Buying your first home is one of the biggest financial decisions you'll ever make, and in Queensland, there are grants and concessions that can save you tens of thousands of dollars if you know how to access them. This checklist walks you through every step in order, so nothing slips through the cracks.
---
Step 1: Check Your Eligibility for Government Grants and Schemes
Before you do anything else, find out which assistance you qualify for. Queensland first home buyers have access to several programs in 2026.
First Home Owner Grant (FHOG): $30,000
Queensland's FHOG pays $30,000 toward the purchase of a new home (including house-and-land packages, off-the-plan apartments, and owner-builder properties). To be eligible:
- At least one applicant must be an Australian citizen or permanent resident
- You (and your co-purchaser, if any) must never have previously owned a home in Australia
- The property must be a newly built home valued at $750,000 or less
- You must move in within 12 months and live there for at least 6 months
First Home Guarantee (FHBG). 5% Deposit, No LMI
The federal First Home Guarantee lets eligible buyers purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees the remaining portion. in 2026, there are 35,000 places available nationally per financial year, with a sub-scheme specifically for regional buyers and another for single parents.
Stamp Duty Concessions
Queensland offers stamp duty concessions for first home buyers. If you're buying a home to live in valued under $550,000, you may pay no stamp duty at all. A sliding concession applies for properties up to $700,000.
Action: Confirm your eligibility before you go further. some schemes have income caps and property price limits that may affect your strategy.
---
Step 2: Get Your Finances in Order
Lenders will look at the last three to six months of your financial behaviour, so start cleaning things up now.
- Check your credit score: Get a free report from Equifax, Experian, or illion. Dispute any errors immediately.
- Build your savings history: Most lenders want to see genuine savings (in your name, consistently held) for at least three months. Gifts from family are treated differently and may require a statutory declaration.
- Pay down high-interest debts: Personal loans, credit cards, and buy-now-pay-later facilities all reduce your borrowing capacity.
- Close credit cards you don't use: Lenders assess the limit, not the balance. A $10,000 credit card you never use still counts against you.
- Avoid large unexplained transactions: Don't move money around in unusual patterns in the months before applying. Lenders will ask about anything that looks odd.
- Don't change jobs: Lenders prefer to see stable employment. If you're considering a career move, talk to a broker first about timing.
Step 3: Calculate Your Full Budget
First home buyers often underestimate the upfront costs beyond the deposit. Here's what you actually need to budget for:
| Cost | Approximate Amount | |---|---| | Deposit | 5–20% of purchase price | | Stamp duty (if applicable) | $0–$15,000+ depending on price | | Conveyancer / solicitor fees | $1,200–$2,500 | | Building inspection | $400–$700 | | Pest inspection | $200–$400 | | Lenders Mortgage Insurance (if <20% deposit) | $5,000–$25,000+ | | Moving costs | $500–$3,000 | | Utility connections and immediate repairs | Allow $1,000–$2,000 |
Rule of thumb: Budget 3–5% of the purchase price on top of your deposit for upfront costs, excluding LMI.
---
Step 4: Get Pre-Approval
Pre-approval (also called conditional approval or approval in principle) tells you how much a lender is willing to lend you based on your current financial situation. It gives you a clear budget before you start inspecting homes.
- Work with a mortgage broker to compare multiple lenders, not just your current bank
- Pre-approval typically requires: payslips (last two), tax returns, three to six months of bank statements, ID, and evidence of your deposit
- Pre-approval is usually valid for 90 days. time your search accordingly
- Pre-approval is conditional, not a guarantee. The property still needs to be acceptable to the lender.
Step 5: Find the Right Property
Now that you know your budget, you can search with confidence.
- Stick to your pre-approved amount. lenders often won't extend it without a new application
- Factor in ongoing costs: council rates, water, body corporate (if applicable), insurance
- Research the suburb: flood zones, school catchments, upcoming infrastructure
- Attend multiple inspections before making any offers. don't rush
---
Step 6: Building and Pest Inspection
Never skip this step. A building and pest inspection by a qualified inspector gives you an independent assessment of the property's condition before you're legally committed.
- Organise this before you go unconditional, while you still have a cooling-off period or a finance/inspection clause in the contract
- A standard report covers structural integrity, moisture, electrical hazards, and evidence of pest activity (termites are a real risk in South East Queensland)
- Cost: typically $600–$1,100 for a combined building and pest report
- If significant defects are found, you may be able to negotiate a price reduction or walk away
Step 7: Make an Offer and Exchange Contracts
In Queensland, private treaty sales are common. Here's how it works:
- Submit your offer (verbally or in writing)
- Once accepted, you sign a Contract of Sale
- In Queensland, there is a 5-business-day cooling-off period for residential property. you can withdraw, but you forfeit 0.25% of the purchase price as a penalty
- At this stage, you'll pay the initial deposit (typically 10%, though this is negotiable)
- Ensure your contract includes a finance clause (giving you time to get formal approval) and a building and pest clause
---
Step 8: Unconditional Approval
Once you're under contract, your broker submits the formal loan application to the lender. The lender will:
- Order a property valuation
- Conduct final income and liability checks
- Issue formal (unconditional) approval
Once unconditional approval is granted, you are committed to the purchase. Your conveyancer will then manage the lead-up to settlement.
---
Step 9: Settlement
Settlement is the legal transfer of ownership from the seller to you. In Queensland, this is typically handled electronically through PEXA.
- Your conveyancer coordinates the settlement date (usually 30–90 days after contract signing, depending on what you negotiated)
- On settlement day, your lender pays the purchase price; your deposit is transferred; legal title transfers to your name
- Do a final pre-settlement inspection of the property in the 24–48 hours beforehand
- You'll receive the keys once settlement is confirmed
Step 10: Move In and Notify the ATO
You're a homeowner. but there are a few last admin tasks:
- Notify the ATO of your new address via myGov
- Update your address with Medicare, your employer, Centrelink (if applicable), your bank, and the Electoral Commission
- Apply for the FHOG if your broker or conveyancer hasn't already done this at settlement (it's usually lodged through your lender)
- Arrange home and contents insurance. lenders require building insurance to be in place from the contract date, not just settlement
- Set up your mortgage repayments. confirm your repayment schedule with your lender and consider whether offset or redraw features suit your situation
Ready to Take the First Step?
Every first home buyer's situation is different, especially when grants, schemes, and deposit sizes come into play. Tom Smith at Kookaburra Finance, based in Springfield Central, helps first home buyers across South East Queensland navigate the entire process at no cost to you.
Book a free consultation and find out exactly what you qualify for and how much you can borrow.