How Much Deposit Do I Need to Buy a House in Brisbane Southside?
Brisbane Southside house buyers have more deposit options than most realise. Whether you're a first home buyer exploring government schemes or an established buyer looking to upgrade, the deposit you need can range from as little as 2% to the traditional 20% - and the right choice depends on your situation, the property type, and which lenders you approach.
Multiple government schemes now remove the need for a full 20% deposit, with the First Home Guarantee offering 5% deposit purchases up to $1,000,000, and Boost to Buy allowing purchases with as little as 2%. For established buyers, 10% deposits are widely accepted, though your rate and borrowing capacity shift based on your Lenders Mortgage Insurance position. Whether you're considering Mount Gravatt- Wishart or family options across Runcorn, the deposit structure you choose determines your borrowing outcome and ongoing costs.
Evergreen Loan Solutions helps house buyers across Brisbane Southside compare deposit options and government schemes across our 50+ lender panel, completely free of charge.
Here's what you need to know about deposit requirements for Brisbane Southside house purchases.
Key takeaways
- First home buyers can purchase with as little as 2% deposit via government schemes.
- The First Home Guarantee removes LMI on 5% deposits for purchases up to $1,000,000.
- LMI costs vary widely; comparing lenders can save thousands on the same deposit level.
What deposit options are available for Brisbane Southside house buyers?
Your deposit options depend on whether you're a first home buyer and which schemes you're eligible for. First home buyers can purchase with deposits as low as 2% through Queensland's Boost to Buy scheme, or 5% through the First Home Guarantee. Established buyers typically need between 10% and 20%, though some lenders accept lower deposits with higher LMI costs.
The difference between a 5% and 20% deposit can be tens of thousands in LMI premiums, but waiting years to save that extra 15% often costs more in rising prices and rent than the LMI itself. That's exactly what a lender comparison helps you calculate for your specific situation. For a closer look at your first home loan options, including scheme eligibility and deposit planning, our team works through it all with you.
Can I buy a house in Brisbane Southside with a 5% deposit?
Yes, and it's more common than many buyers expect. The First Home Guarantee removes the need for Lenders Mortgage Insurance on purchases up to $1,000,000 with a 5% deposit, making it the most popular low-deposit option for eligible first home buyers. For purchases above $1,000,000 or buyers who don't qualify for government schemes, a 5% deposit is still possible but requires LMI - approximately $21,000 on a $700,000 purchase.
Most Brisbane Southside suburbs sit comfortably within the $1,000,000 First Home Guarantee price cap, meaning houses in the $800,000 to $950,000 range become accessible with a $40,000 to $47,500 deposit rather than the $160,000 to $190,000 you'd need for a traditional 20% deposit.
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What government schemes can Brisbane Southside house buyers use?
Deposit schemes available to eligible buyers:
- › First Home Guarantee: buy with a 5% deposit and no LMI up to a $1,000,000 Brisbane price cap. Income caps and place limits removed as of October 2025.
- › Queensland Boost to Buy: shared equity scheme allowing a 2% deposit with the government taking up to 30% equity in new homes or 25% in existing homes. Income cap of $150,000 for singles and $225,000 for households. Limited places; Unity Bank is currently the only approved lender.
- › Family Home Guarantee: single parents can purchase with a 2% deposit and no LMI up to $1,000,000. First home buyer status is not required.
- › Queensland First Home Owner Grant:$30,000 for eligible new builds. The 2026-27 Queensland Budget confirmed the $30,000 continues for contracts signed from 1 July 2026, with funding locked in across the four-year forward estimates. Can be used toward your deposit.
- › First Home Super Saver Scheme: release up to $50,000 plus earnings from super for your first home deposit.
How does a mortgage broker in Brisbane Southside help with deposit planning and approval?
Step 1: Talk to us
Get in touch and we'll assess your deposit position, income, and goals to understand which schemes you qualify for and what's realistic across our 50+ lender panel.
Step 2: We calculate your options
We run the numbers on different deposit levels - from 5% with government schemes through to 20% conventional deposits - so you can see the borrowing capacity and ongoing costs for each option.
Step 3: We identify the best scheme fit
Not all government schemes suit every buyer. We match your situation to the schemes that actually work - considering income caps, property type, and whether shared equity fits your long-term plans.
