Your borrowing power depends on your income, expenses, debts, and the lender’s criteria. Every bank and lender calculates things a little differently, which is why it’s so important to get the right advice.

At Maxfin, we use the calculators of all our panel lenders to compare your options and work out exactly how much you can borrow — without the guesswork. This gives you a clear idea of your price range before you start house-hunting.

The Queensland First Home Owner Grant offers up to $30,000 for eligible buyers purchasing or building a new home (including off-the-plan or substantial renovations). To qualify, you must be an Australian citizen or permanent resident and intend to live in the property as your principal place of residence within 12 months of settlement or completion. If you’re buying with someone else, they must also meet the first-home eligibility criteria for you to receive the grant.

Your home loan repayments will depend on several factors, including the amount you borrow, the interest rate, the loan term (such as 25 or 30 years), and whether your loan is variable, fixed, or interest-only. To get an accurate picture of what your repayments would look like, it’s best to speak with a broker who can provide tailored advice for your situation.

The deposit required will depend on the lender, the type of loan, and your circumstances. As a general guide, most lenders require a minimum of 5% of the property value. However, keep in mind you’ll also need to budget for stamp duty, legal fees, and other upfront costs. If you have a larger deposit (e.g. 20%), you may avoid Lenders Mortgage Insurance (LMI), which can save you thousands.

Stamp duty is a government tax applied when you purchase a property, and the amount you’ll need to set aside depends on the property’s value and the state or territory where it’s located. As a first home buyer, you may be eligible for concessions or even full exemptions, depending on your purchase price and circumstances. Because stamp duty rules vary across states and can significantly affect your upfront costs, it’s important to check the latest thresholds or use a stamp duty calculator for your state. We can also help you estimate your exact costs and factor them into your budget.

When buying your first home, it’s important to budget for more than just your deposit. As a general guide, you should allow an extra 5–7% of the purchase price to cover government fees and other upfront costs.

While stamp duty and mortgage costs will usually make up the bulk of this amount, other expenses you may need to factor in include:

Professional & Legal Costs

• Building and pest inspection reports

• Solicitor or conveyancing fees

• Valuation fees

Loan & Insurance Costs

• Lenders Mortgage Insurance (LMI), if applicable

• Home and contents insurance

Moving & Setup Costs

• Removalist expenses

• Utility connection fees (electricity, gas, internet, phone)

• Council and water rates (adjusted at settlement)

Choosing the right home isn’t just about price — it’s about lifestyle. When deciding where to buy, it’s worth thinking about proximity to family, friends, schools, transport, and work commitments, as well as future growth potential. Property prices can vary significantly from suburb to suburb, so having the right guidance is key.

At Maxfin, we can provide you with free suburb reports to help you compare areas and understand local market trends. And if you’d like extra support in actually finding the right property, we can also connect you with a trusted buyers’ agent who specialises in helping first-home buyers secure the right home at the right price.

Buying your first home can feel overwhelming, but you don’t have to do it alone. At Maxfin, we’ll guide you through the entire process — from checking your borrowing power to getting pre-approval and applying for government incentives.

Book a free chat today to see what’s possible. You can reach us on (07) 3832 0599 or email our First Home Buyer Broker Specialist Rebecca: rebecca@maxfin.com.au