5 Things to Consider For Your First Home in Queensland

To get started on the journey towards buying your own home, it is a good idea to familiarise yourself with some of the most important factors to consider when purchasing your first home:

Here are five tips to consider when planning for your first home purchase. 

  1. Consider What You Can Afford

When planning for your first home purchase, it’s easy to get carried away. But it’s important to remember that a home is a long-term investment—the largest you’ll ever make, in fact. Make sure you can afford the house you want.

Before you start looking, develop a solid understanding of your monthly expenses and income potential. This will give you an idea of what kind of house fits into your budget. It might be helpful to create a monthly budget and take some time to think about the big picture.

Receive a Pre-Approval

Ideally, you should start looking for a home after your financial situation has been assessed and you have received a finance pre-approval by your bank.

A financial pre-approval is necessary because it allows you to look at properties with the intent to buy and helps to streamline the buying process. Once you have obtained a pre-approval letter from a lender, you will be able to search for and buy your first home. This is because the letter confirms that you are eligible to apply for the mortgage loan.

2. Check Your Eligibility For A Government Grant or Stamp Duty Concessions

Whether you’re actively looking to purchase a home or not, checking out what Government Initiatives are available is a great first step to understanding the process of homebuying.

Three things to look out for when assessing your eligibility for Government Grants are:

  • Citizen Status;
  • State Requirements; and
  • Property Price Caps.

Not all first home buyer schemes require you to be an Australian Citizen so it’s important to look into all Government Initiatives to see what you are eligible for.  

If you want to apply for a first home buyer initiative such as the First Home Owners’ Grant, the First Home Guarantee or the Family Home Guarantee, you should check first the eligibility requirements of your State or Territory.  The requirements in Queensland differ from those in New South Wales.

Government Initiatives were designed with buyer demand in mind, so it’s a good idea to research property price caps in the areas where you want to build or buy. If you’d like to see what your future of homeownership holds for you, click here to receive your Free Homeownership Assessment.

Furthermore, if you purchase your first home on or after July 1, 2017, you may be eligible for a duty exemption or concession.

If you entered in a contract to buy your first home before July 1, 2017, you may be eligible for the first-time home buyer duty exemption. In addition to the First Home Owner Grant, this duty assistance is available to eligible first-time home buyers.

3. Make a Plan for Transitional Costs

Most people underestimate moving costs, which can make a big impact on their final budget – especially when they’re renting while the construction of their new home is underway.

If you’re looking to rent while your new home is being built, make sure you’ve discussed your lease terms thoroughly with your leasing agent to avoid doubling up on rental and mortgage payments between homes.

Make a list of all items that need to be purchased for your first home and make sure to factor in moving costs – this includes temporary housing, transportation, furniture and essentials.

Try your best to cut back on unnecessary spending as much as possible – this could mean moving in with friends and family until your new home is ready.

QPG Big Tip – If you’ve started ordering furniture and essentials for your new home, avoid opening anything until you’ve moved in. As exciting as it is to receive your long-awaited belongings, save yourself cleaning up the mess and moving hassle of built furniture.

4.  Insurance Options  

While you’re waiting for your house to be built, consider your home insurance options.

A home is the most expensive and valuable asset that the vast majority of people will ever own. With the average house price in Queensland rapidly approaching $500,000, the last thing any homeowner wants is to have their expensive asset taken away without a way to recoup their investment.

Assessing your home insurance options is a necessary step towards protecting your home and belongings. Home insurance might seem like an effortless process, but it’s important to be aware of exactly what you’re covered for and what you need if something goes wrong.

5. Ask Your Property Specialist

As a new buyer, we understand that asking simple questions about your first home purchase can be intimidating, but don’t worry!

Everyone has to start somewhere, and we’ve heard it all as property professionals. We care about your first home buying experience and want you to feel prepared and informed about it. One of the wisest things you can do for yourself is to ask any questions about buying a home.

Hopefully, by knowing what to expect and asking questions when you don’t understand something, we will help you make the right first time home buying decision.


We hope that you have enjoyed this article. Our goal with this post is to educate and assist potential home buyers who might otherwise find themselves overwhelmed by the choices available.

Let us know how we can help. At QPG, we provide Queenslanders with a full suite of smart property solutions. If you’re not sure where to start, contact us here or call us at 1300 248 514 – one of our friendly team members will soon make the process easier for you by providing you with the information you need to begin your journey.

Alternatively, click here to fast track your application to see what the future of homeownership holds for you.

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