Step 4: We find the right lender
Different lenders have different appetites for low-deposit lending and varying LMI costs. We identify which lenders give you the strongest outcome for your chosen deposit level.
Step 5: We prepare your application
We structure your application to maximise approval chances, ensuring your deposit source is properly documented and your borrowing capacity is optimised for your target property price.
Step 6: We coordinate to settlement
From pre-approval through to settlement, we manage the process with your solicitor and ensure your deposit funds are ready when you need them.
What deposit mistakes do Brisbane Southside house buyers commonly make?
The biggest mistake is assuming you need 20% to buy a house. Many Brisbane Southside buyers spend years saving for a full deposit while house prices rise faster than their savings grow, when government schemes could have put them in the market years earlier with a 5% deposit. The second mistake is not checking which schemes you're eligible for before you start looking - some buyers discover they qualify for Boost to Buy or Family Home Guarantee only after they've already saved 15%.
The other common error is not getting your deposit funds properly documented early. Lenders need to see where every dollar comes from, so last-minute transfers from family or shifting money between accounts without proper records can delay settlement. Planning your deposit source and documentation alongside your house search prevents these delays.
When is Lenders Mortgage Insurance worth paying?
LMI protects the lender if you can't repay the loan, and it's typically required on deposits under 20%. For a $700,000 Brisbane Southside house purchase with a 5% deposit, LMI costs approximately $21,000. For a $900,000 purchase with a 10% deposit, it's approximately $19,500. These figures seem substantial, but they need to be weighed against the alternative cost of waiting.
In practice, waiting two years to save an extra $70,000 deposit often costs more than the LMI premium when you factor in rising house prices and ongoing rent. For buyers eligible for the First Home Guarantee, this calculation is straightforward - the government guarantee removes LMI entirely on purchases up to $1,000,000. For other buyers, a broker comparison shows you the real cost difference between paying LMI now versus waiting to save more.
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Frequently Asked Questions
Can I buy a house in Brisbane Southside with a 2% deposit?
Yes - through Queensland's Boost to Buy scheme or the Family Home Guarantee for single parents. Both allow 2% deposits with government support, though income caps and limited places apply for Boost to Buy, and Unity Bank is currently the only approved Boost to Buy lender.
Do Brisbane Southside first home buyers need a 20% deposit to avoid extra costs?
Not necessarily. The First Home Guarantee removes LMI on 5% deposits for eligible buyers purchasing up to $1,000,000, and income caps were removed in October 2025, making it accessible to more buyers than before.
Can Brisbane Southside buyers use family gift money for their deposit?
Yes - family gift money is widely accepted by lenders. You'll need a signed gift letter confirming the money doesn't need to be repaid, and the funds must be in your account for at least three months or properly documented as a recent gift.
Is the First Home Guarantee available for all Brisbane Southside suburbs?
Yes - all Brisbane Southside suburbs fall within the $1,000,000 price cap for the First Home Guarantee, meaning eligible buyers can purchase houses across the area with a 5% deposit and no LMI.
What happens to Brisbane Southside buyers who wait to save a larger deposit?
This is exactly why many buyers choose lower deposit options. If Brisbane Southside houses rise in value while you're saving for a larger deposit, that growth can exceed the LMI cost you'd pay to buy sooner with a smaller deposit - making earlier entry the better financial outcome.
Should Brisbane Southside buyers use a mortgage broker or go directly to their bank for deposit advice?
A mortgage broker, every time. Different lenders have varying LMI costs, different government scheme access, and different appetites for low-deposit lending. We compare all your options to find the lender that gives you the strongest outcome for your deposit level.
How much should Brisbane Southside house buyers save on top of their deposit?
Plan for transfer duty (first home buyers purchasing a new home pay $0 transfer duty with no price cap; established home buyers under $700,000 also pay $0), building and pest inspections ($800 to $1,200), legal costs ($1,200 to $2,500), and moving expenses. Your broker can walk you through the full upfront cost picture for your specific purchase.
Your Next Steps
Getting your deposit strategy right is about more than just saving a lump sum. The right deposit level for your situation balances your current savings, borrowing capacity, LMI costs, and government scheme eligibility - and that calculation varies significantly between buyers across Eight Mile Plains and Brisbane Southside.
The right lender for your deposit situation depends on your circumstances, 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
