Stamp Duty Concessions Expanded for Queensland First Home Buyers
Big News for First-Home Buyers in Queensland!
Queensland Premier Steven Miles has announced exciting new stamp duty discounts that make buying your first home more affordable than ever!
What’s New for First-Home Buyers?
Higher Stamp Duty Concession Cap: The first homeowner concession on stamp duty has been raised from $500,000 to $700,000. Properties worth up to $800,000 will also benefit from a phased concession.
Increased Vacant Land Concession: The concession threshold for first home vacant land has increased from $250,000 to $350,000, with land worth up to $500,000 receiving a phased concession.
Foreign Investor Land Tax: To balance the increased demand on property supply, the foreign investor land tax surcharge has been upped to 3%.
Cost-of-Living Measures: The Queensland government is introducing $1,000 off electricity bills for each household, a 20% discount on car registration, and 50c public transport fares starting in August.
Expanded First Homeowner Grant: First-home buyers purchasing a newly built property or an off-the-plan unit can now access the expanded First Home Owner Grant of $30,000. Check eligibility at the Queensland Revenue Office’s website.
How Much Could You Save on Stamp Duty?
With the new stamp duty threshold, first-home buyers can save up to $17,350 on properties up to $700,000!
Eligibility Criteria for First-Home Buyers:
To qualify for the first home concession, you must:
Purchase the property as an individual.
Be at least 18 years old.
Move into the property with your personal belongings and live there daily within one year of settlement.
Not sell, transfer, or lease any part of the property before moving in.
For more details on stamp duty discounts and eligibility, visit the Queensland Revenue Office.
When most people start looking for a home loan, their first instinct is simple: walk into their bank and ask for a mortgage. It seems convenient; you already have accounts there, the branch is familiar, and it feels like the logical place to start.
But here’s the problem: a bank can only offer its own loan products.
A mortgage broker, on the other hand, compares multiple lenders and structures a loan around your specific situation. That difference alone can significantly impact your interest rate, borrowing capacity, and long-term costs.
Understanding why to use a mortgage broker instead of a bank and the difference between mortgage broker vs bank in Australia debate can help you secure a loan that actually fits your needs.
Key Takeaways:
A bank can only offer its own home loan products, while brokers compare multiple lenders.
One of the biggest benefits of using a mortgage broker is access to a wider range of rates and policies.
Mortgage brokers are legally required to follow the mortgage broker best interests duty, meaning they must prioritise your needs.
Brokers guide you through the entire loan process, from pre-approval to settlement.
Comparing lenders through a broker often results in better loan structures and long-term savings.
Mortgage Broker vs Bank in Australia: What’s the Difference?
The biggest difference between a mortgage broker vs a bank in Ausrtralia is choice.
When you go directly to a bank, the conversation is limited to that bank’s loan products, interest rates, and lending policies.
Even if another lender offers:
A better interest rate,
Higher borrowing capacity,
Lower fees,
More flexible loan features,
… the bank won’t show it to you.
A mortgage broker works differently.
Instead of representing a single lender, brokers typically have access to dozens of lenders, including major banks, smaller banks, and specialist lenders.
This means they can compare loan options across the market and help answer one of the most common questions borrowers ask:
Should I go to a bank or a broker for a home loan?
For many borrowers, the answer comes down to access, flexibility, and expert guidance.
If you’re exploring the advantages in more detail, it’s worth reading about why to use a mortgage broker when buying property before starting the loan process.
The Benefits of Using a Mortgage Broker
Access to more loan options
One of the biggest benefits of using a mortgage broker is the number of lenders they can compare. Instead of being limited to a single bank, a broker can review loans from multiple lenders at once.
This matters because every lender has different policies. For example:
One lender might accept certain types of income that another won’t.
Some lenders may offer better rates for first home buyers.
Others may have more flexible borrowing rules.
A broker analyses your financial situation and identifies lenders most likely to approve your loan and offer competitive rates. This broader access often leads to better outcomes than applying directly with one bank.
Competitive interest rates and lower fees
Interest rates vary significantly between lenders, and the difference can add up to tens of thousands of dollars over the life of a loan.
Banks typically promote their standard loan products, which may not always be their most competitive offers.
