Own Your Dream Home in North Brisbane with Our First Home Buyer’s Guarantee scheme Guide

Navigating the North Brisbane property market as a first-time buyer?
Relax! North Brisbane Mortgage Brokers are your local experts, specialising in unlocking the potential of the First Home Guarantee Scheme (FHBG) for you. From apartments in Lutwyche to houses in Grange, we offer personalised solutions for all your mortgage needs

This guide covers everything you need to know about leveraging the FHBG in North Brisbane. Let’s break it down;

Eligibility:
1. Be an Australian citizen or permanent resident aged 18+.
2. Earn below $125,000 individually or $200,000 combined (based on your Notice of Assessment).
3. Be a first-time buyer or haven’t owned property in Australia for 10 years.
4. Plan to live in the purchased property (owner-occupier).

Deposit:
Save between 5% and 20% of the property value. Your chosen lender might require a higher deposit based on your financial situation.

We are seeing most lenders request for you to use most of your savings to contribute to the deposit. So please understand that you may only be left with a small portion of your deposit after the settlement. Genuine savings and government grants can contribute to your deposit such as the First Home Owner Grants which the banks will allow as deposit funds.

Property Types and Price Caps:
The First Home Buyers Guarantee scheme covers existing houses, townhouses, apartments, house and land packages, and even off-the-plan options. Use the Property Price Cap Tool to check limits for your desired area. Timeframes and specific criteria apply, so be sure to speak to the team at North Brisbane Mortgage Brokers.
In the Brisbane metro area and the Brisbane north area the price cap for the Financial Year 2023-204 is up to $700,000. This means that you can purchase
apartments in the Brisbane north region and be eligible for this scheme.

Some suburbs that fit within price cap are:

Median Price of apartments in Brisbane North (QLD) from February 2023 to February 2024

1. Albion – $512,000

2. Kedron – $500,000

3. Nundah – $480,000

4. Lutwyche – $528,000

5. Windsor – $529,000

6. Stafford – $475,000

7. Clayfield – $520,000

8. Chermside – $494,500

If you are a first time buyer and looking for a house and want to use the First Home
Guarantee Scheme, these are the median price for 3 bedroom houses in the
Brisbane (QLD) north region from February 2023 to February 2024:

1. Bald Hills – $662,500

2. Fitzgibbon – $670,000

3. Strathpine – $655,000

4. Petrie – $657,000

5. Warner – $681,250

6. Murrumba Downs – $684,500

How to Apply:
You can only apply through a Participating Lender or a certified mortgage broker like
the team at North Brisbane Mortgage Brokers! We can guide you through the process, ensuring you choose the right loan and property for your needs.
The banks will require your most recent Notice of Assessment (NOA’s), please note that you will need to complete your most recent tax return to start the process.

Ready to Make Your Move?
Contact us today! We specialise in the Brisbane North region and help many first
home buyers use the First Home Guarantee Scheme to secure their first property.
We will walk you through the FHBG process, recommend suitable properties, and
connect you with the best lenders to secure your dream home.
Let’s unlock your property journey in North Brisbane together!

Or need to learn more? Check out our Essential Guide to Home Buying in North Brisbane where we cover all of the other ‘bits’ we often get asked!