First Home Buyers Guarantee Scheme Brisbane – How to Buy Sooner With Government Support
- lachlanmckean1
- Aug 14
- 9 min read
Buying your first home in Brisbane doesn’t have to feel out of reach. The First Home Buyers Guarantee Scheme (FHBG) helps eligible buyers purchase a home with as little as a 5% deposit and no lenders mortgage insurance. That means less time saving and more time moving in. Whether you’re looking in Bulimba, Paddington, or Hawthorne, this scheme could save you tens of thousands upfront. In this complete guide, we explain who qualifies, how it works, and how LBK Lending and mortgage broker Lachlan McKean can help you navigate every step with confidence. When done right, buying your first home sooner is not only possible — it’s smarter.
Why First Home Buyers in Brisbane Feel Shut Out — and How to Finally Break In
Struggling to buy your first home in Brisbane? You're not alone. With rising property prices, confusing eligibility rules, and mounting pressure to save for a deposit, many first home buyers feel like the dream of homeownership is slipping further away. But it doesn’t have to be this way. With expert guidance from LBK Lending and support from schemes like the First Home Guarantee and the $30,000 QLD grant, your home buying journey can go from stressful to successful. Don’t let confusion or cost stop you - get a plan, get approved, and get the keys.
Brisbane’s property market has been steadily growing, with suburbs like Bulimba, New Farm, and West End seeing both price increases and high buyer demand. For first - time buyers, the dream of home ownership can feel like it’s slipping further away every year. Saving the typical 20% deposit is challenging while rent, living costs, and everyday expenses keep rising.This isn’t just a numbers problem - it’s a confidence problem. You might feel like you’re always playing catch - up, never able to save fast enough before the market moves again.
What You Risk by Waiting to Buy a Home in Brisbane: Missed Grants, Rising Prices, and Lost Opportunities
If you delay buying your first home in Brisbane, you could miss out on limited-time government grants, face higher property prices, and lose your chance at pre - approval under current lending conditions. With housing affordability shifting fast, taking action today could save you thousands and secure your future.
Choosing to “wait until next year” can be costly:
Property Prices Rising - Even at modest growth rates, Brisbane homes can become $20,000–$40,000 more expensive within 12 months.
Increased Loan Repayments - Higher purchase prices mean higher borrowing amounts, leading to bigger monthly repayments for the life of your loan.
Limited Scheme Spots - The First Home Buyers Guarantee Scheme has capped places annually, and demand is high in Brisbane.
Losing Eligibility - If your income rises above the threshold or your circumstances change, you may no longer qualify.
Every month you delay is another month paying rent instead of building equity in a property you own.
First Home Buyers Guarantee Scheme: How It Works, Who’s Eligible, and Why It Could Be Your Key to Owning in Brisbane
Many aspiring homeowners in Brisbane dream of owning their first home but feel stuck due to high deposit requirements. The First Home Buyers Guarantee Scheme removes the biggest roadblock by helping eligible buyers purchase a property with as little as 5% deposit - without paying Lenders Mortgage Insurance.
This government-backed scheme is designed to fast-track your homeownership journey, especially when paired with the right broker who understands local market conditions. At LBK Lending, we guide you through the process, help you qualify with confidence, and show you how to combine this scheme with other state and federal grants - so you don’t miss out on thousands of dollars in potential support.
The First Home Buyers Guarantee Scheme is a federal initiative designed to make home ownership more accessible. It allows eligible buyers to purchase with as little as a 5% deposit while avoiding Lenders Mortgage Insurance (LMI) - a cost that can range from $5,000 to $15,000.Instead of saving for years to reach a 20% deposit, you can get into the market now and start growing your investment in your own home.
Benefits at a Glance
Lower Deposit Requirement - Buy with 5% deposit instead of 20%.
No LMI - Avoid thousands in extra costs and keep your repayments lower.
Faster Market Entry – Stop waiting and start owning sooner.
Competitive Loan Products – Many participating lenders offer more favourable interest rates.
Are You Eligible for the $30,000 First Home Buyers Grant in Brisbane?
