A practical guide to first-home costs in Queensland
This calculator is built around three questions: how much cash could be needed before settlement, what a loan repayment might look like, and what regular costs could affect the household budget after moving in. It is not a lender’s borrowing-power calculator, a grant eligibility decision or a QRO assessment.
What is included in first-home upfront costs?
Your deposit is only one part of the cash budget. Transfer duty may apply depending on the home, contract and eligibility. Other costs may include conveyancing, building and pest inspections, lender fees, a quoted Lenders Mortgage Insurance (LMI) amount, moving costs and settlement expenses. This tool keeps those costs separate so you can use actual quotes instead of relying on a generic fee guess.
Budget for home ownership after settlement too
A loan repayment is not the whole monthly housing budget. Consider home insurance, council and water rates, body-corporate or strata levies for some properties, repairs, maintenance and utilities. Enter monthly estimates above. If a bill is annual or quarterly, divide it by 12 or by the relevant number of months before entering it. These are prompts, not standard prices—use local quotes and property-specific costs.
QLD stamp duty: established, new home or vacant land
Transfer duty, commonly called stamp duty, is a Queensland government charge. For an eligible first-home buyer, the established-home concession is fully offset at values up to $700,000 and reduces in steps for homes valued under $800,000. Eligible first-home buyers may receive a full concession for a new home or residential vacant land under current rules. The First Home Owner Grant is a different benefit with different conditions.
Queensland First Home Owner Grant (FHOG)
The FHOG applies to eligible buyers of a new home or people building a new home; it is not for an established home. The current grant is $30,000 for eligible transactions, and the home value must be less than $750,000 including land. Age, citizenship or residency, previous ownership, prior grant receipt, the applicants’ circumstances and residence requirements can matter.
QRO pays the grant at different times depending on the application route and whether you buy or build. The grant may be paid at settlement through a bank or lender for some purchases; other cases are paid later. Do not rely on it as your deposit or subtract it from your main repayment estimate until your lender confirms the timing and how it can be applied.
Why your borrowing power may be lower than expected
This page estimates repayments from a loan amount, rate and term; it does not calculate borrowing power. Lenders may assess income, living expenses, dependants, existing loans, HECS/HELP repayments, credit-card limits and their own serviceability assumptions. A card’s limit can matter even if you rarely use it. Different lenders may also return different results, so a single online estimate cannot tell you what a lender will approve or explain precisely why a lender’s number is lower.
The editable rate-rise scenario above is a simple household budgeting stress test. It is not a bank assessment rate or a substitute for pre-approval. For a borrowing capacity assessment, speak to a participating lender or a qualified mortgage broker.
Australian Government 5% Deposit Scheme and Help to Buy caps
The Australian Government 5% Deposit Scheme and Help to Buy are different programs with different eligibility rules. The broad Queensland published property cap is $1,000,000 for Brisbane and the listed regional centres Gold Coast and Sunshine Coast, and $700,000 for other areas. Use the postcode tools linked above to confirm the relevant cap for the exact property and postcode; a cap is not an indication that a lender will approve the loan.
Buying with a partner who has owned property before?
Do not assume every buyer must be eligible in exactly the same way. In Queensland, an eligible purchaser may be able to claim a concession on their ownership share even if another purchaser does not qualify. The total duty can be complex when buyers have different eligibility or ownership shares. This calculator deliberately does not produce a mixed-buyer duty total; use the QRO transfer-duty calculator linked below for that situation.
Off-the-plan homes and valuation shortfalls
An off-the-plan contract price and a lender’s later valuation may differ. If the lender’s valuation is lower, its maximum loan may be based on that valuation and its lending rules—not simply the contract price. The optional scenario above shows a possible funding gap only if you enter a valuation and an LVR assumption from your lender. It does not predict the bank’s valuation or approval.
How the repayment estimate works
The main loan estimate subtracts your planned cash deposit from the entered purchase or project value; it does not subtract a potential grant. It assumes a constant annual interest rate, a fully drawn principal-and-interest loan and monthly repayments over the selected term.
Monthly repayment formula:
P × [i(1 + i)n] ÷ [(1 + i)n − 1].
P is the estimated principal; i is the monthly
rate (annual rate ÷ 12 ÷ 100); and n is the number of monthly
repayments (loan years × 12). At 0% interest, repayment is P ÷ n. The weekly
equivalent is monthly repayment × 12 ÷ 52. The rate-rise scenario repeats the
calculation using your entered rate plus your chosen percentage-point increase.
How the established-home transfer-duty estimate works
The calculator applies QRO’s home-concession rate to the entered value. For an established first home, if all purchasers select that they meet first-home requirements, it subtracts the applicable QRO first-home concession amount for the relevant value band. The estimate is rounded to the nearest dollar.
| Home-concession value band | Base duty formula |
|---|---|
| Up to $350,000 | $1 for each $100 or part of $100 |
| Over $350,000 to $540,000 | $3,500 + $3.50 for each $100 over $350,000 |
| $540,000 to $1,000,000 | $10,150 + $4.50 for each $100 over $540,000 |
| Over $1,000,000 | $30,850 + $5.75 for each $100 over $1,000,000 |
The first-home concession deduction for established homes under $800,000 is $17,350 up to $709,999.99, then decreases by $1,735 for each successive $10,000 band, to $1,735 for $790,000–$799,999.99. At $800,000 or more, this first-home-specific deduction is not applied; a general home concession may still be relevant if you qualify.
First home buyer calculator QLD: common questions
Why is a lender’s borrowing-power number lower than my calculator result?
This tool does not calculate borrowing power. Lender assessments can account for income, household expenses, dependants, car and personal loans, HECS/HELP, credit-card limits and lender-specific serviceability rules. Ask the lender to explain its result; another lender may assess the same household differently.
Can I count on the FHOG as my deposit?
Do not count on it as deposit funds until you confirm payment timing. QRO says the payment time varies by application method and whether you buy or build. Check the QRO grant payment and residence requirements (opens in a new tab).
Can one person in a couple qualify for a first-home concession if the other has owned property?
A purchaser may be able to claim a concession on their ownership share if they qualify, even when another purchaser does not. Mixed shares and eligibility can make the final duty calculation complex, so this widget does not estimate it. Use the QRO transfer-duty calculator (opens in a new tab) for your specific ownership split.
Does the calculator include LMI?
It does not calculate LMI. Enter a lender-provided upfront LMI quote if you have one. Eligible buyers under the Australian Government 5% Deposit Scheme may avoid LMI under that program, but this calculator does not confirm eligibility.
What if an off-the-plan valuation is below the contract price?
A lower lender valuation can reduce the maximum loan supported by the property, which may leave a gap you would need to fund with extra cash. Use the optional valuation scenario in Step 4 to test this, and ask your lender what valuation and LVR it is likely to apply before you sign a contract.
Does this calculator save or send my figures?
No. The numbers you enter stay in your browser and are not submitted to us. If you contact Landmark about your estimate, include any figures you want to share in your message.
Sources and further reading
- QRO transfer-duty estimator (opens in a new tab)
- QRO First Home Owner Grant payment and residence requirements (opens in a new tab)
- 5% Deposit Scheme property price caps (opens in a new tab)
- Help to Buy property price caps (opens in a new tab)
This calculator provides general estimates only and is not financial, legal or tax advice, a loan offer, or a decision on eligibility for any grant, concession or scheme. Confirm all figures with QRO, your lender and a qualified professional before you commit.