Mortgage brokers, however, compare multiple lenders to find the most suitable loan structure and rate for your situation.
In many cases, brokers can identify:
Lower interest rates
Reduced fees
Loan features that help reduce long-term interest costs
Understanding the full picture is important because lenders don’t always highlight every detail. Read more about 10 things your bank won’t tell you before committing to a loan.
Mortgage brokers act in your best interests
Another key difference between banks and brokers in Australia is regulation. Mortgage brokers operate under the mortgage broker best interests duty, introduced as part of regulatory reforms to protect borrowers.
This legal obligation means a broker must:
Act in the client’s best interests
Recommend loans suitable for the borrower’s financial situation
Consider multiple options before making recommendations
In contrast, a bank employee represents the bank and its products. While they may offer helpful guidance, their recommendations are limited to what their institution offers, not what the entire market provides. This distinction is a major reason many borrowers prefer working with brokers.
Faster and simpler loan applications
Applying for a home loan involves multiple steps, including:
Assessing borrowing capacity
Comparing lenders
Preparing documentation
Submitting the application
Managing lender requirements until settlement
Doing this alone can be time-consuming, especially if you’re unfamiliar with lender policies.
Mortgage brokers streamline the process by:
Handling paperwork and submissions
Communicating with lenders on your behalf
Managing the application from start to finish
This support helps borrowers avoid delays, errors, and unnecessary stress. For many clients, working with a broker helps ensure they get it right the first time with a broker rather than navigating the process alone.
Expert guidance throughout the process
Buying property or refinancing a home loan is one of the biggest financial decisions most people will make. For first home buyers especially, the process can feel overwhelming.
Mortgage brokers provide guidance at every stage, including:
Understanding borrowing capacity
Choosing the right loan structure
Navigating lender requirements
Preparing for settlement
This support is particularly valuable when exploring first home buyer services, where government schemes, grants, and loan structures can influence the final outcome.
Having someone explain the process clearly can make the journey far smoother.
Brokers help when refinancing your loan
Mortgage brokers are also valuable after you already have a home loan.
Interest rates, lender policies, and financial circumstances change over time. A loan that was competitive five years ago may no longer be the best option.
A broker can review your current loan and determine whether refinancing could help reduce costs or improve loan features.
Regularly reviewing your loan ensures it continues to match your financial goals.
Should You Go to a Bank or Mortgage Broker for a Home Loan?
For some borrowers, visiting their bank may feel convenient. But convenience doesn’t always equal the best financial outcome.
A bank offers one set of products from one lender.
A mortgage broker compares multiple lenders and loan structures, helping you choose an option tailored to your needs.
When deciding why to use a mortgage broker instead of a bank, most borrowers find that access to more lenders, expert guidance, and competitive rates make a meaningful difference.
Speak to a Broker Before You Apply for a Home Loan
Choosing the right home loan can affect your finances for decades, which is why exploring all your options before applying is so important.
At Go Mortgage, we help borrowers compare lenders, structure loans correctly, and navigate the application process from start to finish.
Whether you’re buying your first property, refinancing your existing loan, or exploring your borrowing options, our team can help you find a loan that suits your situation.
Get in touch with the Go Mortgage team today for an obligation-free conversation about your home loan options.
Welcome to the ultimate guide to the First Home Guarantee Scheme (formerly known as First Home Loan Deposit Scheme) in 2023!
In this comprehensive guide, you’ll discover:
How to buy a home with just a 5% deposit
How the expanded scheme will function
The duration of the First Home Guarantee Scheme
How you can secure your spot in the First Home Guarantee program right now
And much more! Discover the possibilities of the First Home Guarantee Scheme by diving into this guide today!
What is the Home Guarantee Scheme?
The First Home Guarantee Scheme (FHBG), previously known as the First Home Loan Deposit Scheme (FHLDS), allows the government to act as your guarantor. This means you can purchase a home with only a 5% deposit and avoid paying Lender’s Mortgage Insurance (LMI).
The scheme assists up to 35,000 home buyers each year in purchasing a home with a lower deposit. In previous years, the scheme has been incredibly popular and spots have been filled within months of its release.
There are income and price limits for the scheme that we will discuss below.
Why is the Home Guarantee Scheme beneficial?
