How to Buy Your First Home With a Low Deposit in Queensland (2026)
First home buyers in Queensland can purchase a brand-new home with approximately $54,500 total upfront — compared to $122,000 or more for an established property. That’s a saving of
$67,500, achieved by stacking the 5% Deposit Scheme, stamp duty exemptions on new builds, and eliminating Lenders Mortgage Insurance. This guide explains exactly how it works, what you qualify for, and the step-by-step process from first call to getting your keys.
Low Deposit Homes has helped over 826 Queensland and Victorian families become homeowners using this exact approach. Every number in this guide is current as of April 2026 and independently verifiable against government sources.
How much deposit do you actually need in Queensland?
The answer depends on whether you buy new or established. Here’s the real comparison for a property worth $1,000,000 in South East Queensland:
Brand new property at $1,000,000 (with Low Deposit Homes, 5% Deposit Scheme)
| Cost Item | Amount |
|---|---|
| Purchase Price | $1,000,000 |
| Proposed Loan Amount | $950,000 |
| Stamp Duty | $0 |
| Land Transfer Fees | $1,669 |
| Mortgage Registration Fees | $238 |
| Legal Fees | $1,500 |
| Lender Fees | $1,000 |
| LMI | $0 |
| Total Loan Amount | $950,000 |
| LVR | 95% |
| Savings Needed | $54,500 |
Established property at $1,000,000 (no grants applied)
| Cost Item | Amount |
|---|---|
| Purchase Price | $1,000,000 |
| Proposed Loan Amount | $915,000 |
| Stamp Duty | $30,850 |
| Land Transfer Fees | $3,804 |
| Mortgage Registration Fees | $232 |
| Legal Fees | $1,500 |
| Lender Fees | $1,000 |
| LMI (Capitalised onto Loan) | $34,594 |
| Total Loan Amount | $949,594 |
| LVR | 94.96% |
| Savings Needed | $122,000 |
The gap: $67,500 saved by buying a new build through Low Deposit Homes.
This is not a gimmick or a special deal. It’s the mathematical result of three government policies that apply specifically to new builds purchased by first home buyers in Queensland.
What is the 5% Deposit Scheme and how does it work?
The Australian Government 5% Deposit Scheme (formerly the First Home Guarantee) allows eligible first home buyers to purchase a property with just a 5% deposit. The government provides a guarantee to your lender for the remaining 15%, so you don’t need the traditional 20% deposit and you pay zero Lenders Mortgage Insurance.
Key facts as of April 2026:
- Minimum deposit: 5% of the property value - Lenders Mortgage Insurance: waived entirely
- Income caps: removed as of October 2025 — no income limits
- Place limits: removed — no waitlists, unlimited spots
- Property price cap: $1,000,000 in Brisbane, Gold Coast, Sunshine Coast, and other capital city areas; $700,000 in regional Queensland
- Property types: new builds, existing homes, house and land packages, off-theplan purchases, vacant land with a building contract
- Eligibility: Australian citizen or permanent resident, aged 18 or older, have not owned property in Australia in the past 10 years
What this means in dollars: For a $950,000 house and land package in Ipswich, your deposit is $47,500. Without the scheme, you would need approximately $190,000 (20% deposit) to avoid LMI, or pay LMI of $15,000 to $25,000 on top of a smaller deposit.
What is the 5% Deposit Scheme and how does it work?
Queensland exempts first home buyers from paying stamp duty (transfer duty) on new residential properties. This applies to house and land packages, newly constructed homes that have not been previously occupied, and off-the-plan purchases.
For a $1,000,000 property, this saves approximately $15,000 to $20,000 compared to purchasing an established home at the same price. Combined with the 5% Deposit Scheme (no LMI) and the new build itself, this creates the $67,500 gap between buying new and buying
established.
What other grants are available for Queensland first home buyers?
$30,000 First Home Owner Grant (FHOG)
Queensland offers a $30,000 grant for first home buyers purchasing or building a new home valued under $750,000. The grant is applied at settlement and reduces the cash you need upfront. However, finding new stock under $750,000 in South East Queensland is increasingly difficult, which is why most Low Deposit Homes clients use the 5% Deposit Scheme instead.
The $30,000 FHOG is available for contracts signed before 30 June 2026. After that date, the grant reverts to $15,000.
Help to Buy (Federal Shared Equity)
Help to Buy is a federal government scheme where the government contributes up to 40% of the purchase price of a new home. You need a minimum 2% deposit. For a $1,000,000 new build:
- Your deposit: $20,000 (2%)
- Government contribution: up to $400,000 (40%)
- Your home loan: $580,000 (58%)
- Weekly repayments: approximately $750 to $800 (compared to $1,000 to $1,250 on a full $1,000,000 loan)
Eligibility: Australian citizenship required (not permanent residency), household taxable income
under $160,000,individual income under $100,000.
First Home Super Saver Scheme (FHSSS)
You can withdraw voluntary superannuation contributions (up to $50,000 for individuals, $100,000 for couples) to use toward your first home deposit. This effectively allows you to save for your deposit using pre-tax income, which can reduce your tax and accelerate your savings.
Where can you buy in Queensland?
Low Deposit Homes helps first home buyers across South East Queensland’s growth corridors. These areas have active estate developments with house and land packages structured to stay under the $1,000,000 price cap:
Ipswich corridor: Ripley, Springfield, Rosewood, Collingwood Park, Bowie, Deebing Heights. Packages from approximately $850,000 to $980,000.
