Buying Your First Property

Here you'll find handy tips & calculators plus government concession & grant information for first home buyers

It's a big decision to buy your first property and chances are there are all sorts of features you'd like to find in your home. 

Locating that ideal property should involve a bit of your heart and a lot more of your head, otherwise you could end up buying somewhere that's far from a perfect fit.

Compiling a list of what's important to you in a property is a great way of narrowing down your options and ensuring you purchase somewhere most suited to your needs.

1.  Location:

One of the most important aspects to think about is the location of your property, which will largely depend on your individual circumstances. If, for example, you have children then you'll need to make sure there are plenty of quality schools nearby (our area's schools). Young professionals, on the other hand, will want to be close to their place of work. Pet owners may want to seek out areas which are closer to great dog-friendly parks etc.  An area might seem ideal at face value, but spend some time doing some more in-depth research to ensure it's the right choice for you.

2.  Price:

Another important factor is the price of the property - how much can you afford to spend on your first home?  Some suburbs are more affordable than others, so it's worth knowing where you are able to buy before getting your heart set on a certain home.

3.  The feel of the area:

It's essential that you feel at ease when you move into your first home, which is why speaking to people who already live there is another good way to research the area - they're likely to be the best source of information!

4.  Renovation potential:

Some people like the idea of making their first property into a renovation project, while others simply want to move in and start living in it straight away. Decide which way is right for you and factor this into your property hunting process.

Taking action:

We understand that buying a home can be stressful, confusing and overwhelming at times. Our extensive industry experience coupled with in-depth local knowledge means we make your experience as seamless and stress-free as possible and ensure that you have the information you need to make a well-informed decision for you and your family.

Want to find out about our newest listings before everyone else?

Click here to register for VIP Alerts.  Just give us your wish list and we'll make sure that you're notified the moment a new property hits the market. 

Need more information about buying a home:

Click here to download our free buyer's guide.  It's exactly what you need to get prepared and secure your perfect home. 
The guide includes:

* How to find the home of your dreams
* How to finance it, negotiate, and secure the purchase 
* How to prepare to move in

Keep reading for:

Handy Tips & Calculators + Government concession & grant information:

  • Transfer Duty:

First National has a quick calculator to estimate how much transfer duty you may have to pay. To access it, Click here.  
To find out more about the rules for transfer duty in Queensland, Click here.

  • First Home Concession: 

You may be able to claim a first home concession for transfer duty when acquiring your first residence, as long as you meet certain requirements. This concession only applies to a home valued under $550,000 (although in some circumstances, it may still apply for a home valued over this amount).  To find out more, Click here.

  • First home vacant land concession:

You may be able to claim a first home vacant land concession for transfer duty when acquiring vacant land to build your first home, as long as you meet certain requirements. This concession only applies to vacant land valued under $400,000. 
To find out more, Click here.  

First National has produced a handy nationwide one page guide about first home buyer grants so you can maximise your opportunity.  To view click here.  To view the Homebuilder 01 December, 2020 UPDATE, click here.

  • First home owner grant – for a new home or building a new home:

The Queensland First Home Owners’ Grant is a QLD state government initiative to help first homeowners to get their new first home sooner. You could get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can buy off the plan or choose to build yourself. To find out more, Click here

  • First home super saver: 

The FHSS scheme allows you to save money for your first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment of super.  To find out more, Click here.

  • First Home Loan Deposit Scheme (2020): 

As part of the 2020/21 Federal Budget, the Australian Government has committed an additional 10,000 Firs tHome Loan Deposit Scheme places for the 2020/21 financial year, specifically for elibible first home buyers purchasing new homes.

The First Home Loan Deposit Scheme, means the government will underwrite home loan deposits for first-home buyers, who cannot reach the 20% deposit that most banks require.  The proposed policy means that eligible first home buyers (earning up to $125,000 annually or $200,000 for couples) will be able to purchase a house with a deposit as low as 5% (with the government covering the lenders mortgage insurance - saving around $10,000) so they can get a loan and into the market faster. The value of homes that can be purchased under the Scheme will be determined on a regional basis, reflecting the different property markets across Australia.  We recommend you seek individual advice from your accountant or mortgage broker.

For more information click here.

  • Mortgage calculator: 

Want to get an idea of what you can afford.  With this handy calculator, you can work out your estimated loan amount, monthly repayments and upfront costs.  To find out more, Click here.

  • Your credit score: 

Your credit score is important because it may influence how much a lender such as a bank will loan you to buy your new property. If you have a low credit score a lender may see you as being a bigger risk of not paying back your loan. Lenders advise that a bad credit score may actually result in you being knocked back for the loan. Conversely, if your credit score is good, it shows a lender that you have the ability to meet your financial obligations on the loan.

Since Australia switched to the Comprehensive Credit Reporting system, your credit history also now includes details of any businesses you own or are directors of, bankruptcy or court judgements, credit applications made in the past 5 years, payment defaults, overdue accounts, even what accounts have been opened and closed and how well you meet your repayments.

How to check your credit score:  
You can actually check your credit score free of charge using several national credit reporting bodies. 
To find out more,  Click here.

You will need to provide your ID and complete the required information to get your credit score.  This can be done quickly and easily and usually you will get an immediate indication of your credit score.  It generally takesabout 10 working days to get a free copy of your credit report from the main credit reporting agencies.

Need further information?

Click here to download our handy free Home Buyer's Guide.

 ** All information provided is a general guide only.  Please check with relevant Queensland Government departments and/or your accountant to verify your particular circumstances and/or individual eligibility.