Typically, when buying a home, you would need to save at least 20% of the property’s value to avoid paying Lender’s Mortgage Insurance or rely on a guarantor, such as your parents.
However, with the Home Guarantee Scheme, you only need to contribute 5% of the property’s value as a deposit, with the government (or NHFIC) covering a guarantee over the remaining 15% of the property value. This means you can borrow up to 95% (LVR) of the property value without paying LMI!
With the government acting as your guarantor, you appear as a lower risk to the bank, enabling you to avoid paying thousands of dollars in LMI and access lower interest rates.
You can enter the property market with only a 5% deposit, compared to the minimum 8% deposit required when paying LMI.
Your weekly payments will go towards paying off your own home loan instead of rent.
Additionally, you can combine other first home buyer benefits, such as stamp duty concessions, the first home owners grant, and the first home super saving scheme with this new scheme, potentially saving even more.
If you purchase with a lower deposit, you will have a higher loan amount and pay more interest compared to borrowing less with a 20% deposit.
The Home Guarantee is limited to 35,000 spots per year and operates on a first come, first served basis. If you’re not quick enough or not prepared, you could miss out.
Some property experts argue that these new schemes may contribute to rising property prices, potentially excluding aspiring home buyers who cannot access the scheme.
The scheme also has a property price cap, which can limit the homes you can purchase as a first-time homebuyer.
How do you know if you are eligible for Home Guarantee Scheme?
We’ve outlined the criteria of the Home Guarantee scheme below.
Requirement
Eligibility
Income
Single applicants: up to $125,000 taxable income for FY23 Couples: up to $200,000 taxable income for FY23
Deposit
At least 5% savings, up to a maximum of 20% savings
First Home Buyer
You must not have owned property in Australia in the past 10 years.
Citizenship
Australian citizens and Australian permanent residents are eligible.
Property Price Cap
Price caps apply; see below
Minimum Age
Yes, aged 18 years and older
Living Arrangement
You must move in and live in the property as your home within 6 months. If you move out of the home you are no longer covered by the scheme.
Relationship
Friends, siblings, and other groups of family members can jointly apply.
Banks
Only 27 lenders can offer the scheme, the major banks include CBA and NAB and some non-major lenders include Bendigo Bank, Bank Australia & Teachers Mutual Bank.
Exciting Updates to the Home Guarantee Scheme for 2023-2024
Starting July 1, 2023, the government is making significant changes to the Home Guarantee Scheme to make it accessible to more home buyers; It’s now:
available for groups of friends, siblings, and other family members.
No longer limited to first home buyers – anyone who hasn’t owned property in the last 10 years can apply.
Available to single legal guardians of children, such as aunts, uncles, or grandparents, who can benefit from the Family Home Guarantee (FHG).
These updates open the door to more Australians achieving their dream of homeownership.
However, with only 35,000 spots available each year, time is of the essence.
In this section, I’ll provide you with the property requirements for the price caps, including the significant changes that were implemented from 1st July 2022.
If you’ve been struggling with conflicting figures, this guide will be very useful.
What Are the Property Requirements
For the First Home Guarantee (previously the first home loan deposit scheme) both newly constructed and existing homes qualify for the scheme.
How to Apply For the Home Guarantee
In this section, I’ll walk you through the steps to apply and give you insider tips from years of experience helping first-time home buyers.
So if you’re wondering about your eligibility and want to secure your Home Guarantee Spot before they’re all gone, you’ll find lots of valuable information here.
Am I eligible for the First Home Loan Deposit Scheme?
If you are applying alone, your income has to be max $125,000
If you are applying with another person, your combined income must be no more than $200,000
Owner-occupied loans must be set up as (P&I) principal and interest.
What do I need to provide to apply for the First Home Guarantee?
In the first instance, you need to speak with a First Home buyers Mortgage Broker or eligible lender for the reservation process. On top of the regular information you’ll need to provide your mortgage broker, you’ll need:
Your Medicare Card, and Position on the Card
Your ATO Notice of Assessment for the taxable year ending 2022-2023
Regular home loan documents, like your payslips and bank statements.
Borrowers will be assessed on the more lenient bank criteria ‘as if’ you had a 20% deposit – in line with their income, loan amount and previous history – like any borrower buying a house.
