By Chaice Paterson, Founder, Low Deposit Homes
For a first home buyer, a brand-new build usually beats an established home of the same price — because the savings are built into how a new build is structured. On a $1,000,000 Queensland purchase, a new build needs about $54,500 to get into versus about $122,000 established. Here’s the honest comparison.
| New build (house & land) | Established home | |
|---|---|---|
| Real deposit to get in ($1M QLD) | ~$54,500 | ~$122,000 |
| Stamp duty (QLD first home buyer) | $0 | Full duty |
| LMI under 5% scheme | None | Often payable |
| First Home Owner Grant | VIC $10k usable; QLD $30k but $750k cap | Not available |
| Maintenance / repairs | Minimal, builder warranty | Often immediate, ongoing |
| Move-in timing | Build time (months) | Usually sooner |
Why a new build costs so much less to enter
Same $1,000,000 price, about $67,500 less cash to get in. The gap comes from two things: a Queensland first home buyer pays $0 stamp duty on a new home (around $38,000 saved on a $1M purchase), and there’s no Lenders Mortgage Insurance under the 5% Deposit Scheme. That’s the whole reason new builds win for first home buyers — it’s structure, not a discount.
An honest word on the grant
You’ll see a lot of marketing lead with the $30,000 Queensland First Home Owner Grant. Be careful: it has a $750,000 price cap, and most new house-and-land packages sit above it, so for the typical Queensland buyer it often doesn’t apply. Victoria’s $10,000 grant genuinely is usable at Victorian price points. Either way, the big Queensland saving is the $0 stamp duty and no LMI — not the grant.
When an established home is the better call
An established home can let you buy in a tightly-held suburb that has no new land, and you can usually move in sooner. The trade-off is the higher entry cost (full stamp duty, often LMI) and inheriting immediate maintenance — an older roof, kitchen and hot-water system — that a new build with builder warranty doesn’t carry.
The verdict
For most first home buyers chasing the easiest entry, a new build wins: about $54,500 versus $122,000 to get into the same $1,000,000 home, thanks to $0 stamp duty and no LMI. Choose established only if location is non-negotiable and there’s no new stock that fits — and go in knowing it costs roughly $67,500 more cash to get through the door.
Frequently asked questions
Is a new build really cheaper to get into than an established home?
Yes, on cash to get in. A $1,000,000 Queensland new build needs about $54,500 versus about $122,000 for an established home of the same price, because first home buyers pay $0 stamp duty on a new home and no LMI under the 5% Deposit Scheme — a difference of roughly $67,500.
Do first home buyer grants apply to established homes?
No. The First Home Owner Grant is for new builds only. In Victoria it’s $10,000 and usable; in Queensland it’s $30,000 but has a $750,000 cap that most new packages exceed. Established homes don’t qualify at all.
How long does it take to move into a new build?
A house-and-land package takes build time — typically several months — versus moving into an established home sooner. Many buyers accept the wait because the entry cost is so much lower.
Do I pay stamp duty on a new build in Queensland?
First home buyers generally pay $0 stamp duty on a new home in Queensland — a saving of around $38,000 on a $1,000,000 purchase, and one of the main reasons a new build is cheaper to get into than an established home.
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General information only — not financial or credit advice. Eligibility, caps and dates depend on individual circumstances and can change; figures current as at June 2026. Finance is arranged through licensed mortgage brokers and lenders. Low Deposit Homes operates under Winning Homes Australia Pty Ltd.