First Home Buyer Guide: Home Buying Tips for 2024

Being a first home buyer in 2024 is daunting. Property prices around the country have seen significant growth, despite 13 recent rate rises. And with the property market expected to go on climbing, first home buyers are more eager than ever to get a foot on the property ladder.

According to Canstar, 9 out of 10 first home buyers are now willing to make compromises so they can buy sooner. These compromises include drastically reducing spending, buying an older property or downgrading to an apartment instead of a house.

But buying your first home doesn’t have to be all about compromise. In this First Home Buyer Guide, we’ve included some helpful home buying tips tailored for the first home buyer. Being informed about loan options, stamp duty and first home buyer schemes could help you buy your first home sooner, and with fewer compromises.

Tip #1: Find the Right First Home Buyer Loan

As a first home buyer, there are several key things to keep in mind when applying for a first home buyer loan. These include:

  1.     Interest rates: Look for a first home buyer loan with a competitive interest rate. You’ll also need to consider whether you want a fixed or variable rate.
  2.     Loan terms: These may include the length of the loan and whether it includes any regular fees or added charges.
  3.     Loan features: The right features could help you achieve future financial goals. For example, you might include an offset account or a redraw facility.
  4.     Deposit requirements: The size of your deposit will depend on your eligibility for a first home buyer grant, your preferred lender and whether you’re willing to pay Lenders Mortgage Insurance (LMI).

For expert assistance in choosing the right first home buyer loan, talk to an experienced mortgage broker.

Tip # 2: Understand First Home Buyer Stamp Duty

Many people confess to being confused by first home buyer stamp duty. The most common question is: Do you have to pay first home buyer stamp duty?

As a first home buyer in Queensland, you may be eligible for a concession on stamp duty, if:

  • You’re a legitimate first home buyer.
  • You’ll live in the property for at least 1 year.
  • The property costs less than $550,000.

If the property price is less than $500,000, the first home buyer stamp duty concession will remove all transfer costs (so you won’t have to pay a thing!).  If it costs between $500,001 and $550,000, you will be charged some stamp duty, but at a significantly reduced rate.

Tip #3: Research First Home Buyer Schemes

woman researching first home buyer grants and guarantees

Eligibility for a first home buyer scheme in 2024 could make it possible for you to buy a property sooner:

  • First Home Super Saver: This first home buyer scheme allows you to make voluntary contributions to your superannuation and then redraw the funds to use as a deposit.  
  • First Home Guarantee: As an eligible first home buyer, this guarantee allows you to buy a home with only a 5% deposit. Because the government guarantees the remaining 15%, you won’t be charged LMI.
  •  Regional Home Guarantee: This scheme is open to anyone who hasn’t owned a property in the preceding 10 years (including a first home buyer). It allows you to build or buy a new home in a regional area with only a 5% deposit, without having to pay LMI.
  •  First Home Buyer Grant: This federal initiative can be an enormous help to a first home buyer. In Queensland, the First Home Buyer Grant recently doubled to $30,000 and can be used for building/buying a new home up to $750,000.

Tip #4: Talk to a Mortgage Broker

Applying for a first home buyer loan is challenging. But it’s not something you have to do on your own. At SCF Solutions, our brokers have a broad range of industry experience and in-depth knowledge of current market trends. This means we can answer your questions, provide tailored home buying tips and help you find the right first home buyer loan. 

To start your home buying journey, book an appointment with SCF Solutions today.

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What our Clients Say

My husband and I are very grateful and happy with the service we received from Chris and his team at SCF Solutions. Very professional and kept us up to date with everything. Would not hesitate to use them again or to recommend them to anyone wanting a broker.
Morgan Andrews (Morgo)Morgan Andrews (Morgo)
00:53 01 Apr 22
What an absolute campaign from Chris and Dan to get my loan through. They bent over backwards to get the result we wanted. No doubt best in the industry. Up front, honest and hard working. Would highly recommend the team at SCFS to anyone. Thanks for everything team.
Alexandria MontgomeryAlexandria Montgomery
04:44 27 Mar 22
Jo is absolutely incredible! This is the 2nd time my husband and I have gone through Jo for our home loan and I can't recommend her highly enough. We have had such an easy and positive experience that we now have friends, co-workers and other family that have also approached Jo and were also blown away with her service and how easy she made the whole process of applying for a home loan!All we can say is THANK YOU!
chloe leechloe lee
05:24 25 Mar 22
High recommend Joanne and her team; they have been a major support for us with getting our home loan. They communicated really well and are fast with their replies and know what they are doing. I don't know where we would be without them
Zelko KalicZelko Kalic
04:21 18 Mar 22
Just a massive to thank Chris, Daryl and the team for an absolutely professional, dedicated and efficient effort to secure my loan.They went over and beyond any other services I’ve experienced which has made my dream come true. Cannot recommend SCFC enough for their extraordinary efforts. Thank you 🙏
Joanne SansomJoanne Sansom
02:47 18 Mar 22
Can highly recommend Chris and his team at Sunshine Coast Financial Solutions. Chris always provides a prompt and professional service, nothing is ever too much trouble and always goes above and and beyond. Chris is extremely down to earth and explains things in simple terms. Thanks Chris for all your help you have provided and will most definitely continue to use you and recommend you.
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