Your first loan shapes everything that comes after.

How much deposit do I need to buy my first home on the Gold Coast?

As little as 5% if you're eligible for the Australian Government 5% Deposit Scheme, with no lenders mortgage insurance. On the Gold Coast the scheme's property price cap is $1,000,000, there's no income cap and no limit on places (rules current since 1 October 2025). You'll still need cash for government fees, conveyancing, inspections and a buffer. Outside the scheme, most lenders want 10-20% plus costs, or LMI applies.

Checked at firsthomebuyers.gov.au on 13 October 2026. Lender criteria still apply.

Do first home buyers pay stamp duty in Queensland?

On an established home valued at $700,000 or under, an eligible first home buyer pays no transfer duty. Between $700,000 and under $800,000 a reducing concession applies. At $800,000 and above you fall back to the standard home concession. On a new home (never lived in, or substantially renovated) there's no transfer duty at any price for eligible first buyers, for contracts dated 1 May 2025 or later. For contracts from 1 August 2026, both concessions also require you to be an Australian citizen, permanent resident or specified foreign retiree. Transfer and mortgage registration fees still apply either way.

Queensland Revenue Office, pages updated 31 July 2026. The $700,000 threshold applies to contracts from 9 June 2024. You must move in within one year of settlement.

What is the First Home Owner Grant in Queensland?

$30,000 for eligible buyers building or buying a new home valued under $750,000, for contracts signed on or after 20 November 2023. New means never occupied or sold as a place of residence; off-the-plan and substantially renovated homes can qualify. It doesn't apply to established homes, the $750,000 cap includes the land, and at least one applicant must be an Australian citizen or permanent resident. You need to move in within a year and live there for six continuous months. I cover how it stacks with the 5% Deposit Scheme and the duty concession on my First Home Owner Grant page.

Queensland Revenue Office eligibility page, updated 5 August 2026. The $30,000 amount was continued in the 2026-27 state budget; no end date is currently published.

Can I use the 5% Deposit Scheme on a Gold Coast apartment?

Yes, if the price is within the $1,000,000 cap and the lender accepts the building. Some lenders set minimum apartment sizes or limit their exposure in high-density postcodes like 4217, so the lender choice matters as much as the scheme. My Surfers Paradise page covers the building rules in detail.

Can I buy with a friend or a sibling under the scheme?

The scheme lets you apply alone or with one other person, who can be a partner, a friend or a family member. Both of you need to meet the eligibility rules, and the loan is assessed on both incomes. How you hold the property (joint tenants or tenants in common) is a conversation for your conveyancer.

I owned a property years ago. Am I still a first home buyer?

It depends which scheme you ask. For the 5% Deposit Scheme you qualify if you haven't owned property or land in Australia in the last 10 years. Queensland's duty concessions require that you've never held an interest in a residence anywhere in the world. The grant counts any home you owned and lived in on or after 1 July 2000, and any home you owned before then whether you lived in it or not. So you can be a first home buyer for one scheme and not another. I check each one.

What's Lenders Mortgage Insurance and do I need it?

LMI protects the lender (not you) if you default. It's usually required when your deposit is below 20%, but eligible first home buyers avoid it altogether through the 5% Deposit Scheme. When LMI does apply, it can be added to the loan, which means you pay interest on it too. Sometimes it's worth paying to get into the market earlier. I'll give you the honest numbers.

How much does a broker cost?

Generally, nothing. Banks pay me a commission when your loan settles, and it doesn't change your rate or your loan amount one bit. My service costs you nothing, plus you get a lot of support, education and guidance. I act in your best interests when providing credit assistance to you.

Heads up: more complex or strategic work, like developments, house flips, or deals with claw-back risk, may involve an upfront fee. Always disclosed up front.

How long does pre-approval last, and what if it lapses?

Most lenders issue pre-approval for around 90 days, and some will extend it with updated documents. In a moving market it's common to need a refresh before you find the right place. I'd rather re-run your numbers than have you make an offer on an approval that has quietly expired.

Does my HELP debt affect what I can borrow?

Yes. Most lenders deduct your compulsory HELP repayment from your income when they assess what you can borrow, so a HELP debt reduces borrowing power even though it isn't a loan in the usual sense. Policy on HELP debts that are close to being repaid varies between lenders, which is one of the reasons the same person gets different numbers from different banks.

Should I buy an investment property first and keep renting?

You can, but the first home schemes won't apply: the 5% Deposit Scheme, Queensland's first home concessions and the grant all require you to live in the property. Rentvesting is a real strategy with a different deposit requirement, and I've written a guide to how it works. Either way, loan one should be set up with loan two in mind.

What structure should I choose if this home might become an investment later?

An offset account rather than relying on redraw, and a loan you don't max out. If you ever move out and rent the place, the way you've handled extra repayments affects how the borrowed money is treated for tax (that's your accountant's lane). Structurally, I set up loan one so it can become an investment loan without a refinance.

Fixed or variable rate?

There's no universal answer. Fixed gives certainty. Variable gives flexibility, especially if you want to make extra repayments or use an offset. I'll explain what each means for your situation given current market conditions.