Buying your first home is one of the biggest financial decisions you’ll ever make. And while that’s exciting, it can also feel overwhelming, especially when you’re trying to work out deposits, grants, lenders, interest rates, and mountains of paperwork all at once.
That’s exactly where a mortgage broker can make a real difference. Here’s how mortgage brokers work with first-home buyers to simplify the process, and what you can expect from the process.
Quick Answers
- Working with a mortgage broker costs you nothing. Brokers are paid by lenders, not buyers
- A good broker gives you access to dozens of lenders (not just one bank’s products) and is legally required to act in your best interests
- Queensland first home buyers can access up to $54,500+ in combined government support right now, but schemes are stacking-dependent and have cut-off dates
- Pre-approval, grant eligibility, property hunt, conditional approval, and settlement are the five stages your broker will guide you through
- The $30,000 First Home Owner Grant expires for contracts signed after 30 June 2026
Why Buying Your First Home Feels So Complicated
Nobody teaches you how to buy a house.
You start googling things like “how much deposit do I need,” and suddenly you’re down a rabbit hole of LMI, LVRs, conditional approvals, FHSS, offset accounts, and fixed vs. variable rates. Then you find out there are federal schemes, state schemes, stamp duty concessions, and they all have different eligibility rules that may or may not interact with each other.
Add to that the pressure of a competitive market, and it’s easy to see why so many first home buyers feel stuck before they’ve even started.
This is the role of a mortgage broker. To cut through that complexity and help you move forward with confidence. A good broker becomes your guide for the whole process, from your first conversation to getting the keys.
What a Mortgage Broker Actually Does for You
A mortgage broker works as the go-between connecting you with the right lender and loan product. But the practical value goes well beyond just filling out paperwork.
Here’s what working with a broker looks like as a first home buyer:
- Access to multiple lenders. Rather than walking into your bank and accepting whatever they offer, a broker compares dozens of lenders (major banks, credit unions, non-bank lenders) to find the one that fits your situation.
- Borrowing capacity assessment. Before you fall in love with a property, you need to know your realistic ceiling. A broker stress-tests your numbers properly, not just a rough online calculator estimate.
- Grant and scheme eligibility check. Queensland has a generous stack of first-home buyer support available right now. A broker helps you identify which schemes you qualify for and how to combine them correctly. Applying the wrong way can disqualify you.
- Application preparation and submission. Brokers know what lenders want to see. Clean, well-prepared applications move faster and get better outcomes.
- Support from pre-approval to settlement. A good broker stays with you through the whole journey.
The best advantage is that this service doesn’t cost you anything. Mortgage brokers are paid a commission by the lender when your loan settles. Your broker’s services are free to you, and since 2021, all brokers in Australia are legally bound by a Best Interests Duty, meaning they’re required by law to act in your best interests. You can read more about the bank or broker for your home loan to help you decide which path makes sense.
Queensland First Home Buyer Grants and Schemes: What’s Available Right Now
Queensland currently has one of the most generous first-home buyer support landscapes in the country. The challenge is that each scheme has different rules, property type restrictions, and application processes.
First Home Owner Grant (FHOG) – $30,000
The Queensland Government’s First Home Owner Grant currently provides $30,000 for eligible first home buyers who sign contracts before 30 June 2026. After that date, the grant drops back to $15,000.
Key eligibility requirements:
- You’re buying or building a new home (this doesn’t apply to established properties)
- The property value is under $750,000
- You must move in within 12 months and live there for at least six months
- Neither you nor your spouse/partner has previously owned a home you’ve lived in, or received a first home grant anywhere in Australia
The FHOG is administered by the Queensland Revenue Office. Your broker can help ensure your application is prepared correctly alongside your home loan.
Stamp Duty Concessions
From 1 May 2025,Queensland first home buyers purchasing a new home or vacant land to build on pay zero stamp duty with no property value cap.
For established (previously occupied) homes, a separate concession applies:
- Under $700,000: full exemption, saving up to $15,925
- $700,001 to $800,000: sliding scale concession
It’s worth noting that the full new-home stamp duty concession only applies to contracts dated 1 May 2025 or later. If you’re buying an established home, the older concession thresholds apply instead.
First Home Guarantee (Federal)
The federal First Home Guarantee allows eligible buyers to purchase with as little as a 5% deposit while avoiding Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property’s value through Housing Australia, so you don’t need to pay LMI, which can save tens of thousands of dollars.
From 1 October 2025, the scheme expanded significantly:
- No income caps (previously, there were limits that excluded higher earners)
- Higher property price caps (in Brisbane and South East Queensland, the cap is now $900,000)
- Unlimited places (previously, there were annual caps on the number of guarantees)
This is a federal scheme separate from the FHOG, meaning eligible buyers may be able to combine both.
