Planning to Buy Your First Home in 2026? Here’s How to Prepare in Queensland
Buying your first home in 2026 looks different from a year ago. Prices in Brisbane have eased from their May peak, there are far more homes for sale, and buyers have more time and bargaining power. At the same time, interest rates have risen four times this year, which reduces how much you can borrow. Preparation is what turns those conditions into an opportunity.
This guide walks first home buyers in Queensland through how to prepare in 2026: saving a deposit lenders will accept, understanding your borrowing power, using the grants and schemes available, and building the team that gets you over the line.
Updated October 2026 from our 2024 guide. Scheme rules, caps and amounts change often: always confirm eligibility with your lender and the official websites listed at the end of this article. General information only, not financial advice.
The 2026 market for first home buyers
- Prices have eased. Brisbane dwelling values were about 5.4% below their May 2026 peak by September, though still around 6% higher than a year earlier.
- More choice. Listings in Brisbane are around 60% higher than a year ago, and auction clearance rates have fallen, so homes are taking longer to sell.
- Higher rates. The Reserve Bank has lifted the cash rate to 4.60%, which reduces borrowing capacity for every buyer.
- Renting is still tough. Vacancy rates across Greater Brisbane were below 1% in mid-2026 and rents were still rising, which is why many renters are keen to buy.
Our article on why first home buyers of 2026 have a rare time to get ahead explores the opportunity in more detail.
Step 1: Build genuine savings
Lenders look closely at how you saved your deposit. Genuine savings are funds you have built up yourself over time, usually held or added to consistently for at least three months. Regular saving shows a lender you can manage a home loan.
- Open a dedicated savings account and transfer a set amount every pay.
- Keep your spending steady: lenders review your bank statements and recent transactions.
- Some lenders accept a strong rental payment history as evidence of genuine savings, so ask your broker.
- Gifts from family can help, but lenders usually want to see some savings of your own as well.
The ATO’s First Home Super Saver (FHSS) scheme lets you make voluntary contributions to your super and later withdraw them, with associated earnings, to help buy your first home. The concessional tax treatment can help you save faster than a normal bank account. There are annual and total limits on how much you can withdraw, and you must apply for a release before you sign a contract, so plan ahead.
- First Home Owner Grant (QLD): a $30,000 grant for eligible first home buyers building or buying a new home valued under $750,000. The Queensland Government has extended the $30,000 amount, so check the current end date and conditions with the Queensland Revenue Office.
- Transfer duty (stamp duty): since 1 May 2025, eligible first home buyers pay no transfer duty on a new home or on vacant land to build a home. For established homes, a first home concession applies up to set price thresholds.
These incentives can save tens of thousands of dollars, but most are aimed at new homes. Our guide to rentvesting vs first home buyer grants weighs up whether chasing a grant is the right move for you.
- Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme): buy with a 5% deposit without paying lenders mortgage insurance. Since 1 October 2025 there are no income caps and no waitlists. Single parents and legal guardians can buy with a 2% deposit. Property price caps apply; at the time of writing the cap for Brisbane, the Gold Coast and the Sunshine Coast is $1,000,000.
- Australian Government Help to Buy: a shared equity scheme with a minimum 2% deposit, where the government contributes up to 40% of the price of a new home or up to 30% of an existing home. You share part of any gain (or loss) with the government when you sell or buy back its share. Income and price caps apply, and there are 10,000 places a year.
Our guide to first home buyer schemes in 2026 compares them in more detail.
Your borrowing power depends on your income, expenses, debts and the interest rate. Lenders test your loan at about 3 percentage points above the actual rate, so each rate rise in 2026 has reduced how much buyers can borrow. Before you start inspecting:
- get a formal pre-approval through a mortgage broker;
- budget for the upfront costs: legal fees, building and pest inspections, loan costs and moving;
- leave a buffer so a further rate rise does not stretch you;
- refresh your pre-approval if it was issued before the latest rate rise.
Our first home buyer calculator gives you a quick estimate of costs and repayments. Our 2026 guide to interest rates explains how rate changes affect your borrowing.
Your deposit is only part of what you need. Budget for these costs as well (amounts vary, so get quotes):
| Cost | Notes |
| Transfer duty | Nil for eligible first home buyers on new homes; concessions on established homes up to set price thresholds |
| Conveyancing or legal fees | Contract review, searches and settlement |
| Building and pest inspection | Essential before the contract becomes unconditional |
| Loan costs | Application, valuation and settlement fees, depending on the lender |
| Lenders mortgage insurance | Often avoided with the 5% Deposit Scheme or a 20% deposit |
| Insurance | Building insurance from settlement (and contents insurance) |
| Moving and setting up | Removalists, utilities connection, furniture |
Many first home buyer incentives, including the $30,000 Queensland grant and the full transfer duty exemption, are aimed at new homes, and Help to Buy offers a larger government share on new builds. That makes new homes look attractive on paper. But established homes often have larger blocks, more mature suburbs and a stronger record of capital growth.
