Buying your first home in Queensland is one of life’s most exciting milestones — but it also comes with a long list of legal, financial, and practical steps that many buyers aren’t prepared for.
Whether you’re just starting your search or have already signed a contract, this guide walks you through everything you need to know — including hidden costs, legal rights, government support, and tips to avoid costly mistakes. Each section links to our full articles for in-depth help.
1. Do I Really Need a 10% Deposit?
Short answer: No, not always.
In Queensland, a 10% deposit is common under the standard REIQ contract — but many first-home buyers negotiate a 5% deposit instead. This is perfectly legal if the seller agrees and the lower amount is clearly stated in the contract.
You might also use a bank guarantee or a deposit bond if you don’t have enough cash upfront — though not all sellers will accept these alternatives.
Lawyer Tip: Always consult a solicitor before signing the contract so your reduced deposit terms are properly included.
Read more: “Queensland Home Buyers: How to Reduce Your Deposit From 10%”
2. Have You Budgeted for These Hidden Costs?
Saving the deposit is only step one. First-home buyers are often surprised by extra upfront costs like:
- Stamp duty (unless exempt)
- Legal and conveyancing fees
- Building and pest inspections
- Land title registration
- Bank fees and application charges
- Insurance, rates, and removalist costs
Read more: “First Home in Queensland? Don’t Forget These Hidden Upfront Costs”
3. Can’t Get a Bank Loan? Government May Help
If your loan is rejected by a bank, don’t give up.
The Queensland Government offers:
- First Home Owner Grant – Up to $30,000 for eligible new homes under $750,000
- Queensland Housing Finance Loan – Low-deposit, no LMI, flexible for casual workers
Especially useful for buyers with good rental history but limited savings.
Read more: “First Home Buyer in QLD? Government Grants and Low Deposit Loans You Should Know About”
4. Can I Back Out After Signing the Contract?
Yes — within the 5-business-day cooling-off period (not available for auction purchases):
- You may cancel for any reason
- Written notice must be provided
- The seller may retain 0.25% of the purchase price as a termination fee.
You cannot renegotiate the price during this time.
Read more: “Changed Your Mind After Signing a Property Contract in QLD? Here’s What You Need to Know About the Cooling-Off Period”
5. Can I Renegotiate the Price After Signing?
Sometimes yes — but only in specific cases.
Once your contract is unconditional, price negotiation is nearly impossible. But if your contract includes a building and pest inspection clause, and serious issues are found, you may:
- Ask for repairs
- Request a price reduction
- Terminate the contract
Minor wear and tear won’t justify price changes — but termite damage or water leaks might.
Read more: “Renegotiating Price After Signing a Contract in Queensland – What the Law Says”
6. Why Building and Pest Inspections Are Non-Negotiable
Even new homes can hide serious defects.
Inspections typically cost $400–$800 but can uncover:
- Structural issues
- Leaks and rising damp
- Termite activity
- Illegal renovations
Without an inspection clause in the contract, you won’t have the legal right to cancel or negotiate based on defects.
Read more: “Avoid Costly Surprises: The Truth About Building and Pest Inspections”
7. Do First-Home Buyers Get a Stamp Duty Discount?
Yes — and the rules have improved from 1 May 2025.
New Homes & Vacant Land
- Full exemption from stamp duty — no price cap.
- Applies to new builds, substantial renovations, and vacant land (if you build and live in the home within 2 years).
Existing Homes
- Under $700,000 → full exemption
- $700,001–$800,000 → partial concession
- Over $800,000 → no concession
From 6 December 2024, you can rent out a room and still keep your stamp duty concession — as long as:
You don’t rent the entire property.
Read more: “QLD Stamp Duty Changes: Big Savings for First Home Buyers from May 2025”
8. What Actually Happens on Settlement Day?
Settlement is when your lawyer finalises the purchase and you officially become the owner.
They will:
- Pay the balance of the price
- Register your name on the title
- Transfer funds
- Notify the agent to release the keys
Important: Don’t book removalists until your lawyer confirms that settlement has completed. Delays can happen!
Read more: “Settlement Day Explained – A Step-by-Step Guide for First Home Buyers in Queensland”
Need Help Navigating Your First Home Purchase?
At W & G Lawyers, we have proudly assisted hundreds of first-home buyers across Queensland. From reviewing contracts and negotiating terms to advising on government entitlements and completing settlement, our team is with you every step of the way.
Please contact us at 📧 info@wglawyers.com.au or📱 0433 071 350
Disclaimer:
The content of this article is provided for general information purposes only and does not constitute legal advice. While every effort is made to ensure the accuracy of the information, it should not be relied upon as a substitute for legal advice tailored to your circumstances. We recommend that you seek independent legal advice before acting on any information contained herein.