First Home Guarantee in Brisbane Southside: Your Complete 2026 Guide
The First Home Guarantee is making homeownership significantly more achievable for Brisbane Southside buyers. With the ability to purchase with just a 5% deposit and no Lenders Mortgage Insurance, plus the removal of income caps and place limits in October 2025, more first home buyers can access this pathway than ever before.
The scheme works particularly well across Brisbane Southside, where the $1,000,000 price cap covers a substantial range of properties, from established units in Annerley- Coopers Plains through to family homes in Mount Gravatt. The difference between a 5% and 20% deposit can mean accessing the market years earlier.
Mortgage Broker Brisbane Southside helps first home buyers across Brisbane Southside understand their First Home Guarantee eligibility and compare approved lenders across our 50+ panel, completely free of charge.
Here's what Brisbane Southside first home buyers need to know about the First Home Guarantee in 2026.
Key takeaways
- First home buyers can purchase with a 5% deposit and no LMI under the scheme.
- Income caps were removed in October 2025, opening eligibility to more buyers.
- The price cap across all Brisbane Southside suburbs is $1,000,000.
Why does the First Home Guarantee matter for Brisbane Southside buyers?
The First Home Guarantee removes the biggest obstacle first home buyers face, saving a full 20% deposit plus stamp duty while rental costs continue rising. With the government guaranteeing up to 15% of your purchase, you only need a 5% deposit and pay no LMI.
For a typical Brisbane Southside purchase around $800,000, that's the difference between needing $160,000 plus costs versus $40,000 plus costs. The time required to save those amounts while paying rent can be three to five years, during which property prices continue moving. Access the first home buyers service to understand your full range of options before approaching a lender.
How does the First Home Guarantee work?
The government guarantees up to 15% of your property purchase, which removes the need for LMI. You contribute a minimum 5% deposit, the lender provides an 80% home loan, and the government guarantee covers the gap. You only make repayments to your lender, with no separate payments to the government.
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What are the First Home Guarantee eligibility requirements in Brisbane Southside?
The key criteria every Brisbane Southside applicant must meet:
- › Minimum deposit: 5% of purchase price from genuine savings or eligible gift funds.
- › Price cap:$1,000,000 across all Brisbane Southside suburbs covered in this guide.
- › Income requirements: No income caps since October 2025. Eligibility is based on lender serviceability assessment only.
- › First home buyer status: Must never have owned property in Australia before, including jointly with a partner.
- › Property type: Established homes, new builds, units, and townhouses are all eligible.
- › Owner-occupier only: Must live in the property as your principal place of residence. Not available for investment purchases.
How do mortgage brokers help Brisbane Southside buyers access the First Home Guarantee?
Step 1: Talk to us
Get in touch and we'll assess your First Home Guarantee eligibility, deposit position, and borrowing capacity across our approved lender panel.
Step 2: We review your financial position
We look at your savings history, income documentation, and any existing debts to understand what lenders will assess and which First Home Guarantee approved lenders suit your profile.
Step 3: We identify the right lender and loan structure
Not all First Home Guarantee approved lenders have the same appetite or assess applications identically. We match you with lenders who give you the strongest outcome for your situation.
Step 4: We prepare and lodge your application
We handle all documentation, ensure your application meets both lender requirements and First Home Guarantee criteria, and coordinate with the government guarantee process.
Step 5: We manage the approval process
We liaise with the lender, track your application progress, and handle any requests for additional information to keep your settlement on track.
Step 6: We coordinate settlement
We work with your solicitor, the lender, and the guarantee authority to ensure all conditions are met for a smooth settlement.
What mistakes do Brisbane Southside buyers make with the First Home Guarantee?
The biggest mistake is assuming all lenders treat First Home Guarantee applications the same way. While the government guarantee is consistent, individual lenders have different serviceability assessments, different appetites for certain property types, and different processing times for the guarantee approval.
Another common error is not understanding genuine savings requirements. Your 5% deposit typically needs to come from savings held for at least three months, though some lenders accept gift funds from immediate family members. Having your deposit sitting in a high-interest savings account with clear transaction history strengthens your application significantly.
What Queensland schemes can you combine with the First Home Guarantee?
The First Home Guarantee works alongside other Queensland first home buyer benefits. You can combine the 5% deposit structure with the Queensland First Home (New Home) full transfer duty exemption if you're buying a new build, potentially saving tens of thousands in upfront costs. From 1 August 2026, the Queensland first home transfer duty concessions are limited to Australian citizens, permanent residents and specified foreign retirees for new transactions.
The Queensland First Home Owner Grant of $30,000 is also available for new homes under $750,000 (contracts signed on or after 1 July 2026 continue to attract $30,000, with funding confirmed in the 2026-27 Queensland Budget). For eligible buyers, this combination can mean entering the market with minimal upfront costs beyond your 5% deposit plus legal and inspection fees.
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Local experts
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Prefer to talk now? Call 0421 152 859 |
Frequently Asked Questions
Can I use the First Home Guarantee for a unit in Brisbane Southside?
Yes, units are eligible under the First Home Guarantee as long as they're under the $1,000,000 price cap and you meet all other eligibility criteria. Many Brisbane Southside units fall well within this threshold.
Do I need to be an Australian citizen to use the First Home Guarantee in Brisbane Southside?
No, permanent residents are also eligible for the First Home Guarantee. Temporary visa holders are not eligible for this scheme.
How long does First Home Guarantee approval take for Brisbane Southside buyers?
The government guarantee approval typically adds 1-2 weeks to your standard loan approval process. Total timeframes vary by lender, but most First Home Guarantee approvals complete within 4-6 weeks from application.
Can I buy an investment property using the First Home Guarantee?
No, the First Home Guarantee is only available for owner-occupier purchases. You must live in the property as your principal place of residence.
What happens if I want to sell my First Home Guarantee property later?
You can sell without restriction. The government guarantee automatically ends when you sell, and there are no exit fees or penalties to pay back to the government.
Should Brisbane Southside first home buyers use a mortgage broker or go direct to a bank for the First Home Guarantee?
A mortgage broker, every time. Not all lenders are approved for the First Home Guarantee, and those that are have different appetites and assessment criteria. A broker comparison ensures you're matched with the lender most likely to approve your specific situation.
Is there a limit on how many First Home Guarantee places are available each year?
The First Home Guarantee is capped at 40,000 places per financial year across Australia, but historically Queensland hasn't reached its allocation. Unlike some other schemes, places are generally available throughout the year.
Your Next Steps
Getting your First Home Guarantee application right in Brisbane Southside is about more than just meeting the basic criteria. The right lender for your situation can mean faster processing times, better serviceability assessment, and a smoother path to settlement, all factors that vary significantly across our 50+ lender panel.
The right lender for your First Home Guarantee application depends on your situation, and that's a conversation worth having. Talk to the Evergreen Loan Solutions team or call 0421 152 859, and we'll compare your options across 50+ lenders at no cost to you.
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External Resources
Evergreen Loan Solutions · Eight Mile Plains and Brisbane Southside · General information only - this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions. · Last updated 4 July 2026
