Start your property buying journey- Toowoomba and Surrounds

Calling all First Home Buyers and Single Parents.

Toowoomba, Darling Downs and South Burnett regions have great opportunities for first-time buyers and single parents to get into the property market. Your own home is somewhere to enjoy life as well as a great investment.

At Mortage Choice in Toowoomba, we know there is a lot to learn when you start thinking about purchasing your first home. The first questions are often: "Am I eligible for a home loan?" or "Is this the right time to meet with a mortgage broker?" Take the quiz above and find out. When you're ready, we're here to help. We will support you and guide you to your moving-in day (and beyond).

Ready to go? Book your meeting here.

First Home Buyer FAQs

Do I have enough deposit saved?

As a general rule (without using any grants/schemes) to buy an owner-occupied home, you require a deposit of at least 8% of the purchase price plus purchasing costs (legal fees, building and pest check, government fees etc. this can be around $5,000). You may also need to pay transfer duty. Having a deposit (including the purchasing costs) is your first step.

Do I have to pay transfer duty?

The amount of transfer duty (aka stamp duty) you need to pay the QLD Government depends on a range of factors such as the value of the property, the type of property and if you are eligible for a first homeowner concession. Find out how much QLD transfer duty you need to pay.

Do I qualify for any grants/schemes?

QLD First Homeowners Grant- This grant is for $30,000 and is only available if you buy or build a newly constructed home valued below $750,000.

Home Guarantee Schemes- Each financial year, the Government will open a set quota of these places and you must meet eligibility requirements (people who haven't owned any property for at least 10 years and Permanent Residents are now eligible). Find out more about these programs.
1) First Home Guarantee (FHBG) & Regional First Home Guarantee (RFHBG) are for first home buyers buying or constructing a home. Successful applicants do not have to pay for Lenders Mortgage Insurance (LMI) so you may only require a 5% deposit (plus your purchasing costs).

2) Family Home Guarantee (FHG) is for single parents. Successful applicants may then only require a 2% deposit (plus purchasing costs and transfer duty). Applicants can have recently owned/sold their house but need to be legally single (not married).
Family Guarantee- You can ask a family member to help enhance your deposit by providing you with a Family Guarantee.

Lenders Mortgage Insurance is an extra insurance fee that you are required to pay if your deposit is less than 20% of the purchase price. This cost can be funded as a part of the loan (capitalised). This insurance protects the lender if you default on your home loan repayments.

Is my Credit Score Important?

Yes, all lenders will conduct a Comprehensive Credit Report when assessing your application. To be viewed as a good applicant, avoid having unpaid bills (immediately communicate with suppliers regarding any unpaid bills), avoid PayDay Lenders (e.g., Cash Converters, Nimble) and avoid multiple credit/ loan applications. These factors decrease your credit score, as lenders view them as an inability to manage your finances. Our brokers provide advice to help you to select the correct lender, so you avoid multiple applications.

You can check your Comprehensive Credit Report for free here: Equifax.com.au.

When you meet with one of our brokers, we check your credit report however, this is not a credit enquiry so will not affect your score.

Read: Pitfalls of multiple credit applications & PAYDAY lenders - a low credit score can harm your chances of getting a home loan.

Approximately how much can I borrow?

To accurately calculate your borrowing capacity, we require a full picture of your financial situation. Unfortunately, this does take some time for you to gather/ input all these details in our ‘Fact Find’ portal.

To get a ballpark borrowing capacity, check out our home loan borrowing calculator.

Note- do not add the current rent you pay to the calculator, as you will no longer have this expense.