For your loan to be eligible, you will need to fit the following criteria, including:
A loan is eligible if the Loan to Value (LVR) ratio is between 80 to 95%
The value of the property doesn’t exceed the price cap for the area.
Two borrowers applying must both be eligible as first home buyers or ‘back in the market’ buyers.
The loan is for a residential property.
There is a maximum of two borrowers applying, no more.
The residential property subject to the loan must be owner-occupied.
The loan term does not exceed 30 years.
What other government schemes can I use in conjunction with the First Home Buyer Scheme?
While you’re applying for the First Home Buyer Scheme, you can use the other First home buyer incentives in combination, like the First Home Super Saver Scheme (FHSS) or First Home Owners Grant (FHOG) towards your deposit!
Do I only need 5% deposit for the Home Guarantee Scheme?
Over and above the minimum required deposit of 5% savings under the scheme, home buyers will need to cover stamp duty, bank fees, legal costs and any ‘out of pocket expenses’.
So for example, a first home buyer in Queensland will need at least $30,000 (5%) deposit on a $600,000 purchase plus extra deposit funds to cover the costs, which include:
Stamp Duty – $12,850
Transfer Duty – $1751
Government Fees – $197
Bank fees – $700 (establishment fees, valuation fees which range from $0 to $700)
Conveyancing Fees – $2,000
Building/Pest Fees – $500
Lenders Mortgage Insurance – $0 waived under Home Guarantee Scheme
On top of the 5% savings of $30,000 you’d need a further $18,098 to cover these costs bringing your total deposit to $48,098.How much LMI am I saving with this scheme?
LMI is calculated on a sliding scale, so the actual savings will vary depending on the deposit you put in and the loan to value ratio (LVR) and your homeloan amount.
Deposit Option
LVR
LMI Costs
1. Lowest Deposit
95% inc LMI
$26,471
2. 10% deposit
90% + LMI
$15,267
3. 12% deposit
88% + LMI
$10,537
4. 20% deposit
80%
Nil
For example, If a home buyer purchased in Brisbane for $700,000 without access to the FHBG, they would have to pay the following LMI – see table below
With the FHBG, the LMI they would have to pay is ZERO which is a massive saving
How long the Home Guarantee Scheme will last?
It’s difficult to say how long the placements for the Home Guarantee Schemes will last, as it is on a first-come, first-served basis so if you want to secure a spot today contact our Mortgage Brokers.
Next Steps
I hope you enjoyed this updated guide to the First Home Buyer Guarantee Scheme in 2023.
If you’d like help with applying for your Home Guarantee Scheme and securing a home, leave a quick message here and our Mortgage Brokers will be in touch shortly.
What is refinancing and why would you refinance your home loan?
Are you a home owner looking for ways to make the most of your mortgage? If so, refinancing may be an option worth considering. Refinancing essentially entails taking out another home loan that pays off your current home loan so as to get a cheaper or more suitable loan for your circumstances.
It’s one thing to know what refinancing is – but what about why you’d want to refinance in the first place? We’ve got all the answers here: read on and learn exactly how refinancing can help!
Consider the Bigger Picture When Refinancing
When it comes to refinancing, it’s important to consider the bigger picture. Whether you’re looking to lower your monthly payments, shorten your loan term, or tap into your home’s equity, having a clear understanding of your financial goals is the first step.
But refinancing isn’t just about the numbers; it’s also about finding a loan that aligns with your needs and priorities. For instance, do you want to access your equity? Are you looking for a mortgage with a flexible payment schedule or one with a better rate?
By considering both the financial and personal aspects of refinancing, you can make a more informed decision that will benefit your long-term financial health.
Learning about your Existing Mortgage and Why you may want to refinance
You might be surprised at how much you can benefit from learning about your existing mortgage and exploring the possibility of refinancing. Not only can refinancing potentially lead to a better interest rate, but it can also help you help you do a bunch of different things like:
– tap into the equity you’ve built up in your home. This could help you fund some renovations, or even purchase an investment property. – consolidate debts which can lead to a simpler lower repayments and less stress – And if you’re managing an investment property, refinancing to an interest only for example could be a smart move to help you improve your cash flow and achieve your financial goals. So why not take some time to dive into the details of your mortgage and see if refinancing could be the key to unlocking some major financial benefits?
