Buying your first home is still one of the biggest financial steps you’ll take — and in 2026, it rewards preparation. Lending criteria are tighter, government schemes have shifted, and Brisbane’s market moves quickly, so the buyers who succeed are the ones who get organised early. This checklist walks through everything to sort out before you apply — in the order our brokers actually work through it with first-home clients.
1. Work out your true borrowing power
Your borrowing capacity is the foundation everything else sits on. Lenders assess your income, existing debts (including HECS/HELP, car loans, buy-now-pay-later and credit-card limits — even unused ones), your living expenses, and how many people depend on your income. They then stress-test your repayments against a higher “buffer” rate (currently around 3% above the actual rate) to check you could cope if rates rise. Two things worth knowing: lenders calculate this differently, so the same income can produce very different limits — and closing unused credit cards can lift your capacity noticeably.
Do now: list every debt and monthly commitment, and cancel or lower credit cards you don’t use.
2. Build — and be able to prove — your deposit
A 20% deposit is the benchmark because it lets you avoid Lenders Mortgage Insurance (LMI). But you don’t always need it — several schemes (below) let eligible first-home buyers in with as little as 5%. If you’re putting down less than 20%, budget for LMI: a one-off cost that can run into the thousands and grows the smaller your deposit. Lenders also want to see genuine savings — typically at least 5% of the price saved steadily over three months or more, not a lump sum that appeared overnight.
Do now: open a dedicated savings account and make regular deposits so your savings history is clear.
3. Check which first-home schemes you qualify for
This is where first-home buyers leave the most money on the table. Depending on your circumstances and where you buy, you may be eligible for:
- First Home Guarantee (federal) — buy with as little as a 5% deposit without paying LMI, with the government guaranteeing the rest.
- First Home Super Saver Scheme — save part of your deposit inside super for its lower tax treatment, then withdraw it for your purchase.
- Queensland First Home Owner Grant — a grant toward buying or building a brand-new home (it doesn’t apply to established homes).
- Queensland stamp-duty first-home concession — a concession or full exemption on transfer (stamp) duty up to a set property value, often one of the biggest savings available.
- Family Home Guarantee / regional options — extra pathways for single parents and regional buyers.
Eligibility rules, income limits and price caps change regularly, so treat this as a starting point — we’ll check exactly what you qualify for under the current rules.
4. Get your credit file in order
Lenders pull your credit report, so look first. You can request it free from the main credit bureaus. Check for errors, clear or explain any defaults, and avoid applying for new credit in the months before your home loan — each application can leave a mark.
Do now: get your free credit report and fix anything that’s wrong.
5. Get pre-approval before you start shopping
Pre-approval tells you exactly what you can spend and signals to agents and sellers that you’re serious — which matters when you’re competing for a property. It usually lasts around 90 days and is conditional, so it’s not a guarantee, but it puts you in a far stronger position to make an offer. Going through a broker means we target the right lender first time and avoid unnecessary credit enquiries.
6. Budget for the full cost of buying — not just the deposit
The deposit is only part of the upfront cost. Plan for:
- Stamp (transfer) duty — unless you’re exempt or eligible for the first-home concession
- LMI — if your deposit is under 20%
- Legal and conveyancing fees
- Building and pest inspections
- Loan application, valuation and mortgage registration fees
- Moving costs, council rates and utility connections
- Home and contents insurance (often required from settlement)
7. Get your paperwork ready
Organised documents speed up approval. Most applications need:
- Photo ID
- Recent payslips (or, if self-employed, your last two tax returns and notices of assessment)
- Bank statements, including your savings history
- Evidence of your deposit and any gifted funds
- A list of your assets and liabilities
- A summary of your regular living expenses
Do now: start a folder (digital is fine) and collect these as you go.
8. Choose the right loan — not just the lowest rate
The cheapest advertised rate isn’t always the cheapest loan. Look at the comparison rate (which includes fees), whether you want fixed, variable or a split, and features like an offset account or redraw that can save interest over time. The right structure depends on your goals — how long you’ll hold the property, whether you’ll make extra repayments, and your plans ahead.
9. Talk to a mortgage broker early
A broker’s job is to make all of the above simpler. We compare loans across a wide panel of lenders, know which lenders look most favourably on first-home buyers and which take part in the government schemes, handle the paperwork, and explain everything in plain English. Because we’re paid by the lender, our service is generally free to you. And as Brisbane mortgage brokers, we understand the local market and the Queensland concessions you can tap into.
Your first home doesn’t have to feel overwhelming. Work through this checklist, get the right advice early, and you’ll approach the market prepared and confident. When you’re ready, the team at The Brokerage is here to help you turn your home-ownership goal into reality.
Your quick checklist
- Know your borrowing power
- Save & evidence your deposit
- Check your scheme eligibility
- Clean up your credit file
- Get pre-approval
- Budget for all upfront costs
- Prepare your documents
- Choose the right loan structure
- Talk to a broker