving costs and utility connections
- Council rates and water charges
- Body corporate fees for units and townhouses
Keeping some savings aside as a buffer can help with unexpected repairs, rate changes or expenses after you move in.
Understand Queensland’s first home concessions
Queensland first home buyers may qualify for valuable transfer-duty concessions.
For eligible buyers purchasing an established first home, no transfer duty may be payable on a home valued at $700,000 or less. A partial concession may apply to eligible homes valued between $700,000 and $750.000.
Eligibility and occupancy conditions apply. For transactions entered into from 1 August 2026, buyers must generally be Australian citizens, permanent residents or specified foreign retirees to qualify for a Queensland home concession.
Because the contract date, property type and intended use can affect your entitlement, have your conveyancer confirm your position before signing.
Check your First Home Owner Grant eligibility
The Queensland First Home Owner Grant is different from the transfer-duty concessions.
At the time of writing, eligible buyers may receive a $30,000 grant when buying or building a new home under a qualifying contract signed on or after 20 November 2023. The combined value of the home and land must be less than $750,000.
The grant does not apply to established homes. You must also meet the eligibility and residency rules, including moving into the home within the required period and living there continuously for at least six months.
Importantly, payment timing varies. Do not automatically assume the grant will be available when your initial deposit is due.
Give your finances a health check
Before applying for a home loan, take an honest look at your income, savings, living expenses and existing commitments.
Review your credit cards, personal loans, car finance and buy now, pay later accounts. Even an unused credit card limit may reduce your borrowing capacity. Lenders may also review your everyday transaction history to understand your regular spending.
Your finances do not have to be perfect. Understanding your position early simply gives you time to address any issues before you apply.
Know your comfortable borrowing limit
An online calculator can provide a useful estimate, but it cannot assess your full circumstances. Different lenders treat income, debts and expenses differently. That means borrowing capacity can vary between lenders.
There is also a difference between what a lender may approve and what you will feel comfortable repaying. Your budget should leave room for everyday life. Factor in changing interest rates, insurance, council rates, maintenance and unexpected expenses.
Diamondmine Home Loans can compare options from an extensive lender panel and explain the differences in plain English. “Our goal is to find a loan suited to your circumstances, not squeeze your circumstances into the wrong loan.”
Arrange pre-approval
Pre-approval gives you an idea of what a lender may be prepared to lend, subject to its conditions. It can help you establish a price range and approach Queensland property inspections with greater confidence.
You will generally need identification, payslips or other income evidence, bank statements, savings records and details of your expenses and debts. Self-employed applicants may also need tax returns, financial statements or documents from their accountant.
Pre-approval is not final approval. The lender will still assess the property and confirm your financial circumstances before agreeing to provide the loan.
Research the property and location
Queensland’s lifestyle is one of its biggest attractions, but local conditions need careful consideration.
Check council flood mapping, overland-flow information, bushfire overlays, zoning and proposed developments. Investigate insurance availability and likely premiums before committing, particularly in areas exposed to flooding, storms, bushfires or coastal hazards.
Compare recent local sales rather than relying only on advertised prices. Also consider transport, schools, services, commuting time and future infrastructure.
For units and townhouses, review body corporate levies. Check out sinking-fund balances, insurance arrangements, maintenance plans and any proposed special levies.
Complete your checks before signing
A qualified building and pest inspection is particularly important in Queensland. Termites, moisture, storms and extreme weather can contribute to expensive problems.
Ask a Queensland solicitor or conveyancer to review the contract before you sign. They can explain title searches, easements, settlement requirements, disclosure information and any conditions relating to finance or inspections.
Cooling-off rules depend on how the property is purchased. Residential contracts made by private treaty generally have a cooling-off period, but exceptions do apply. Auction purchases are usually unconditional and do not generally include cooling-off rights.
Never assume you can easily withdraw from a contract later.
Make your offer and prepare for settlement
Before negotiating or bidding, decide on your maximum price and stick to it. Remember that the lender’s valuation may be lower than your purchase price. If that happens, you may need to contribute more money.
Once your offer is accepted, your broker will work with the lender towards formal approval. Your conveyancer manages the legal processes.
Before settlement, arrange the required insurance, complete your final inspection and confirm your moving plans. Your conveyancer can tell you when the risk in the property passes to you. This may occur before settlement under a Queensland contract.
When settlement is complete, ownership transfers to you and the keys are yours.
Let Diamondmine help you find the way home
Buying your first Queensland home can seem complicated, but the right guidance makes the journey much easier.
With more than 50 years of combined experience, Alan and Vicki at Diamondmine Home Loans offer personal support from your first questions through to settlement. They will help you understand your borrowing capacity, compare suitable loans and manage the application process.
Ready to begin? Call Diamondmine Home Loans on 1300 499 480 and let us help finance your future, one home at a time.
Information is current as at August 2026 and is general in nature. It does not take into account your objectives, financial circumstances or needs. Government assistance, thresholds, lending criteria and eligibility requirements may change. Seek independent financial, legal and taxation advice before making a property or lending decision.
The Queensland figures were checked against the current Queensland First Home Owner Grant, first home transfer-duty concession and concession rates