The right choice depends on the total cost and the long-term value, not just the size of the incentive. Ask: what will this home be worth in ten years compared with an established home I could buy for the same total outlay? Our guide to rentvesting vs first home buyer grants works through this trade-off.
- Mortgage broker: compares lenders, checks scheme eligibility and manages your pre-approval.
- Buyer’s agent: helps you choose the right suburb and property, checks value and negotiates for you. Read should a first home buyer use a buyer’s agent in Brisbane?
- Solicitor or conveyancer: reviews the contract and seller disclosure statement and handles settlement.
- Building and pest inspector: finds structural, termite and safety issues before you commit.
Your first home is also your first big investment. Focus on location, land, layout and liveability rather than chasing the lowest price or the biggest grant. In a cooling market, quality homes in good locations tend to hold their value best. Check flood maps, the Form 2 seller disclosure (required in Queensland since 1 August 2025), zoning and nearby developments before you sign.
Our list of the biggest first home buyer mistakes is worth reading before you make an offer.
In 2026, buyers can often negotiate on price and keep important protections such as finance and building-and-pest conditions. Do not waive them unless you fully understand the risk. If you are unsure how to approach the selling agent, see our guide on how to deal with selling agents when buying.
With Brisbane’s median dwelling value above $1 million, many first home buyers are looking at more affordable areas within the 5% Deposit Scheme’s price caps. Popular options include the established suburbs and growth corridors of Ipswich, parts of Logan, and Moreton Bay suburbs along the rail line. Our Ipswich real estate market trends for 2026 and our suburb reports are good places to start, and our story of a first home buyer in Redbank Plains shows what is possible.
- Which schemes and grants am I eligible for, and can they be combined?
- How much can I borrow at today’s interest rates, with a buffer for further rises?
- Does my lender accept rental history or gifts as part of genuine savings?
- What are all the upfront costs I need to budget for?
- How long will my pre-approval last?
- Save consistently for at least three months (genuine savings).
- Consider the First Home Super Saver scheme.
- Check your eligibility for the QLD grant, the transfer duty concessions and the federal schemes.
- Get pre-approval and set a budget with a buffer.
- Assemble your broker, buyer’s agent, conveyancer and inspector.
- Shortlist suburbs and properties that match your brief.
- Review the contract, disclosure and inspection reports.
- Negotiate, sign, and prepare for settlement.
IPS Buyer’s Agents helps first home buyers across Brisbane, Ipswich, Logan, Moreton Bay and the Sunshine and Gold Coasts find the right home and avoid costly mistakes. See how we have helped first home buyers in our client success stories, or contact us to start planning.
- Housing Australia: Australian Government 5% Deposit Scheme
- Housing Australia: Australian Government Help to Buy Scheme
- Queensland Revenue Office: First home owner grant
- Queensland Revenue Office: First home concession
- Queensland Government: Extending the $30,000 first home owner grant
- Australian Taxation Office: First Home Super Saver scheme
- Cotality: Australian housing values down for sixth straight month (September 2026)
What are genuine savings?
Genuine savings are funds you have saved yourself over time, usually held or added to consistently for at least three months. Some lenders accept a good rental history instead.
How much is the first home owner grant in Queensland in 2026?
The Queensland grant is $30,000 for eligible first home buyers buying or building a new home valued under $750,000. Check the current conditions with the Queensland Revenue Office.
Do first home buyers pay stamp duty in Queensland?
Since 1 May 2025, eligible first home buyers pay no transfer duty on a new home or vacant land to build a home. Concessions also apply to established homes up to set price thresholds.
Can I buy with a 5% deposit?
Yes. The Australian Government 5% Deposit Scheme lets eligible first home buyers buy with a 5% deposit and no lenders mortgage insurance. Since 1 October 2025 there are no income caps; property price caps apply.
How does Help to Buy work?
Help to Buy is a shared equity scheme: you need a 2% deposit and the government contributes up to 40% of the price of a new home or 30% of an existing home, sharing in any gain or loss when you sell or buy it out.
Should a first home buyer use a buyer’s agent?
A buyer’s agent can help first home buyers choose the right suburb, avoid costly mistakes and negotiate the price. Weigh the fee against the time and money it can save.
How much deposit do I need for my first home in 2026?
With the 5% Deposit Scheme you can buy with 5% (2% for eligible single parents), and Help to Buy requires 2%. You will also need funds for legal fees, inspections and other upfront costs.
What is the First Home Super Saver scheme?
It lets you make voluntary contributions to super and later withdraw them, with associated earnings, to help buy your first home, subject to limits and conditions set by the ATO.