Frequently Asked Questions
How much deposit do I need to buy my first home in Queensland?
First home buyers in Queensland can purchase a brand-new home with approximately $54,500 total upfront when compared to $122,000 or more for an established property when no grants are applied. This is achieved by using the 5% Deposit Scheme (no Lenders Mortgage Insurance), the stamp duty exemption on new builds, and strategic grant stacking. Low Deposit Homes structures every purchase to minimise the deposit required.
How much deposit do I need to buy my first home in Melbourne?
First home buyers in Melbourne can purchase a brand-new home with approximately $30,000 total upfront when compared to $80,000 or more for an established property when no grants are applied. Melbourne has genuine house and land packages available from $680,000 to $750,000, and when you combine the $10,000 First Home Owner Grant, the stamp duty exemption on new builds, and the 5% Deposit Scheme, the amount of cash you actually need is dramatically less than most people expect. Low Deposit Homes structures every purchase to minimise the deposit required.
What is the 5% Deposit Scheme and how does it work?
The 5% Deposit Scheme (formerly the First Home Guarantee) allows eligible first home buyers to purchase with just a 5% deposit. The government guarantees the remaining 15% to your lender, so you pay zero Lenders Mortgage Insurance. As of October 2025, income caps have been removed. There are no place limits or waitlists.
Property price caps: $950,000 in Melbourne and metro Victoria; $650,000 in regional Victoria. In Queensland, the cap is $1,000,000 in metro areas and $700,000 in regional areas.
Eligibility: Australian citizen or permanent resident, aged 18 or older, have not owned property in Australia in the past 10 years.
Do first home buyers pay stamp duty on new builds in Queensland?
No. Queensland exempts first home buyers from paying stamp duty (transfer duty) on new residential properties. This includes 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 $38,000 compared to buying an established home at the same price.
Do first home buyers pay stamp duty in Victoria?
Victorian first home buyers receive a stamp duty exemption on the land component of their house and land package purchase. The building component is a construction contract, not a property transfer, so stamp duty does not apply to the build portion. On average, this saves first home buyers $40,000 to $50,000 in upfront costs compared to purchasing an established property at the same price — making it the single largest cost saving available to Victorian first home buyers.
What is the First Home Owner Grant in Queensland?
Queensland offers a $30,000 First Home Owner Grant for first home buyers purchasing or building a new home valued under $750,000. The grant is applied at settlement. 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 which it reverts to $15,000.
What is the First Home Owner Grant in Victoria?
Victoria offers a $10,000 First Home Owner Grant for first home buyers purchasing or building a new home valued under $750,000. Melbourne’s growth corridors have genuine house and land packages available at price points that qualify for this grant, making it a realistic benefit for most first home buyers. The $10,000 FHOG can be combined with the 5% Deposit Scheme on the same purchase.
Do I need genuine savings or can I use a gift deposit?
Different banks have different policies on what counts as genuine savings. Some accept consistent rental payment history as evidence of genuine savings. Others are more flexible with gift deposits and don’t require the same level of source-of-funds documentation. Low Deposit Homes connects you with specialist mortgage brokers who match you with the bank that best suits your deposit source and financial situation.
How much income do I need to buy my first home?
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. Banks apply a buffer rate — typically 3% above the current interest rate — when assessing affordability. A free 15-minute consultation with Low Deposit Homes can give you a clear picture of your borrowing capacity.
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 of the process.
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 structuring, land selection, builder coordination, government grant applications, and ongoing support through construction to settlement. We are a full-service first home buyer specialist, not just a loan originator.
What is the First Home Super Saver Scheme (FHSSS)?
The FHSSS allows you to 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, reducing your tax and accelerating your savings timeline.
Where can I buy a house and land package in Queensland?
Low Deposit Homes operates across South East Queensland’s growth corridors:
- Ipswich corridor (Ripley, Springfield, Rosewood, Collingwood Park, Beaudesert) with packages from $850,000 to $980,000;
- Logan corridor (Yarrabilba, Park Ridge, Flagstone) from $850,000 to $1,000,000;
- Greater Brisbane (North Lakes, Caboolture, Narangba) from $850,000 to $1,000,000
- Beaudesert and Toowoomba regions with packages often below the $700,000 regional cap.
Where can I buy a house and land package in Melbourne?
Low Deposit Homes operates across Melbourne’s three major growth corridors:
- South East (Pakenham, Cranbourne, Officer, Clyde) with packages from $850,000 to $950,000;
- North (Craigieburn, Mickleham, Donnybrook, Kalkallo) from $750,000 to $850,000;
- West (Werribee, Point Cook, Tarneit, Wyndham Vale) from $700,000 to $780,000.
How long does the process take from first call to moving in?
The typical timeline is around 12 months from first consultation to moving in. This includes: free consultation, finance pre-approval, land selection and Expression of Interest, contracts and formal finance, land registration, construction, and settlement. Every situation is different depending on estate development timelines, but Low Deposit Homes guides you through each stage so you always know where you’re at.
What if the bank valuation 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 builder pricing is typically consistent with market valuations
Is it cheaper to rent or buy?
For many Australians, mortgage repayments on a new home are closer to their current rent than they expect. However, even when they’re higher, the key difference is what your money is doing. When you rent, your payments are an expense with no return. When you buy, every dollar goes toward building equity in an asset that can grow in value over time. The longer you rent while saving a larger deposit, the more you spend without building equity — and the more property prices may move ahead of your savings. A free 15-minute consultation with Low Deposit Homes can help you compare the numbers for your situation.
How many families has Low Deposit Homes helped?
Low Deposit Homes has helped over 1,026 families across Queensland and Victoria become homeowners. Our approach combines the 5% Deposit Scheme, government grants, stamp duty exemptions, and specialist finance structuring to reduce the deposit first home buyers need — by up to $67,500 in Queensland and $50,000 in Melbourne.
Ready to find out what you need? Book a free 15-minute consultation with a Low Deposit Homes property advisor. No cost. No obligation. Just straight answers.
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