Buying your first home is an exciting milestone but knowing where to start can feel overwhelming. From saving a deposit to understanding how much you can borrow and what repayments might look like, there are several steps along the way.
The good news is that with the right tools and information, you can approach the home-buying journey with greater confidence. Understanding the financial side of purchasing a home can help you plan ahead and make informed decisions that support your goals.
How much can I borrow?
One of the first questions prospective first home buyers ask is how much they may be able to borrow. Your borrowing capacity is typically influenced by factors such as your income, living expenses, existing debts, financial commitments, and credit history.
A helpful starting point is our Borrowing Power Calculator which can provide an estimate of how much you may be able to borrow based on the information you enter.
Important: Calculator results are estimates only and do not represent loan approval. All applications are subject to Queensland Country Bank's lending criteria and credit assessment.
How much deposit will I need?
Saving a deposit is often one of the biggest hurdles for first home buyers. While a 20% deposit has traditionally been considered a benchmark, some buyers are able to purchase a property with a smaller deposit, depending on the loan product and eligibility requirements but note that a lower deposit may affect the additional costs to your loan amount due to a higher Loan to Value Ratio (LVR).
It's also important to consider the upfront costs associated with purchasing a property, including:
- Legal and conveyancing fees
- Building and pest inspections
- Moving costs
- Government charges and registration fees
- Stamp duty, where applicable
- Lenders Mortgage Insurance (LMI), typically where a deposit is less than 20%
- Ongoing property related expenses
There are also government initiatives designed to support eligible first home buyers which may help reduce some upfront costs or assist with entering the property market sooner.
Could I be eligible for First Home Buyer assistance?
A range of state and federal government programs may be available to help eligible first home buyers. Depending on the scheme, support may be provided through grants, guarantees, or concession that help reduce some of the upfront costs of purchasing a home.
Eligibility and criteria apply and government programs can change overtime so it's important to check the current requirements before making any financial decisions.
For more information about navigating the home-buying journey, visit Queensland Country Bank's Buying My First Home guide.
What could my home loan repayments look like?
Understanding your potential repayments is just as important as understanding how much you could borrow. A loan amount may fit within your borrowing capacity, but its important to consider how repayments will fit within your day-to-day budget and future financial goals.
Our Home Loan Repayment Calculator allows you to estimate repayments based on:
- Loan amount
- Interest rate
- Loan term
- Repayment frequency
Testing different scenarios can help you understand how changes to a loan amount, interest rate or loan term may affect your repayments over time.
It's important to remember that interest rates can change, and future market conditions are difficult to predict. As a result, actual repayment amounts may increase or decrease over the life of the loan. Maintaining a financial buffer and ensuring your budget can accommodate potential changes in repayment obligations may help support long term financial resilience.
Important: Repayment calculator results are estimates only and provided for illustrative purposes. They do not constitute a loan offer, approval, quote or financial advice. Actual repayments will depend on the loan product, interest rate and your individual circumstances. Interest Rates are subject to change.
Explore your home loan options
Not all home loans are the same, so it can be helpful to understand the features available and how they align with your needs and goals.
Queensland Country bank offers options including variable and fixed home loans.
The suitability of any loan product will depend on your individual circumstances, objectives and financial needs. You should carefully review the relevant product target market determination and consider obtaining independent professional advice where appropriate before making a decision.
Supporting Queensland's First Home Buyers
Buying your first home is more than just securing a loan. It's about having the right information, support and guidance throughout the journey.
Queensland Country Bank has been awarded Canstar's Customer Owned Bank of the Year – First Home Buyers award for four consecutive years, recognising our commitment to first home buyers through competitive products, helpful tools and personalised service.
As a member-owned bank, we're committed to supporting Queenslanders at every stage of their home ownership journey. Whether you're building a savings plan, working towards a deposit goal, exploring your borrowing capacity or comparing home loan options, we're here to help you make informed decisions that are right for your circumstances.
Need help reaching your deposit goal?
Saving for a home loan can be challenging, especially when balancing everyday expenses, rent, bills and other financial commitments.
Creating a realistic budget and understanding your spending habits can be an important first step towards achieving your savings goal. Queensland Country Bank’s Money Mentors can provide guidance and support to help you create a plan tailored to your circumstances.
Our Money Mentors can work with you to:
- Understand your current financial position
- Create a personalised budget
- Set achievable savings goals
- Identify opportunities to reduce unnecessary spending
- Develop a plan to help you achieve your home deposit goal
Whether you’re just beginning your savings journey or you’re looking for ways to improve your progress, having a well-defined strategy may help you remain focused and motivated as you work towards home ownership.
You can also explore our range of savings and budgeting calculators to help monitor your progress and better understand your financial position.
The guidance provided by Money Mentors is for educational and informational purposes only and does not constitute personal financial advice.