QLD First Home Guarantee Explained

Attention Renters Purchase first home up to $1 Million needing only 5% deposit & save thousands!

• Government increases Brisbane First Home Guarantee property price cap to $1,000,000.
• QLD gov provides first home buyers with stamp duty concession saving you thousands.
• Borrower’s still need to pass serviceability test to be eligible for loan approval.
• Quick, easy & stress-free process to get your borrowing capacity assessed- Click link at bottom.

 QLD renters can now take advantage of the Federal government’s First Home Guarantee scheme that’s been supercharged to increase your chances of home ownership. Read on to discover how you can combine the FHG with QLD government’s First Home Owner grant of $30,000 and the First Home Concession saving you thousands in both lender’s mortgage Insurance and Stamp Duty Tax, that previously had to be saved on top of your deposit.

If you’re renting in Queensland right now, you probably know the feeling: the rent goes up every year, but your savings don’t seem to move as fast. Buying a home feels like a dream for “future you,” not something that could actually happen in the next 12 months.

Here’s the good news: from 1 October 2025, the First Home Guarantee (FHBG) is kicking in earlier than expected. And if you’re living in places like Redlands, this could be the break you’ve been waiting for.

What’s the First Home Guarantee all about?

The FHBG is a government program that lets first-home buyers purchase with as little as a 5% deposit. Normally, you’d need 20% or you’d be slugged with expensive Lenders Mortgage Insurance (LMI). With this scheme, the government steps in as your guarantor, so you can skip that extra cost.

Think of it as a fast-pass into the housing market:

• Only need a 5% deposit.
• No LMI (that’s potentially $30,000 saved).
• Works on both new and existing homes (subject to price caps).
• Limited spots available, so planning early matters.
• You must have enough income to be able to service the desired loan amount.

 The Redlands property market: where things stand

Redlands is a hot spot right now: coastal lifestyle, family-friendly, and still within reach of Brisbane. That popularity shows up in prices:

• Houses are sitting around a median price $900,000.
• Units/Townhouses are closer to a median price of $800,000.

For a renter, those numbers can feel daunting. But let’s break it down.

How the numbers change with the FHBG

On a $900,000 Redlands house:

• 20% deposit (without FHBG): $180,000.
• 5% deposit (with FHBG): $45,000.
• Savings? $135,000 upfront.

On a $800,000 unit/Townhouse:

• 20% deposit: $160,000.
• 5% deposit: $40,000.
• Savings? $120,000 upfront.

Now add in LMI costs you no longer have to pay, and you’re suddenly much closer to owning than you thought.

Stack the savings with Queensland incentives

It gets even better. Queensland has its own perks for first-home buyers, and you can use these alongside the FHBG:

• First Home Owner Grant: $30,000 if you’re buying new or off-the-plan.
• QLD New Home Concession: save up to $15,925 on stamp duty.

So instead of trying to save $180,000 to buy that Redlands house, you could be looking at:

• $45,000 deposit (with FHBG).
• $30,000 grant to help you out.
• Up to $15,925 off stamp duty.

That’s a six-figure saving compared to doing it all on your own.

Why waiting could cost more than you think

Let’s fast-forward 10 years. If Redlands house prices keep growing at around 4–5% a year (which is in line with Brisbane’s history):

• Today’s $900,000 house could hit about $1.4 million by 2035.
• A $800,000 unit could climb to around $1.24 million.

And rents? If they grow at the same rate as property prices:

• An average $675 per week house rental today could be $1075 a week in 2035.
• A $615 unit rental could be around $950 a week within the next 10 years.

So, whether it’s higher property prices or higher rents, waiting might actually cost you more.

 How to get started today

So, with Stage 2 of the FHBG officially opening October 1, 2025, there’s really no time to wait before it starts pushing property prices even higher under the pressure of a supply/demand basis. Places are limited, and being prepared means you’ll be ready to move as soon as the scheme goes live.

That’s where we step in. At Pink Elephant Home Loans, we can give you an initial loan assessment within 24 hours. You’ll know your borrowing power, what you’re eligible for, and the steps you need to take.

Here’s what you can do right now:

1. Book your free consultation with us.
2. Get your tailored loan assessment in just one day.
3. Start planning your pathway to pre-approval and home ownership.

 Final thoughts

If you’re renting in Redlands—or anywhere in Queensland—you don’t have to wait years to buy. The First Home Guarantee, combined with the QLD First Home Owner Grant and stamp duty concessions, could save you well over $100,000.

And with property prices and rents only heading one way, now is the time to set yourself up.

Ready to swap renting for owning? Contact Pink Elephant Home Loans today and book your 24-hour loan assessment.

Or start the process right NOW for FREE to get your borrowing capacity checked in the next 24 hours.

Simply just hit the link below & enter your details for a quick & easy stress-free process…

https://pinkelephanthomeloans.com.au/