What deposit do I need to buy a house in QLD?

It seems like a simple question but believe it or not, the answer is quite complicated as it really depends on your individual situation. Typically, a bank will take into account 3 major areas when giving you an approval;

• Your personal circumstances
• The block of land you are buying
• The house you intend to build on it

These three factors will determine which banks we can use and then within the banks, they have different policies that determine how much deposit you need.

In assessing your personal situation, a bank may take into account;

• Your current savings and whether it is genuine or non-genuine savings
• Your credit score which is influenced by your credit history
• Your servicing which looks at your income versus your projected outgoings

There is support available to assist First Home Buyers such as:

• First Home Owners Grant
• First Home Loan Deposit Scheme
• Stamp duty relief and exemptions
• First Home Guarantee Scheme
• First Home Owner Super Saver Scheme
• and more

The eligibility for these grants is wide and varied but may include:

• Income bands
• Genuine savings
• Citizen / Permanent resident status
• Marital and parental status
• Rental history
• And much more

So back to the question: How much deposit do you need?

The answer: It’s complicated.

To have a Specialist assess your situation and your eligibility for First Home Buyer Support programs, get in contact with us today.