First Home Buyer Checklist North Brisbane, QLD, The 2026 Guide
This article is by Kelly Brothers Finance, North Brisbane Mortgage Brokers . Simply get in touch here if you need finance help.
First home buyers in North Brisbane, QLD have more government support behind them right now than at almost any point in recent memory. With the Australian Government 5% Deposit Scheme allowing purchases up to $1,000,000 with no LMI, the Queensland First Home Owner Grant providing $30,000 for new homes, and zero stamp duty on all new builds, your first property purchase has genuine backing from both state and federal governments.
The key is knowing what steps to take and when to take them. Whether you're looking in Kelvin Grove- Windsor or Wooloowin, the process remains the same, but having your finances organised before you start looking puts you ahead of other buyers.
Kelly Brothers Finance helps first home buyers across North Brisbane, QLD navigate the complete purchase process across 60+ lenders, completely free of charge.
Here's your complete checklist for buying your first home in North Brisbane, QLD.
Key takeaways
- First home buyers can purchase with a 5% deposit under the Australian Government 5% Deposit Scheme.
- Queensland's $30,000 First Home Owner Grant applies to new homes under $750,000.
- New homes attract zero transfer duty for eligible first home buyers in Queensland.
Why does getting your checklist right matter for first home buyers?
Your first home purchase involves more moving parts than any other financial decision you'll make. Pre-approval, building inspections, conveyancing, insurance, and government grants all need to align within strict timeframes. Missing one step or doing them in the wrong order can delay your settlement or cost you thousands.
The difference between first home buyers who secure their property smoothly and those who face last-minute stress is preparation. Lenders, solicitors, and real estate agents all expect you to know what's required when. Having everything organised before you start looking signals to sellers that you're a serious buyer who can complete on time.
What documents do first home buyers need to get pre-approved?
You need proof of income, savings history, and identification. For PAYG employees, this means two recent payslips, a current employment letter, and three months of bank statements showing your deposit savings pattern. The lender wants to see that your deposit has been saved over time, not suddenly appeared from a gift or undeclared income source.
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What government schemes and grants are available to first home buyers?
- › Australian Government 5% Deposit Scheme (First Home Guarantee): buy with a 5% deposit, no LMI, up to $1,000,000 in North Brisbane. Income caps removed in October 2025.
- › Queensland First Home Owner Grant:$30,000 for new homes under $750,000. The 2026-27 Queensland Budget confirmed the $30,000 continues for contracts signed from 1 July 2026, locked into the four-year forward estimates.
- › Queensland transfer duty exemption:$0 stamp duty on all new homes from 1 May 2025 (no price cap); full exemption on established homes up to $700,000. Note: from 1 August 2026, concessions are limited to Australian citizens and permanent residents.
- › Queensland Boost to Buy: shared equity scheme offering up to 30% government contribution on new homes, 25% on existing, with a 2% minimum deposit. Income caps are $150,000 single or $225,000 household. Places are limited and Round 2 SEQ allocations are exhausted; some regional places remain. Unity Bank is currently the only approved lender.
- › Federal Help to Buy: a separate federal shared equity scheme offering up to 40% government contribution on new homes, 30% on existing, with a 2% deposit. Income caps are lower: $100,000 single or $160,000 joint. Cannot be combined with Boost to Buy.
How do mortgage brokers help first home buyers get approved in North Brisbane, QLD?
Step 1: Talk to us
Get in touch and we'll assess your income, deposit, and goals to identify which lenders and schemes give you the strongest result.
Step 2: Check your borrowing capacity
We calculate your maximum borrowing power across different lenders. The variation can be significant based on how each lender assesses your income and expenses, and knowing your real ceiling before you start shopping matters.
Step 3: Apply for pre-approval
We submit your application to the lender most likely to approve your situation at the strongest rate, giving you certainty before you start looking at properties.
Step 4: Start house hunting with confidence
With pre-approval confirmed, you can make offers knowing exactly what you can afford and that your finance is already sorted.
