How to Buy a House in Brisbane, QLD Step by Step Guide 2022

So you’ve made a decision towards buying house in Brisbane — fantastic choice! Brisbane is a beautiful city, and its residents are some of the friendliest, most welcoming people in the world. Knowing how to buy a house in Brisbane will be crucial in this huge financial decision you are about to undertake.

It is also considered a city of opportunities, being one of Australia’s fastest growing regions. With as little as $300,000, you won’t need to struggle with million-dollar mortgages to get on the housing ladder in Brisbane.

Having a bit of confusion around the process in buying a house in Brisbane? This guide will tell you the most immediate things to know on how to buy a house in Queensland’s capital city.

Buying property in Brisbane: what to expect

The Brisbane City Council estimates that Brisbane’s population will hit 1.27 million by 2031. This is an important piece of information to consider by potential investors and homeowners as population growth is a key indicator for predicting future property values.

The more people who want to live in a particular area, the more demand there is likely to be for housing there. And the higher the housing demand, the more property values will climb. 

Read: A Step-By-Step Financial Guide to Help You Buy Your First Home

As Queensland is seeing the most impressive population growth in the country, the river city is experiencing pronounced wealth effects as evidenced by the increase of $1+ million suburbs in 2021. 

Brisbane also takes pride in its amazing natural habitats, music scene, months of perfect sunshine, world-class beaches, sustainable biodiversity, affordability, premier schooling options, and most importantly — winning the rights to host the Olympics in 2032. 

This momentous event could potentially bring $17.61 billion worth of quantified benefits across the whole country. For Brisbane and Queensland, this means tremendous economic boost: thousands of jobs for state locals, fast-tracked major infrastructure projects, improved public transport, and major increase in property value growth.

Buying property Brisbane is a hopeful, opportune move for first home buyers. To get exclusive updates on the Brisbane mortgage market, click the link below.

Talk to a mortgage broker when buying first home QLD

Being a first home buyer Brisbane is an exciting milestone, but one that can be quite daunting. Getting the right advice from the start is vitally important. You may be tempted to go straight to your local bank in search of first time home buyers loan. This is often the case when first home buyers are unsure about the role of a mortgage broker. 

But using a mortgage broker as a first home buyer in Brisbane, Queensland can save you time, save you money and save you a lot of anxiety (in the short-term and the long-term). 

Read: How to Make an Offer on a House (And When to Get Finance)

Also read: Top 6 Mistakes First Home Buyers in Brisbane Make

Buying your first home in Queensland: A video guide

To give you an idea on how working with a mortgage broker can help you on inquiries around how to buy a house in QLD like grants, guarantor loans, house deposit QLD, and buying property Brisbane with less than 20% deposit, watch our CEO and founder Pat Cranshaw break down first home buyer topics in more or less than a minute.

This video is part of our First Home Buyer video series. You can watch the rest of the clips by clicking the button below.

Steps to buying a house in Queensland

Brisbane is Australia’s third most populous city and enjoys the title of being the 7th safest city in the world, in part due to its below average crime rates.

The city also exhibits astonishing growth in the property market scene, with many locations during the 2021-2022 year experiencing more than 30% house price growth. As someone who is buying a house for the first time in a metropolitan area, it is natural to have your personal misgivings about the process of buying a house and be unsure on where to start.

Below are steps on how to buy a house in Brisbane to help you get your affairs in order

1. Get a free financial health check

Because lenders will assess your income, expenses, debts, assets, and credit score (absolutely everything about your finances), it is best to speak to an experienced mortgage broker to have a checklist you can work through to sort your personal finances.

This will put yourself in the best position to get that first home buyers loan and take the guesswork out of what is relevant or not.

2. Work out how much you can afford

The next thing to do would be to figure out how much you can afford on your first home. Use our borrowing power calculator to get a ballpark figure on your borrowing capacity based on your income and expenses.

Then factor in other home-buying costs like stamp duty, conveyancing fees, and Lender’s Mortgage Insurance (LMI) (if they apply to you). Your mortgage broker can also advise what grants and incentives you might be eligible for.

3. Lifestyle check-in

It is worth considering your current lifestyle and how it might change to decide what property you are aiming to buy as your first home.

Ask the below questions and see if they apply to you:

• Could a job change be on the cards?
• Are you due for a promotion?
• Are you thinking of having children in the next few years?
• Is your first home your forever home or is this a “starter home”?
• Do you want to stay in Brisbane or are you considering moving cities in the future?

3. Do your real estate research

This is a hard pill to swallow, but trust us — your family and friends are not your best source for real-world property research. It is best to get your hands on property reports that give you up-to-date indicative price estimate guides, sales and rental histories for the real estate area. 

Speaking to local real estate agents in those areas as well as attending open homes and auctions will give you an understanding on prices and how quickly things are moving. This will be invaluable knowledge when you are ready to start making offers.

Read: Everything First Home Buyers Need to Know About a Building and Pest Inspection

4. Save enough money for your deposit

Most lenders prefer 20% for your first time home buyers loan, but how to save for your first home when 20% of the purchase price is a lot of money? Thankfully for first home buyers, you have options to get you into the property market sooner.

Many lenders will approve first time home buyers with deposits as low as 5%. You also may be eligible for the First Home Loan Deposit Scheme that allows you to avoid LMI.

An expert in home loans for first time buyers will advise you on a range of options including guarantor loans, what LMI would mean for you, and how to show savings as part of your mortgage application.

5. Get the right home loan for you

You can do this by consulting your mortgage broker. Once they know how much you can afford and what your property goals are, they will do all the research to match you with the best choice in home loan interest rates, deals and features available. 

It is your mortgage broker’s legal duty to work in your best interests, so you have everything to gain and nothing to lose when you work with your mortgage broker wherever you are in your home-buying journey.

Top tips when buying a house in Brisbane for the first time

Being a first home buyer can feel overwhelming with advice flying at you from well-meaning family and friends. 

Here is a list of tips for first home buyers in Brisbane to help you through this important journey.

• Improve your credit rating
• Figure out your budget
• Display job stability
• Try to keep emotions in check
• Organise pre-approval
• Work with an experienced first home mortgage broker

Need help around home loans Brisbane?

From how much deposit you need, to make an offer, to everything you need to know about how to buy a house, conveyancing and building and pest inspections, we have you covered in our First Time Home Buyers Guide.

At North Brisbane Home Loans, we understand that buying your first home is one of the most important decisions you’ll make, which is why we take our role as first home mortgage brokers so seriously.

For financial advice on buying a house or more information about our first home buying guide, contact our professional team of first home mortgage brokers in Brisbane, Queensland today.