The First Home Buyer playbook for the Gold Coast

Deposit and LMI

The lower your deposit, the more lenders usually charge for risk, often through LMI. On a $700,000 purchase, LMI on a 5% deposit can be $25,000 or more. Some government schemes can remove that LMI cost if you meet eligibility rules and use a participating lender.

Australian Government 5% Deposit Scheme

The Australian Government 5% Deposit Scheme lets eligible first home buyers purchase with a minimum 5% deposit and no LMI. Eligible single parents or legal guardians may have access to a 2% deposit pathway under the same scheme. It replaced the Home Guarantee Scheme, formerly known as the First Home Guarantee, from 1 October 2025.

There are currently no income caps under the Australian Government 5% Deposit Scheme. Buyers still need to meet the lender's normal borrowing, savings, credit, and approval requirements.

For the Gold Coast, the current Australian Government 5% Deposit Scheme property price cap is $1,000,000. Both the purchase price and the lender assessed property value need to be within the scheme cap. The Gold Coast is treated as a regional centre under the scheme. Use the postcode search tool on the First Home Buyers website and confirm the cap with your participating lender before you sign.

Not every lender offers this scheme, and places can depend on lender processes and scheme rules. A broker can match your file to a participating lender that fits your situation.

Queensland transfer duty

Queensland transfer duty concessions depend on whether you are purchasing an established home, a new home, or vacant land to build a new home.

For established first homes, eligible buyers may pay no transfer duty up to $700,000, with a partial concession available for homes valued under $800,000.

From 1 May 2025, eligible first home buyers purchasing a new home, a substantially renovated new home, or vacant land to build a new home may receive a full transfer duty concession that reduces transfer duty to nil, subject to eligibility rules. Check Queensland Revenue Office guidance for contract dates, occupancy requirements and what counts as a new home.

Transfer duty concessions and the First Home Owner Grant are separate. You may qualify for one, both, or neither depending on the property and your circumstances.

Queensland First Home Owner Grant

Queensland also has a First Home Owner Grant for eligible buyers purchasing or building a new home. The current grant is $30,000 for eligible contracts signed between 20 November 2023 and 30 June 2026. The total value of the home, including land and variations, must be less than $750,000.

The grant applies to new homes, not established properties. Because the boosted $30,000 amount is time sensitive, confirm current availability and eligibility with Queensland Revenue Office before you sign a contract.

Help to Buy

The Australian Government Help to Buy Scheme is separate from the Australian Government 5% Deposit Scheme. It may assist eligible buyers with a minimum 2% deposit, with the Government contributing up to 30% equity for an existing home or 40% for a new home.

Help to Buy has income caps of $100,000 for individual applicants and $160,000 for single parents or joint applicants, based on your Notice of Assessment from the previous financial year.

For the Gold Coast, the Help to Buy property price cap is currently $1,000,000. Shared equity schemes come with ongoing obligations, so read the official customer guide before you rely on this path.

Boost to Buy

Queensland's Boost to Buy scheme may assist eligible buyers with a 2% deposit and a government equity contribution. The contribution can be up to 30% for new homes and up to 25% for existing homes, for eligible properties valued up to $1,000,000.

Availability is limited and allocation depends on location. As at June 2026, South East Queensland allocations may be exhausted, so buyers should check the current Queensland Treasury and Unity Bank status before relying on this scheme. Boost to Buy is a Queensland shared equity scheme and is separate from both the Australian Government 5% Deposit Scheme and Help to Buy.

Lender choice

Not every lender offers every scheme. Some banks apply a tighter income test for first-time buyers. Some non-banks are faster but pricier. Our job is to map your situation against 70+ lenders and find one that can say yes at the right price, with the scheme support you need.

Loan structure

Pick the right offset, repayment type, and split between fixed and variable and you can save tens of thousands over the life of the loan. Most first home buyers get sold on rate alone and miss the structural wins.

Pre-approval

Get pre-approval before you start inspecting seriously, not after. A real pre-approval (not a rate-website estimate) tells you your practical ceiling and makes you a credible buyer.

Pre-approval can help confirm whether you may qualify for a scheme and may allow a participating lender to reserve a place, subject to final lender approval, property checks, scheme rules, and availability.

Important information

Scheme rules, price caps, grants, concessions, and lender policies can change. This guide is general information only and does not confirm your eligibility. Before signing a contract, speak with a mortgage broker, check the official government websites, and confirm the current rules with the relevant scheme provider.

Official sources to check include Housing Australia, the Australian Government First Home Buyers website (firsthomebuyers.gov.au), Queensland Revenue Office and Queensland Treasury.