Discover the Requirements, Rules, and How to Secure Your Grant with Expert Help from LBK Lending
If you’re a first-time buyer in Brisbane, missing out on the First Home Buyers Grant could cost you up to $30,000 in financial assistance — and possibly your dream home. To qualify, you must meet strict rules around age, property type, value caps, and genuine savings. But navigating these requirements alone can be confusing, time-consuming, and stressful. At LBK Lending, we help you cut through the complexity, check your eligibility in minutes, and guide you every step of the way. You shouldn’t have to figure this out alone. Let us make the process clear, fast, and stress-free — so you can confidently take the first step toward home ownership in 2025. If you qualify, we’ll make sure you don’t leave a cent on the table.
To qualify, you must meet the following criteria:
First-Time Buyer – No prior property ownership in Australia.
Citizenship – You must be an Australian citizen at the time of application.
Income Limits – Singles: $125,000 max annual taxable income; Couples: $200,000 combined max.
Price Caps – These vary by suburb to keep purchases within affordable ranges.
Brisbane Price Cap Examples
Location | Maximum Property Price |
Brisbane CBD | $750,000 |
Spring Hill | $700,000 |
Fortitude Valley | $720,000 |
New Farm | $740,000 |
South Brisbane | $710,000 |
The property must be your principal place of residence, and you cannot use the scheme for investment purposes.
How It Differs from the First Home Owner Grant (FHOG)
While the First Home Buyers Guarantee Scheme reduces deposit and removes LMI, the FHOG is a Queensland state grant providing up to $30,000 (2025) toward the purchase of a new or substantially renovated home under $750,000.
Guarantee Scheme:
Federal program
Deposit as low as 5%
No LMI cost
FHOG:
State program
One - off cash payment
For new builds or major renovations
Combining the Two
Using both together is where the real advantage lies:
Apply for the Guarantee Scheme to reduce your deposit to 5% and avoid LMI.
Use the FHOG to boost your deposit or cover purchase costs like conveyancing or moving expenses.
Enter the market in high-demand suburbs before prices rise further.
Common Mistakes Without Expert Help
Misunderstanding eligibility rules and missing out entirely.
Exceeding property price caps by a small amount and being disqualified.
Choosing a lender that doesn’t participate in the Guarantee Scheme.
Missing application deadlines due to incomplete documents.
LBK Lending - Your Guide in Brisbane
We understand how overwhelming this process can be. Nobody should have to figure out complex government rules, lender criteria, and property choices alone. Lachlan McKean and the LBK Lending team specialise in helping Brisbane buyers combine the First Home Buyers Guarantee Scheme and FHOG effectively to maximise benefits.
Our 3-Step Plan
Confirm Eligibility – We review your income, savings, and property goals to ensure you qualify.
Secure Pre-Approval - We connect you with approved lenders and lock in your borrowing power.
Guide You Through to Settlement - We manage the process and keep you informed until you have your keys.
🏡 What Happens If You Don’t Apply for the First Home Buyers Guarantee Scheme in Time?
Many first home buyers in Brisbane miss out on life-changing opportunities simply because they delay applying for the First Home Buyers Guarantee Scheme (FHBG). The risk? You could lose your chance to buy with just a 5% deposit and no lenders mortgage insurance (LMI). That’s tens of thousands of dollars saved — gone. Add to that the possibility of rising property prices, tighter lending rules, and increasing competition from better-prepared buyers. Waiting too long can mean settling for a less desirable suburb, paying more for a similar property, or needing years more to save a full deposit. LBK Lending helps you get your FHBG application right the first time so you can act quickly and avoid being locked out of the Brisbane property market.
Losing access to limited scheme places.
Missing your chance at $30,000 FHOG support.
Paying more in rent and delaying your equity growth.
Why Acting Now Matters: Unlock Up to $30K Through the First Home Buyers Guarantee Scheme in Brisbane
If you're a first home buyer in Brisbane, the window of opportunity to access up to $30,000 in government grants and secure a home under the First Home Buyers Guarantee Scheme is closing fast. By acting today, you not only boost your chances of owning a home in high-demand suburbs like Bulimba, Paddington or New Farm, but you may also avoid increasing property prices, rising interest rates and stiffer income eligibility tests. With LBK Lending as your trusted Brisbane mortgage broker, the path to your first home becomes simple, affordable, and stress-free. If you delay, you could miss out on generous grants, low deposit options, and stamp duty concessions designed to ease your home buying journey.
