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First Home Buyer in Sunshine Coast

Are you ready to buy your first home but feeling overwhelmed by all the schemes and grants available? Don’t worry! As a mortgage broker near you, I’m here to walk you through the First Home Buyer Schemes, such as the most popular options like the First Home Guarantee and First Home Owners Grant (FHOG), and to explain the stamp duty concessions available for first-time buyers in Sunshine Coast.

First Home Guarantee – Buy with Just a 5% Deposit

Saving up for a home deposit can be one of the hardest parts of buying your first property, especially in today’s market. But did you know that with the First Home Guarantee, you could secure a home with as little as a 5% deposit? Here’s how it works:

  • What is the First Home Guarantee?
    It’s a government scheme designed to help first-time buyers like you get onto the property ladder faster. With this scheme, the government acts as a guarantor, which means you can get into a home without having to pay Lenders Mortgage Insurance (LMI)—a cost that typically kicks in when your deposit is less than 20%.

  • Who is Eligible?
    To qualify for the First Home Guarantee, you need to be a first-time buyer, an Australian citizen or permanent resident, and meet income limits. As of now, single buyers earning up to $125,000 and couples with a combined income of up to $200,000 are eligible.

  • Benefits of the First Home Guarantee
    The biggest advantage of this scheme is the reduced deposit requirement. Instead of the traditional 20%, you only need 5%. This makes buying your first home a reality much sooner, especially when you’re struggling to save while paying rent.

First Home Owner Grant (FHOG) – Boost Your Buying Power

As of 8th June 2025, the Queensland Government has extended the $30,000 First Home Owner Grant until June 30, 2026

Another great tool in your first home buying toolkit is the First Home Owner Grant (FHOG). If you’re building or buying a new home in Sunshine Coast, this grant could put an extra $30,000 in your pocket to help with the purchase.

  • How Does FHOG Work?
    The FHOG is a one-time payment to first-time buyers purchasing a newly built home or building their own. It’s designed to offset some of the upfront costs of buying a home and make it more affordable for you to break into the property market.

  • Am I Eligible?
    To qualify, the property must be a new home, and the purchase price should be under the $750,000 in Queensland. You also need to live in the home for at least six months once it’s built or purchased.

  • Why It’s Worth Applying
    That $30,000 can make a huge difference in your home-buying journey. It could help with your deposit or other costs like moving expenses or home improvements.

Stamp Duty Concessions for First Home Buyers

One of the biggest surprises for new home buyers is often the stamp duty—a tax paid on the purchase price of a property. Luckily, first-time buyers in Queensland (where Sunshine Coast is located) may qualify for significant stamp duty concessions.

  • How Much Can You Save?
    If you’re buying your first home and it’s valued under $700,000, you could be exempt from paying any stamp duty at all. If your property is valued between $700,000 and $800,000, you’ll still get a discount, which can save you thousands.

  • Eligibility for Stamp Duty Concessions
    To take advantage of these concessions, you must live in the home as your primary place of residence. The savings can be a real game changer, making it easier to buy your first property.

How to Apply for These Schemes

Now that you’ve got the basics of the First Home Buyer schemes, you might be wondering, “How do I actually apply for these schemes?” The good news is that the process is straightforward, and as your local sunshine coast mortgage broker, I’m here to guide you every step of the way.

  • First Home Guarantee
    To apply, we’ll work with participating lenders who are part of the government scheme such as CBA, Westpac, NAB and St George. I’ll help you navigate the paperwork and make sure you meet all the eligibility requirements.

  • First Home Owner Grant
    When you’re ready to buy, you can apply for the FHOG through Queensland Revenue Office or an approved agent (i.e. bank or lending institution)— as your local mortgage broker, we will help you complete and submit the application with the lender.

  • Stamp Duty Concessions
    The stamp duty concessions are automatically applied when you buy your home, as long as you meet the eligibility criteria. I’ll make sure all the necessary documents are submitted to avoid any hiccups.

Frequently Asked Questions

The First Home Guarantee is a government-backed scheme allowing first-time home buyers to secure a home loan with only a 5% deposit. The government guarantees part of the loan, which means you can avoid paying Lenders Mortgage Insurance (LMI) even if your deposit is less than 20%.

We have help multiple first home buyer secured this scheme and saving them up to $25,000 in Lenders Mortgage Insurance.

You must be purchasing (Off-the-Plan) or building a new home, and it needs to be your first property. Additionally, the home’s value should be under $750,000 in Sunshine Coast and Queensland. After purchasing or building, you must live in the home for at least six months.

In Queensland, first home buyers can save thousands through stamp duty concessions. If your home is valued under $700,000, you are exempt from paying stamp duty altogether. For homes between $700,001 and $800,000, you’ll still receive a reduced rate.

For a $700,000 purchase we are seeing savings of $17,350 just in stamp duty. This is a massive savings for first time home buyers.

Yes, you can combine the First Home Guarantee, First Home Owners Grant, and stamp duty concessions, if you qualify for all. This combination could drastically lower your upfront costs, making it much easier to afford your first home.

For example, how much deposit do i need for a 500K deposit?

Using all schemes and incentives, you would be $25,000 to purchase. If you are purchasing new under FHOG, we can use the $30,000 towards the deposit.

If you’re buying a $700,000 property without any government schemes, a 20% deposit would be $140,000. With the First Home Guarantee, you could secure your first home with a 5% deposit, which means you’d need $35,000. Including the new updates June 2024 updates to the First home concession you would pay $0 in stamp duty under the First home concession.

For a $600,000 home, if you’re not using the First Home Guarantee, you’ll typically need a 20% deposit, which amounts to $120,000. However, with the First Home Guarantee, you could buy with as little as 5%, meaning you’d only need a deposit of $30,000—helping you get into your home much faster!

Combining this with the First Home Owners Grant of $30,000 for Queensland, this would mean we could purchase your first property for $0. So long as we can show you have genuine savings or good rental history.

The process is simple. As your expert mortgage broker in Sunshine Coast, we will guide you through the entire process. We’ll work with lenders participating in the First Home Guarantee scheme, submit your FHOG application through your lender, and ensure stamp duty concessions are automatically applied when you buy your first home.

If you’re applying for the grant through your lender, the grant is usually paid at settlement or on your first construction drawdown. If you apply directly through the government, it may take a little longer, typically a few weeks, but it will be released once all criteria are met. It is a much simpler process to go through your mortgage broker.

As we have completed multiple FHOG applications in our time, we have seen that going through the bank is a much smoother process.

Let's Get You into Your First Home!

Buying your first home can seem complicated, but with the right schemes and a good mortgage broker by your side, it’s totally achievable. Whether you’re interested in the First Home Guarantee, the FHOG, or stamp duty concessions, I’m here to help you take advantage of every opportunity to save money and get into your dream home.

Get in touch to learn more about the first home buyer schemes available to you in Sunshine Coast!