First Home Buyers on the Gold Coast: What Should You Be Thinking About?

Buying your first home is a huge milestone — and if you’re feeling a mix of excitement, confusion, and nervous energy, that’s completely normal.

At Gold Coast Lending Services, we talk to first home buyers every week who are asking: “Where do I start?” Am I doing this right?” What don’t I know that I should?”

The reality is, buying your first home doesn’t come with a manual. There’s a lot of information out there — and even more opinions — which can make it hard to know what’s relevant to you.

So rather than overwhelm you with everything, let’s talk about the key things you’ll need to consider, and why it’s so important to have someone experienced by your side to help guide the process.

💰 How much deposit do I really need?

This is usually the first question that comes up — and the answer? It depends.

Some banks want to see a 20% deposit, but there are options available for as little as 5%. You might also be eligible for government schemes that reduce or remove the need for lenders mortgage insurance (LMI). But before you get too excited, there are rules around what kind of deposit is acceptable — including whether it’s considered genuine savings.

🧾 What about grants or incentives?

If you’re a first home buyer in Queensland, you may qualify for the First Homeowner Grant, which offers a one-off payment (currently $30,000 for new builds, at time of writing). But eligibility depends on your purchase price, what kind of property you’re buying, and even whether you’ve owned property before (even jointly).

There are also stamp duty concessions, and some national schemes that could reduce the deposit you need.

Knowing what you qualify for can make a massive difference — and we’ll help you figure that out.

🏦 Do all lenders offer the same deals?

Not even close. First home buyer loan products can differ dramatically between lenders — not just in interest rates, but in terms of features, fees, and flexibility.

Some will offer cashback, others won’t. Some might offer family guarantee loans, others don’t. And most have different policies on employment, income, and deposit history. That’s where a broker who understands the fine print and matches you to the right lender is worth their weight in gold.

🔍 How do I know what I can borrow?

Your borrowing capacity depends on your income, expenses, liabilities (like credit cards or car loans), and even how you spend. A common pitfall? First home buyers start house hunting based on guesswork — or online calculators — only to discover their real borrowing power is very different.

Getting this clear up front avoids disappointment and helps you search with confidence. Pre-approval is a great way to lock this down early — and we can help you navigate this step.

📊 What if I’m casually employed, self-employed, or on probation?

Not everyone fits neatly into a standard employment box. That’s okay — but it might take a bit more care to present your application in the best light. Some lenders are more flexible than others, and knowing who’s likely to say yes can save a lot of time and stress.

This is especially important in today's lending environment, where tight policies and automated credit scoring can make it tricky if your situation isn’t textbook.

💼 Should I buy with a friend, partner, or family member?

This is becoming more common, especially on the Gold Coast where prices have climbed. But there are things to consider — like ownership structure, joint liabilities, and what happens if someone wants to sell later.

Having the right advice early (and even legal input) can help avoid problems down the track.

💳 What about credit history and spending habits?

Lenders will look at your credit report, but also your spending patterns. If you’re applying in the next 3-6 months, it’s a good idea to avoid things like Buy Now Pay Later services, frequent overdrafts, or unexplained transfers.

We’ll help you understand how to put your best foot forward financially.

💡 So what’s the next step?

This process isn’t something you need to figure out on your own. A good mortgage broker will take the time to get to know your situation, explain your options in plain English, and guide you through the process step-by-step.

At Gold Coast Lending Services, we specialise in helping first home buyers not just get a loan — but feel supported the whole way through.

📍 Based locally, we know the Gold Coast property market, we understand the challenges first home buyers face, and we’re here to help you make smart, informed decisions with confidence.

👉 Let’s Chat

Whether you're just starting to dream about owning your first home, or you’re ready to apply for pre-approval — we’re here to help.

🟡 Contact us today for an obligation-free chat.

We’ll help you feel clear, confident, and ready to take that next step.