Calculating the Cost of Refinancing – Is It Worth It in the Long Run ? Refinancing your mortgage can be a daunting task, especially when it comes to calculating the cost. There are several elements to consider: the discharge fee, the loan application fee, the difference in interest rate and possibly even a cashback offer.
It can be confusing to weigh the costs and benefits, but ultimately the question is: is it worth it in the long run?
While the answer varies depending on individual circumstances, it’s always a good idea to consult with a professional. This is where a mortgage broker comes in handy. They can help you navigate the confusing waters of refinancing and provide expert advice on whether or not it’s the right choice for you.
So why use a mortgage broker? Because they can save you time and money in the long run by ensuring that you make an informed decision that works best for your unique situation.
Selecting a Lender and Creating a Plan for Your Home Loan Refinance
Finding the right lender and creating a plan for your home loan refinance shouldn’t be solely about the interest rate. While finding a low rate is important, it’s equally important to consider if you qualify for the lender’s policies and if your borrowing capacity a fit.
A good mortgage broker will not only provide you with a low rate, but they’ll also look at your overall financial situation and help you create a plan that is functional and realistic. A professional and fun approach can make this process much less complex and more enjoyable. Remember, taking the time to find the right solution and create a solid plan can save you a significant amount of money & headaches in the long run.
The Final Steps in the Refinancing Process – Settling & Enjoying Your Savings!
Congratulations! You’ve made it to the end of the refinancing process and now it’s time to settle and enjoy your savings.
Don’t forget that your broker is on your side and is there to help you even after settlement. It’s important to have a post settlement conversation with your broker to review any questions you may have and to ensure that everything is running smoothly.
Additionally, your broker should offer an annual review to make sure that your home loan is still the best fit for your needs over time. Remember, banks can’t always be trusted to have your best interests in mind, but with a trusted broker by your side, you can feel confident that you’re always on the best financial path.
All is left now is to be happy with the money you saved and feel good knowing you have a broker who knows what they are doing.
What is the difference between Fixed versus variable rate home loans ?
Are you looking to buy a home, refinance your current loan or become an investor? How do you decide between getting a fixed or variable rate loan? This is one of the biggest decisions for borrowers throughout the entire mortgage process. To help make things simpler, this blog post will explore the key differences between fixed and variable rate home loans. We’ll cover why it matters that you compare rates, how interest accumulates with each type of loan and what costs may be associated with either option. With all this information in mind, stay tuned as we tackle the topic at hand: Fixed versus Variable Rate Home Loans!
What is a fixed rate loan and what are its benefits
If you’re considering taking out a loan, it’s important to understand the different options available to you. One type of loan you may come across is a fixed rate loan. As the name suggests, this type of loan comes with an interest rate that remains the same throughout the life of the loan. This can be beneficial in that it provides stability and predictability when it comes to your monthly payments. Unlike adjustable rate loans, where the interest rate can fluctuate over time, fixed rate loans allow you to plan and budget with greater confidence. Additionally, fixed rate loans can offer protection against inflation, as your interest rate will not increase even if the market does. Overall, a fixed rate loan may be a good choice if you’re looking for security and peace of mind.
What is a variable rate loan and what are its benefits
If you’re in the market for a loan, you might have heard of variable rate loans. But what exactly are they, and how do they work? A variable rate loan is a type of loan in which the interest rate you pay can go up or down depending on the market conditions. Unlike a fixed rate loan, where you pay the same interest rate for the entire term of the loan, a variable rate loan gives you the flexibility to take advantage of lower interest rates if they become available. While there is some risk that the interest rate could rise, the potential benefits of a lower interest rate can make a variable rate loan an attractive option for borrowers. Of course, like any financial decision, you’ll want to weigh the pros and cons of a variable rate loan before deciding if it’s right for you.