Step 5: Finalise your home loan
Once your offer is accepted, we handle the formal loan application, coordinate with your solicitor, and ensure everything settles on time.
Step 6: Ongoing support through settlement
We stay involved until your keys are in your hand, handling any lender queries and ensuring your first home purchase goes smoothly.
What mistakes do first home buyers commonly make in North Brisbane, QLD?
The biggest mistake is starting to look at properties before getting pre-approved. You can't make competitive offers without knowing your exact borrowing capacity, and sellers can tell when buyers aren't finance-ready. In North Brisbane's competitive market, finance-approved buyers consistently win against those still arranging their loans.
The second mistake is not understanding the true cost of buying. Your deposit is just the start. You also need to budget for building and pest inspections, legal fees, mortgage registration, and moving costs. First home buyers who don't factor in these additional costs often find themselves short at settlement.
What essential documents and costs do first home buyers need to organise?
Beyond your income documents, you'll need to organise building and pest inspection reports, property valuation, home insurance from settlement date, and funds for legal costs. In North Brisbane, QLD, budget for these additional costs on top of your deposit.
Typical costs to budget for:
- › Building and pest inspection:$400-$600 for both reports, essential for any established property purchase.
- › Legal fees:$1,200-$2,000 for conveyancing, searches, and settlement coordination.
- › Lenders mortgage insurance: if required, approximately $21,000 on a $700,000 purchase with a 5% deposit. Waived under the First Home Guarantee.
- › Home and contents insurance: arrange before settlement date.
- › Mortgage registration and government fees: approximately $200-$400 depending on your lender and state charges.
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Frequently Asked Questions
How much deposit do I need as a first home buyer in North Brisbane, QLD?
You can buy with a 5% deposit through the Australian Government 5% Deposit Scheme (First Home Guarantee), or as little as 2% through Queensland's Boost to Buy shared equity scheme. Without government assistance, most lenders require 20% to avoid lenders mortgage insurance, though some accept 10% with LMI.
Can first home buyers use the First Home Guarantee more than once?
No. The First Home Guarantee is a one-time opportunity. Once you've used it, you can't access it again even if you sell and buy another property later. Make sure your first purchase aligns with your long-term plans.
How long does pre-approval last for first home buyers?
Most lenders offer pre-approval for 3-6 months, though some extend to 12 months. Your pre-approval remains valid provided your financial situation doesn't change significantly. New debts, job changes, or credit enquiries can affect your approved amount.
Do first home buyers in Queensland need a solicitor for conveyancing?
You legally can do your own conveyancing, but it's not recommended. Property law in Queensland involves complex searches, contracts, and settlement procedures where mistakes can cost thousands. Professional legal support typically costs $1,200-$2,000 and protects you from costly errors.
What happens if a building inspection finds problems for a first home buyer?
You can negotiate with the seller for repairs, a price reduction, or walk away if the problems are significant. Your contract should include a building and pest inspection clause giving you this flexibility. Minor issues are normal, but structural problems or pest damage require serious consideration before proceeding.
Should first home buyers use a mortgage broker or go directly to their bank?
A mortgage broker, every time. Banks only offer their own products, while brokers compare options across 60+ lenders to find the best rate and features for your situation. As a first home buyer, broker services are completely free of charge; the lender pays the broker after your loan settles.
How quickly can first home buyers get pre-approved in North Brisbane?
Pre-approval typically takes 3-5 business days once you submit all required documents. Some lenders offer conditional approval within 24 hours for straightforward applications. Having your documents organised before you apply speeds up the process considerably.
Your Next Steps
Your first home loan deserves more than a standard approach. The difference between lenders can affect your deposit requirements, scheme eligibility, and borrowing capacity, which is exactly what a broker comparison is designed to find for you.
The right combination of loan, rate, and government scheme depends on your situation, and that's a conversation worth having. Talk to the Kelly Brothers Finance team or call 07 3847 9450, and we'll compare your options across 60+ lenders at no cost to you.
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External Resources
Kelly Brothers Finance · Paddington and North Brisbane, QLD · General information only - this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions. · Last updated 3 July 2026