First Home Super Saver Scheme (FHSS)
The FHSS lets you make voluntary contributions into your super fund (up to $15,000 per financial year and $50,000 in total) and then withdraw those savings (plus associated earnings) toward your first home deposit. Because super contributions are taxed at just 15% rather than your marginal tax rate, this can meaningfully accelerate your savings.
For couples, each person can access their own $50,000, so a couple buying together could potentially withdraw up to $100,000 combined.
A few key FHSS rules to know:
- You can only use FHSS funds for an owner-occupied property (not an investment)
- You apply to the ATO for a determination before the property settles
- If your partner has previously owned property, it doesn’t stop you from individually accessing your FHSS amount, but it may affect grant and concession eligibility (see below)
How a Broker Helps You at Every Stage: A 5-Step Roadmap
Here’s what the journey typically looks like when you work with a first-home-buyer broker:
Step 1: Pre-Approval
Your broker starts by understanding your full financial picture (income, savings, debts, expenses) and stress-testing your borrowing capacity across multiple lenders. They then prepare and lodge a pre-approval application, giving you a realistic price range before you start inspecting properties. This keeps you from wasting time falling in love with something out of reach.
Step 2: Grants and Scheme Check
Before you go any further, your broker checks your eligibility for all available grants and schemes. They’ll also make sure the schemes are applied in the right order, because applying for them incorrectly can cost you eligibility.
Step 3: Property Hunt
With pre-approval confirmed and grant eligibility mapped out, you begin searching for a home. Your broker stays available during this phase. If you find a property and need a quick eligibility check or a revised borrowing estimate, they can turn that around quickly.
Step 4: Conditional Approval (Formal Approval)
Once you’ve signed a contract, your broker submits your full loan application to the lender you’ve chosen. This triggers a formal property valuation, serviceability assessment, and credit check. Your broker manages the back-and-forth with the lender and keeps things moving toward unconditional approval.
Step 5: Settlement
Your broker coordinates with your solicitor or conveyancer, the lender, and the vendor’s representatives to make sure settlement goes smoothly. After settlement, they’ll check in periodically to ensure your loan remains competitive. And if it’s not, they can help you refinance.
Ready to Start Your First Home Journey?
Buying your first home in Brisbane doesn’t have to be a solo mission. The team at Woodrow Finance works with first home buyers across Brisbane and the surrounding areas every day, helping people understand what they can borrow, identify the grants and schemes they qualify for, and navigate each step of the process with confidence.
If you’re thinking about buying (even if you’re still saving), it’s worth having a conversation sooner rather than later. Get in touch with our team to chat through your options.
FAQs
How much deposit do I need?
The standard answer is 20%, but many first home buyers purchase with less. With the First Home Guarantee, you can buy with as little as 5% and avoid paying LMI. If you’re building a new home and are eligible for the FHOG, that $30,000 grant can also contribute toward your deposit. On top of that, the FHSS scheme can help you build a larger deposit tax-effectively through super. Your broker will help you map out the most realistic path based on your savings and timeline.
How does the FHSS work?
You make voluntary contributions to your super fund in addition to your employer contributions. When you’re ready to buy, you apply to the ATO for an FHSS determination, then request the release of those funds. The ATO calculates the amount based on your contributions plus deemed earnings (using the Shortfall Interest Charge rate). The released amount is assessed as income in that tax year, but you receive a 30% tax offset on the assessable portion. It’s a relatively straightforward process, but your broker can connect you with the right financial and tax advice to make the most of it.
What if my partner has previously owned property?
This is one of the most common grey areas, and the short answer is: it depends on the scheme and the circumstances. For the Queensland FHOG, you or your spouse must not have previously owned residential property in Australia that you’ve lived in on or after 1 July 2000. If your partner owned an investment property that they never lived in, you may still be eligible. For the FHSS, each person is assessed individually, so your partner’s history doesn’t automatically disqualify your access to your own FHSS savings. Every situation is different; this is exactly the kind of question worth asking before you choose a broker.
Does using a broker cost me anything?
No. Mortgage brokers in Australia are paid a commission by the lender when your loan settles. There’s no fee charged to you for the broker’s service, and the commission doesn’t affect the interest rate on your loan. Under the Best Interests Duty legislation, your broker is legally required to recommend what’s right for you, not what’s most profitable for them.
Can I still use a broker if I'm only just starting to save?
Absolutely. The earlier you talk to a broker, the better. Understanding your borrowing capacity and grant eligibility early helps you set realistic savings goals and avoid costly mistakes. There’s no minimum savings threshold for an initial conversation.
This article provides general information only and is not personal financial or tax advice. Grant amounts, scheme eligibility criteria, and property price caps are subject to change. Please verify current details with the relevant government bodies or seek advice from a qualified professional.