Immediate savings on LMI.
Quicker entry into desirable Brisbane suburbs.
Support from an expert team who knows the local market.
Suburb - by - Suburb Insights for Brisbane First Home Buyers
Bulimba
A riverside suburb with cafes, parks, and ferry access. Popular with young families and professionals. Price cap eligibility means timing is critical here.
New Farm
Trendy, inner-city location with high demand. Limited stock makes early action vital.
South Brisbane
Close to cultural hubs and public transport. Strong appeal for buyers seeking lifestyle and convenience.
Fortitude Valley
Urban living with nightlife and shopping. Good for buyers wanting proximity to CBD employment.
The Transformation
When you take action with LBK Lending, you move from uncertainty to ownership. Instead of wondering if you’ll ever buy in Brisbane, you’ll be collecting the keys to your first home, knowing you maximised every possible advantage.
Ready to Begin?
Book your free consultation today. Let’s confirm your eligibility, secure your pre - approval, and get you into your first home sooner. If we can’t deliver, you don’t pay. Simple.
Frequently Asked Questions - First Home Buyers Guarantee Scheme Brisbane
1. Can I use the First Home Buyers Guarantee Scheme and the First Home Owner Grant at the same time?
Yes. If you meet the eligibility criteria for both, you can combine the programs to boost your deposit and avoid paying Lenders Mortgage Insurance (LMI). This is one of the most effective ways to reduce upfront costs and enter the Brisbane market sooner.
2. Do I have to save the full 5% deposit myself?
Yes, lenders will usually require you to show “genuine savings” - money you have built up over time from your own income. This proves you can manage regular repayments and reduces the lender’s risk.
3. What kinds of properties are eligible under the Guarantee Scheme?
You can buy established homes, new builds, or off - the-plan properties, provided they are within the price caps for your suburb. The property must be your principal place of residence, not an investment.
4. What are the income limits for Brisbane buyers?
For singles, the maximum taxable income is $125,000 per year. For couples, the combined taxable income must not exceed $200,000 per year, based on the most recent financial year’s Notice of Assessment.
5. Can I buy land and build a home using the scheme?
Yes, but the total combined cost of the land and build must be within your suburb’s price cap. You must also begin construction within the required timeframe set by the program.
6. How quickly should I apply for the scheme?
As soon as possible. Places are limited each financial year and are allocated on a first-come, first-served basis. Once they’re gone, you’ll need to wait until the next allocation.
7. What happens if I exceed the price cap by a small amount?
Even exceeding the cap by $1 will disqualify your application. This is why having LBK Lending check contracts and valuations before signing is critical to avoid losing your eligibility.
8. Do both applicants have to be first home buyers for a couple’s application?
Yes, both applicants must meet all first home buyer criteria. If one applicant has previously owned property in Australia, the couple will not qualify for the scheme.
9. What is Lenders Mortgage Insurance and why is avoiding it important?
LMI is an additional cost that protects the lender if you cannot meet your loan repayments. Avoiding it can save you thousands upfront and keep your monthly repayments lower, improving long-term affordability.
10. Can I apply if I’m self-employed?
Yes, but you will need to provide extra documentation to prove stable income, such as two years of tax returns and business financial statements. LBK Lending can help prepare these so lenders see you as a strong applicant.
11. What are the occupancy requirements?
You must move into the property within the set period after settlement and live there continuously for at least six months. Failure to meet this requirement could mean losing your scheme benefits.
12. How does LBK Lending make the process easier?
We handle the eligibility checks, match you with participating lenders, prepare all documentation, and guide you from pre - approval to settlement. This reduces stress and ensures no steps are missed that could cost you time or money.
13. Can I apply if I’m self - employed?es, but you’ll need to provide additional documentation proving income stability
14. Do I need to live in the property immediately?
Yes, you must move in within the required timeframe and live there for at least six months.
15. Can I buy off - the-plan?
Yes, provided the property meets all eligibility criteria and is within the price cap
16. Can I buy off - the-plan?
Yes, provided the property meets all eligibility criteria and is within the price cap.
17. What if I exceed the income cap slightly?
Unfortunately, exceeding even by a small amount disqualifies you.
Comments