How to decide which type of loan is right for you
When you’re in need of financial assistance, it can be overwhelming to decide which type of loan is the best fit for your particular situation. However, there’s no need to stress – with a little guidance, you can confidently choose the loan that will work for you. Start by considering your current financial situation, including your credit score and income, as well as the purpose of the loan. Is it for a specific purchase, such as a car or home, or simply to consolidate debt? By doing a thorough analysis of your needs and resources, you’ll be able to narrow down your options and select the loan that meets your specific needs. Remember, the best loan is ultimately the one that provides the most sustainable and manageable repayment plan.
Everyone’s situation is unique, so you need to consider your own needs and circumstances when making the decision between Fixed versus variable rate home loans. When thinking about what type of loan is right for you, it’s important to understand both the benefits and risks associated with each option, as well as the flexibility of both. Ultimately, it’s up to you to decide which works best.
For help reaching a decision on which type of loan is right for your circumstances, feel free to reach out and talk with a mortgage broker who can walk you through the pros and cons of each option before you make any decision.
Many Borrowers have become a victim of Lenders tightening their credit policies. A vast majority of these borrowers are more than capable of servicing a loan but for one reason or another they don’t comply with prime lender policies. This is where ‘non conforming Loans’ come into their own..
If you think you are in this predicament discover below if there is an option to suit you:
Ex Bankrupt?
Get back into home ownership now with a ‘Non Confirmng Loan’
We have specialist lenders that can lend you up to 95% of the property value on a purchase and up to 85% on a refinance on a residential zoned property and purchase or refinance on vacant land or 80% on a construction loan from 1 day after your discharged bankruptcy.
Self Employed?
If you do not fit into the Banks format for Self Employed, then you may have already found that finding a home loan can be difficult.
We have low doc home loans for both ‘clean credit’ and ‘credit impaired’ situations for the purchase, construction or refinance of Residential Properties.
If it is your Tax Returns figures or history that is the issue, then we have Alternative verification of income options that can include either an Accountant’s letter, 6-12 months of lodged BAS statements or 3-6 months of business bank statements or a combination thereof.
Bad Credit?
Credit Impaired or bad credit home loans are available for applicants that have past or present credit impairments. These allow for funding of a purchase, debt consolidation or refinance of Residential property including vacant land or for construction of an owner occupied property.
Some of these funding lines allow for refinancing to a prime loan when credit issues have dropped off from credit file… and if they don’t we will work with you over time to get you back into ‘mainstream’ financing.
If there is a way to get you back on track we will find it.. get in touch by competing the enquiry form on the top right side of this page and let’s get started
Sick of renting? and Want to buy your first home? But where do you start?
There is so much noise in the market about what should do & what you need to have to get into your first home that it gets a bit confusing – is that how you feel?
Do you think your journey into home ownership needs to wait until you’ve got a big deposit? or have ‘genuine savings’?
No deposit? No worries!*
For those who meet a few key criteria, It can start sooner than you think!
Actually you can start right now by talking to us.. Why? Well because a Mortgage Broker is the Key. As a mortgage broker we understand the policies of all the banks – This is super important as it allows us to understand how to “build you up” on paper so that you get your loan approved.
can explain all the costs and steps involved in buying a home and give you a realistic picture of what you can borrow
the paperwork for government incentives such as the First Home Owners Grant – Up to $20,000 up for grabs!
an introduction to exclusive NO Deposit opportunities that are availbale to our first home buyer clients when assessed as eligibleStop paying rent! Don’t waste years saving for your deposit when you can buy now, at today’s prices, with no deposit!
A Home or Investment loan is a large and often long-term financial commitment so it makes sense to get it right first time.
What’s right for you will depend on a range of factors including the size of the loan you require, the property you intend to purchase, the deposit you have and how the property is going to be used – Home or Investment?
Go Mortgage can help you with credit advice to select the right type of loan, compare rates and make the decision that best fits your needs.
We will take care of all the paperwork and make the process as smooth as possible by also liaising with your existing lender if a refinance is what you need; or with your agent and solicitor if you are looking to purchase.
Start Your Home Loan Journey Today
Let’s get your home loan journey underway. Chat with our team and we’ll help you understand your options and map out your next steps.
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Many Borrowers have become a victim of Lenders tightening their credit policies. A vast majority of these borrowers are more than capable of servicing a loan but for one reason or another they don’t comply with prime lender policies. This is where ‘non conforming Loans’ come into their own..
1300 855 244