Buying Your First Home in Queensland – Flourish Style

Starting your journey toward owning your first home in Queensland is exciting. We know it’s a big step, and there are many things to consider, however you don’t have to go through it alone. At Flourish, we are here to help guide you in making the process as smooth as possible. 

Here’s our guide to help you take the first step towards building a home you can be proud of at Flourish, South Maclean.

How to Save for a House Deposit 

When it comes to saving for your first home, starting with a solid plan is key. If you’re looking to finance through a bank or lender, the typical benchmark is a 20% deposit to avoid paying Lenders Mortgage Insurance (LMI). However, there are options available for those with a smaller deposit. For example, the First Home Guarantee Scheme requires just 5% but comes with its own eligibility criteria and availability. To see what’s best for you, it’s worth consulting a mortgage broker. 

Getting into the saving mindset can be challenging, but the first step is simply taking stock. Keep a detailed expenses diary for a few months and be honest—record every single dollar spent. Once you’ve done that, identify where you can make a few changes. For example, cutting back on unused subscriptions or limiting those café trips can potentially save you hundreds, if not thousands, a year. Make your savings work harder by placing them in a high-interest savings account or a term deposit. 

Budgeting for Your First Home 

Next up is setting a budget for your new home. The golden rule is to make sure your mortgage repayments fit comfortably into your monthly budget. Don’t overstretch—start by speaking with a mortgage broker who can help determine how much you can borrow. They’ll also walk you through the extra costs you’ll need to keep in mind, such as stamp duty, legal fees, and more. 

At Flourish, we believe in building a life that grows with you, and a home budget you’re comfortable with is the foundation of that dream. 

Understanding Your Home Loan Options 

There are many options when it comes to choosing a home loan. Some questions to consider include whether you would like a loan structure using variable rate (where interest rates can fluctuate based on the balance in your offset account), fixed rate (where the interest rate is fixed for a set period), or a combination of both, or whether you would like to opt for interest and principal, or interest-only repayments?  

We know it’s a lot to take in. Working with a professional, like a financial advisor or mortgage broker, can help you explore these options and find the right fit for your goals. 

Maximising Government Grants and Incentives 

To help first-home buyers like you get into the market, both the Queensland and federal governments offer a range of incentives. Here are some of the key schemes to be aware of: 

• First Home Owners’ Grant: Eligible buyers can receive up to $15,000 towards building or buying a new house, unit, or townhouse valued at less than $750,000. The grant has currently been doubled up to $30,000 until 30 June 2025. To confirm your eligibility and check the latest value of the Governments First Home Owner Grants and Schemes, visit (link) for more information. 

• Transfer Duty Concessions: For eligible buyers, no transfer duty is payable on homes costing less than $800,000, and concessions are available for higher property values too. 

Make sure to explore these options and find out what you might be eligible for. After all, every bit helps! 

Discover Your Future at Flourish 

Whether you’re looking to build your first home or secure your next property investment, Flourish is a place where you can grow your way. Nestled in the heart of South Maclean, Flourish is more than just a place to live—it’s a close-knit community that offers the perfect backdrop to build your future. 

From thoughtfully designed homesites and green open spaces to nearby shops, schools, and dining options, everything is right on your doorstep. And with plenty of planned infrastructure developments for the area, you’re set to thrive here. 

Ready to take the next step? Learn more about the lifestyle waiting for you at Flourish. Contact us at flourishsouthmaclean.com.au or call us at 0482 163 870 to find out more.