First Home Buyer Checklist: Queensland Edition

Buying your first home is a huge milestone. If you're planning to buy property in Queensland, it’s important to know what to expect and how to prepare. This guide will walk you through the steps, from saving and budgeting to understanding government support and using Coposit to get into your first home sooner.

Step 1: Understand Your Budget

Before you start looking at properties, work out how much you can afford. Consider:

• Your current income and expenses
• Savings available for upfront costs
• Your borrowing capacity
• Ongoing costs like council rates, insurance and strata fees

It’s a good idea to speak with a mortgage broker or use an online home loan calculator to get an estimate of your borrowing power. This helps set realistic expectations for your property search.

The Abbotsford | Buy with Coposit | Secure with $10k and $1,190 x 68 weeks

Step 2: Know the Costs of Buying Property

First home buyers often underestimate the extra costs involved in buying a home. Here’s what to budget for:

• Stamp duty (also known as transfer duty in Queensland)
• Legal or conveyancing fees
• Building and pest inspections
• Loan application fees
• Lenders mortgage insurance (if your deposit is under 20 percent)
• Moving costs and setup fees

The good news is that Queensland offers stamp duty concessions for eligible first home buyers. You may be able to save thousands if the property value is under the threshold.

Flourish on Sixth Ave | Buy with Coposit | Secure with $20k and $1,206 x 73 weeks

Step 3: Explore First Home Buyer Incentives in Queensland

If you’re buying your first home in Queensland, you may be eligible for the First Home Owner Grant (FHOG). This is a one-off payment of $30,000 for new homes valued under $750,000. To qualify, the home must be brand new or off the plan, and you must move in within 12 months.

Other benefits include:

• Stamp duty concessions for homes under $550,000
• First Home Guarantee (Federal) allowing eligible buyers to purchase with as little as 5 percent deposit without paying LMI
• Regional Home Buyer Guarantee for buyers in regional Queensland

These incentives are designed to make buying your first home more achievable.

JURA Noosa | Buy with Coposit | Secure with $20k and $1,625 x 48 weeks

Step 4: Consider Off the Plan Properties

Buying off the plan is a great option for first home buyers. You secure a property before it's built, which means:

• More time to save before settlement
• Potential capital growth during construction
• New builds are eligible for the FHOG and other incentives

Make sure to research the developer, review the contract carefully, and understand the estimated completion timeline.

Villea Palm Beach | Buy with Coposit | Secure with $10k and $3,334 x 27 weeks

Step 5: Use Coposit to Get In Sooner

Saving a large deposit can be one of the biggest barriers to homeownership. That’s where Coposit comes in. With Coposit, you can secure your off the plan property with as little as $10,000 upfront and pay the rest of your deposit through weekly instalments while your home is being built.

There are no interest charges or hidden fees. Your money goes into a secure trust account, and you can track your payments in the Coposit app. It’s the smarter way to own, giving you more time and flexibility without taking out a loan.

Browse available properties on Coposit in Queensland and get Coposit Qualified to start your journey.

Harbour Shores | Palm House | Buy with Coposit | Secure with $10k and $1,309 x 68 weeks

Step 6: Get Pre-Approval

Before signing anything, get pre-approval from your lender. This gives you a clear idea of what you can borrow and shows sellers you’re a serious buyer. It also helps avoid surprises later in the process.

Pre-approval usually lasts for 3 months and is based on your income, expenses, debts and savings.

Step 7: Do Your Research and Choose Wisely

When you’re ready to search for your first home, consider:

• Location
• Access to public transport, schools and shops
• Planned infrastructure or developments in the area
• Body corporate fees if buying a unit or townhouse
• The builder or developer’s reputation

Stick to your budget and remember that your first home doesn't have to be your forever home. It's your foot in the door.

Start Your First Home Journey in Queensland

With the right preparation, buying your first home in Queensland is possible. By understanding your financial position, exploring government incentives and using platforms like Coposit, you can make smart decisions and enter the property market with confidence.

Ready to begin?

Browse off the plan properties in Queensland today and see how Coposit can help you make homeownership a reality.