How to Buy Your First Home in Brisbane: Your Step-by-Step Guide

How to buy your first home without getting caught in the confusion of mortgage and real estate? It can feel like a bit of a maze, especially with Brisbane’s property market moving at full tilt. From surprise costs to tricky loan terms and missed opportunities for government grants, it's easy to feel out of your depth.

That’s why teaming up with a savvy mortgage broker, like the trusted brokers at Kelly Brothers Finance, is a game-changer. They’ll guide you through the nitty-gritty, help you weigh up loan options, and even boost your borrowing power. In short? You’ll have experts on your side, making the whole process smoother, smarter, and way less stressful.

Let’s explore the steps on how to buy your first home and kickstart your homebuying journey.

Step 1: Start Your Savings Plan Early

Saving your house deposit is often the biggest hurdle. In Brisbane, a 20% deposit for a median-priced home is roughly $187,495—and that’s before you factor in stamp duty and other costs.

Tips to build your deposit faster:

• Create a strict savings plan.
• Use government grants like the First Home Owner Grant (FHOG) Queensland - $30,000 for new homes. 
• Boost savings through tax refunds or family gifts (though lenders prefer ‘genuine savings’).
• Consider temporary lifestyle changes to cut back on expenses.

Lenders will check your credit score, savings history, and overall financial position during your loan application.

Step 2: Understand Your Borrowing Capacity

Before house hunting, calculate what you can borrow. A mortgage broker can run the numbers, considering:

• Income and proof of income
• Credit score and credit history
• Existing debts and expenses
• Potential monthly payments

Talk with our expert mortgage brokers at Kelly Brothers Finance for a free assessment of your borrowing power. Visit www.kellybrothersfinance.com.au or call (07) 3847 9450.

Step 3: Get Pre-Approval for a Home Loan

Pre-approval gives you a clear idea of how much you can borrow and shows sellers you’re serious. It’s a conditional green light from the lender, based on your income, credit history, and financial position. With pre-approval in hand, you can confidently make offers or bid at a property auction.

Pro Tip: Double-check how long your pre-approval lasts—usually around 3 to 6 months—and avoid making big financial changes like new debts or job switches during this period. This keeps your loan application smooth when you’re ready to buy.

Step 4: Start House Hunting

Now the fun part—your house hunt! In Brisbane, northside suburbs like Everton Park and Stafford Heights remain popular for first-home buyers, while newer land packages pop up in Springfield Lakes and Ripley Valley.

Things to keep in mind:

• Attend open homes and organise house inspections
• Check property reports from CoreLogic RP Data or Domain
• Review the area’s public transport, schools, and future developments

Pro Tip: Create a shortlist of suburbs that match your budget and lifestyle needs to stay focused during your house hunt.

Step 5: Understand Property Price Caps and Costs

It’s easy to fall in love with a property, only to realise it’s out of your price range—or worse, ineligible for first-home buyer schemes. Knowing the limits upfront saves you time, money, and plenty of frustration.

Here’s what to factor in:

• First Home Guarantee Brisbane price cap: $700,000 (Housing Australia)
• Stamp duty costs (check for first-home concessions)
• Legal fees, inspections, and loan application fees
• Ongoing costs: council rates, land tax, insurance, and maintenance

For a full cost breakdown, talk with your mortgage broker. 

Step 6: Make an Offer or Bid at Auction

Once you’ve found the right property, you can either submit a private offer or bid at auction, depending on the sale type. If your offer is accepted, you’ll sign the contract of sale and pay a deposit—usually 5% to 10% of the purchase price. 

Keep in mind, buying at auction means no cooling-off period, so your finances need to be ready.

Pro Tip: Always set a firm budget limit before auction day to avoid overbidding in the heat of the moment.

Step 7: Apply for Formal Loan Approval

Once your offer is accepted, your mortgage broker will submit your full loan application with updated financial documents. The lender will assess everything, including a property valuation, before issuing formal approval—this process typically takes 5 to 10 business days. Formal approval confirms your loan amount and finalises the conditions for your mortgage.

Pro Tip: Respond quickly to any lender requests during this stage to avoid delays that could push back your settlement date.

Step 8: Prepare for Settlement

The settlement process usually takes 30 to 60 days, during which your solicitor, lender, and the seller’s legal team finalise the transfer of ownership. You’ll pay the remaining balance of the purchase price, complete stamp duty, and ensure the property title is officially transferred to your name. 

Once settlement is complete, you’ll receive the keys and officially own the property.

Pro Tip: Arrange a final inspection a day or two before settlement to make sure the property is in the same condition as when you signed the contract.

Step 9: Move In and Plan Your Repayment Strategy

Congrats, you’re a homeowner! Now review your repayment plan:

• Consider making extra payments to reduce your lifetime cost
• Review your homeowners insurance rates annually
• Check if your home is eligible for Queensland’s land tax exemptions

Chat with Kelly Brothers Finance

Ready to take the next step in your property journey? Chat with the experienced team at Kelly Brothers Finance for expert advice and personalised support through every stage of the home-buying process. Call us today on (07) 3847 9450 or visit www.kellybrothersfinance.com.au to get started!

Frequently Asked Questions (FAQs)

Can I buy a house with $10,000 deposit?

Yes, but you’ll need to work closely with a real estate agent and mortgage broker to explore low-deposit loan type options, government grants, and factor in additional costs like stamp duty and fees to complete the property purchase.

What is the most common age to buy a first house?

The most common age to buy a residential property in Australia is between 25 to 34 years old, when many buyers start climbing the property ladder or planning for an investment property.

How much money does a first home buyer need?

A first home buyer typically needs enough to cover at least a 5-20% deposit, mortgage repayments, and additional costs, depending on the loan type and location of the property purchase.

How much deposit do I need to buy a home in Brisbane?

Typically, 20% of the purchase price. But schemes let you buy with as little as 5%.

Can first-home buyers avoid stamp duty in Brisbane?

Yes, full or partial concessions apply for homes under $550,000.

What if I buy a property at auction?

There’s no cooling-off period. Make sure your finance is pre-approved.

How do I know my borrowing capacity?

Speak to a mortgage broker—they’ll calculate it based on your income, debts, and financial position.

Should I get financial advice before buying?

Absolutely. A broker or financial advisor can help you avoid nasty surprises and maximise grants.

Final Thoughts

Buying your first home in Brisbane is a huge milestone, and with the right support, it can be a smooth and exciting experience in 2025. Whether you’re still saving or ready to jump into the market, having someone guide you through the process makes all the difference. 

The team at Kelly Brothers Finance is here to help you compare loans, understand your options, and avoid any nasty surprises—plus, we offer a free consultation to get you started. Give us a call on (07) 3847 9450 or visit www.kellybrothersfinance.com.au and let’s plan your homebuying journey together.