Help for Queensland First Home Buyers
Theres no denying that saving for your first home deposit can be challenging. With interest rates reaching an all-time high and cost of living on the rise, many first home buyers have felt locked out of the property market. This is why the Australian and Queensland Governments have stepped in with a range of schemes and incentives derived to help first home buyers get into their first home sooner.
AUSTRALIAN GOVERNMENT 5% DEPOSIT SCHEME
The newest incentive is the Australian Government 5% Deposit Scheme. From the 1st of October 2025, changes were made to the scheme formerly knownd as the ‘Home Guarantee Scheme’, to make it more accessible to first home buyers. The changes include:
- No income caps – This has increased the eligibility to include more buyers.
- Unlimited spots and no waitlists – Previously places were limited on a first come first serve based.
- No LMI (Lenders Mortgage Insurance) – This has led to a saving of tens of thousands of dollars for first home buyers on upfront fees
One of the major advantages of this scheme is that it is not limited to brand new builds like other government incentives. There are however price caps per location, to check the price cap of your desired location head HERE.
If you are interested in learning more about the scheme including your eligibility head HERE.
$30,000 FIRST HOME BUYERS GRANT
Offered by the Queensland Government and in addition to the 5% deposit scheme, eligible first home buyers can receive a $30,000 grant on their purchase of a brand new or substantially renovated home. In a bid to help more first home buyers enter the market and service their home loans, the conditions of the grant have also had some changes that include now being allowed to rent out one or more of the rooms.
For more detailed information on the $30,000 First Home Buyers Grant please head HERE.
FIRST HOME CONCESSIONS
In addition to the above incentives the Queensland Government also offer transfer (stamp) duty concessions for eligible first home buyers. The value of this concession is relevant to the value of the home if purchasing an existing home. When purchasing a brand new home or substantially renovated home as a first home buyer the transfer (stamp) duty is reduced to nil.
For more information on first home buyer home concessions for a new home, visit HERE.
For more information on first home buyer home concessions for an existing home, visit HERE.
TURNING YOUR PROPERTY DREAMS INTO REALITY
It’s important to understand all your options and eligibility so you can plan your finances carefully. Speaking with a mortgage broker or financial advisor can help you navigate the best path to buying your first home.
If you’re ready to take the next step in your property journey, contact MPM Property to explore our range of existing homes and house and land packages for sale. Your new home might be closer than you think, and at MPM, we are passionate about helping people turn their property dreams into reality.