Logan corridor: Yarrabilba, Park Ridge, Flagstone, Greenbank. Packages from approximately $800,000 to $950,000.
Greater Brisbane: Caboolture, Narangba, Burpengary. Packages from approximately $850,000 to $950,000.
Beaudesert and surrounds: Regional pricing starting form $800,000 (regional cap applies).
Toowoomba: Highfields, Cotswold Hills. Regional pricing starting form $850,000
Each corridor has different soil conditions, council requirements, and estate timelines. Low Deposit Homes evaluates every block for factors like BAL ratings (bushfire), soil classification (reactive vs stable), and flood mapping that can add $50,000 to $60,000 in unexpected construction costs if not identified upfront.
What this means in dollars: For a $950,000 house and land package in Ipswich, your deposit is $47,500. Without the scheme, you would need approximately $190,000 (20% deposit) to avoid LMI, or pay LMI of $15,000 to $25,000 on top of a smaller deposit.
What is the step-by-step process?
Step 1: Free consultation (15 minutes)
You speak with a Low Deposit Homes property advisor who assesses your income, savings, and eligibility for government schemes. There is no cost and no obligation.
Step 2: Finance pre-approval (1 to 2 weeks)
We connect you with specialist first home buyer mortgage brokers who secure pre-approval from lenders experienced with the 5% Deposit Scheme. Preferred lenders include NAB (fast preapproval, accepts rental history as genuine savings) and CBA (flexible on gift deposits and HECS debt treatment).
Step 3: Land selection and Expression of Interest (1 to 4 weeks)
Based on your approved budget, we match you with available land in your preferred corridor. We assess every block for hidden cost risks (soil, slope, bushfire rating) before you commit. You place an Expression of Interest to hold your selected lot.
Step 4: Contracts and formal finance (2 to 4 weeks)
Land contract and building contract are prepared. Finance moves from pre-approval to formal (unconditional) approval. At this stage, 95% of Low Deposit Homes clients have full bank approval before committing — your purchase is secure.
Step 5: Land registration (3 to 12 months)
If the estate is still under development, you wait for land titles to be registered with the council. During this time, you continue renting and can continue saving. Your contracts are locked in at today’s prices.
Step 6: Construction (6 to 9 months)
Your home is built to the specifications in your fixed-price contract. Low Deposit Homes manages the builder relationship and keeps you informed at every stage. The fixed-price contract means no cost surprises.
Step 7: Settlement and move-in (2 to 4 weeks after completion)
Final inspection, settlement, and you receive the keys to your brand-new home. Low Deposit Homes celebrates every settlement with door bows, flowers, and champagne.
Total timeline: 12 to 24 months from first consultation to moving in, depending on estate development timelines.
How much income do you need?
Most Low Deposit Homes clients are couples with a combined household income of $150,000 or more and approximately $38,000 to $45,000 in accessible savings. However, every situation is different.
Key factors banks assess: –
- Combined gross income
- Existing debts (personal loans, car loans, HECS/HELP)
- Living expenses and number of dependants
- Savings history (3 months of genuine savings or rental history)
- Credit history
Banks apply a buffer rate — typically 3% above the current interest rate — when assessing affordability. This means if rates are at 6%, the bank tests whether you can afford repayments at 9%. This protects you from future rate increases.
A 15-minute consultation with Low Deposit Homes can give you a clear picture of your borrowing capacity and the deposit you need. There is no cost and no obligation.
Frequently Asked Questions
Can I use the 5% Deposit Scheme if my partner has owned property before?
If one partner has not owned property in the past 10 years, the purchase can be structured in that partner’s name to maintain eligibility. The other partner can maintain equitable interest without being on the title. This is a common structuring approach and is perfectly legal.
Do I need genuine savings or can I use a gift deposit?
Different lenders have different policies. NAB accepts 3 months of rental history as evidence of genuine savings. CBA is more flexible with gift deposits and does not require source-of-funds documentation in the same way. Low Deposit Homes matches you with the lender that suits your deposit source.
What if the property value comes in lower than the purchase price?
If the bank’s valuation is lower than the contract price, your broker can request a revaluation with additional comparable sales evidence, or we can negotiate the purchase price. This is rare with house and land packages because the builder’s pricing is typically consistent with market valuations
Is Low Deposit Homes free to use?
Yes. There is no cost to the buyer. Low Deposit Homes earns a commission from the builder when the home is completed and settled. There are no upfront fees, no hidden charges, and no obligation at any stage.
How is Low Deposit Homes different from a mortgage broker?
A mortgage broker helps with finance only. Low Deposit Homes manages the entire journey — finance, land selection, builder coordination, grant applications, and ongoing support through construction to settlement. We are a full-service first home buyer specialist, not just a loan originator.
Ready to find out what you need?
Book a free 15-minute consultation with a Low Deposit Homes property advisor. We’ll assess your income, savings, and eligibility for government schemes — and give you a clear picture of exactly how much you need to buy your first home in Queensland.
No cost. No obligation. Just straight answers.
Call us: 1800 920 172 (available 7 days, 8am to 7:30pm)
Low Deposit Homes operates under Winning Homes Australia Pty Ltd (ACN 633 321 758). All deposit calculations are indicative and based on general scenarios. Individual circumstances
may vary. Government grant eligibility is subject to assessment by the relevant authority. This guide is for informational purposes and does not constitute financial advice. Consult a qualified financial adviser for advice specific to your situation.