First Home Buyer Guide: Home Buying Tips for 2024

first home buyer

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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chris wilson

Meet Chris Wilson, the heart of Sunshine Coast Financial Solutions (SCFS). With over a decade of experience in finance, Chris started his journey as a broker with Aussie Home Loans in 2009. His dedication earned him the title of Rookie of the Year in 2010. By 2011, he was ready to build a business based on trust and strong partnerships.

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What our Clients Say

I highly recommend Chris and his team! They have helped me twice in the last 3 years and I cannot thank them enough!
SCFS are brilliant. Chris and the team have been exceptional every step of the way and have really made things easy for us. Super efficient and generous with their time. Highly recommend!
Exceptional communication and highly efficient. Slightly complex case with one applicant PAYG and another being paid through owned businesses. Able to provide clear advice and guide us through the process when other brokers (including a bank directly) made it far more difficult. Approved within 2 days.
The whole team at SCF Solutions always exceed our expectations. everything is always taken care of in such a professional and punctual matter, and they always have your best interest at the forefront of any transactions. Would highly recommend their service. 10/10
I've been using Sunshine Coast Finance for a number of years over which time they have taken care of the finance for 3 properties. I can't recommend them enough.
Great! They got the deal done and over the Christmas break. Really good communicators and appreciated the initial Zoom meeting at a busy time and the continued easy, fast responsiveness.
Adam is fantastic from beginning til the end. No question or multiple phone call was a problem. Comunication and organising documents was timely. We are very grateful for helping us get our Loan. I give Adam and the team from SCFS 5 🌟
Great to deal with. Good communication and understood our situation and helped us achieve our goal. Made things so much simpler.
Chris and Daryl were a pleasure to deal with - attentive and on the ball. Both Extremely knowledgeable, they helped me select the right bank that would suit my individual needs. Thank you!
Once again, Chris and his team have gone above and beyond to achieve our goal. It was a stressful round this time, but the team worked their magic again. Special mention to Adam, this is the first time dealing with him, and he worked quickly, kepted us well informed the whole way and communication was excellent. Thank you again SCFS, you know we will be returning customers.
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.
Cannot recommend SCF enough!!!

2 years ago i reached out to the team hopeful to put a plan in place thinking we could purchase in a few years, only to find we were closer than we thought possible.

The staff provided the info and game plan we needed.
The process rolled so smoothly when we touched base a couple of months later. The team at SCF all played their part to make the process seamless and worry free.
We are now the proud home owners of a house in an area we dreamed of Sunny Coast

Fast forward to a few weeks ago I contacted SCF and the team were yet again proactive and efficient with coming up with a solution to our request which again happened sooner than imagined and were able to refinance to reach our desired outcome come .

Thanks so much Sunshine Coast Financial Solutions!
The team at SCFS helped us to buy our first home and we couldn’t be more impressed with the service. Chris, Adam and Shanina were extremely knowledgeable and always available when we had questions, and they worked with us to find a finance solution that was tailored to our needs. We are so grateful for their services + would definitely work with them again in the future!
Would highly recommend Adam, Chris and the team. Efficient, professional and excellent communication. Thank you
Very pleased, efficient, transparent and supportive! Thanks Guys.
Working with Chris and Adam from Sunshine Coast Financial Solutions has been a breeze! They made the whole mortgage process super easy, offering great advice and always being there to answer any questions. Their expertise and friendly approach took the stress out of it all. Highly recommend them!
Always had a good service from Chris and his team. They’ve sought out the best deal for our family. Highly recommended.
⭐⭐⭐⭐⭐
We had an excellent experience with Adam from SCF Solutions! He made the entire application process smooth and stress-free, showing an incredible level of knowledge and professionalism throughout. Adam’s expertise really stood out as he navigated us through a tricky financial situation with ease, finding a solution that worked perfectly for us. We couldn’t be happier with the outcome and highly recommend Adam and the team at SCF Solutions to anyone looking for expert financial assistance.
Huge thank you to the team at SCF! Chris, Daryl and Shanina made purchasing our first home an absolute breeze and put our minds at ease with their expertise! Definitely recommend them to anyone! 🌟🌟🌟🌟🌟
The service and experience the team provides, has been amazing, professional and smooth, Chris, Daryl and Shanina have been a absolute pleasure to work with during what should be a stressful time but completely took all of the stress and guess work out of the experience. I highly recommend the team and look forward to working with them again in the future. A+++++++…
Chris and Daryl were fantastic from start to finish. Chris worked through multiple options with us over 12 months and when we finally found our perfect first home, he and the team were there to provide expert advice to get us over the line. The process was simplified and we felt confident in the teams hands.
Always an amazing experience! Supportive, knowledgeable and professional. Nothing is too much for Chris and his team. Always happy to provide assistance in anyway possible. Special thanks to Adam & Shanina! I look forward to working with the SCFS team for all my future financial needs.
We have had multiple dealings with Sunshine Coast Financial Solutions.
Chris and the team have always been very helpful and transparent through the whole process.
Would definitely recommend.
Thanks once again to Chris and his wonderful team for a smooth and beneficial refinance, we're always happy with the knowledgeable advice and help we receive thanks SCFS!
Recently dealt with Chris and Adam with respect to my finance application. My personal circumstances had changed from being an employee to then being self employed with only had received 3 months of dividends. Chris and Adam were able to work through this challenge and find me an excellent deal and got the job done. I cannot recommend a better team. I will be no doubt referring friends and colleagues to the Sunshine Coast Financial Solutions team!!
Very proffesional and courteous staff , always a pleasure to deal with.
Chris goes above and beyond to make sure you get the outcome your looking for and has delivered for us every time
Can't fault the team at SCF. They helped us every step of the way and made sure we understood the whole process throughout. Friendly and professional, I would highly recommend them.
Adam and Shanina made the whole loan process hassle free and their communication during the entire time was excellent. We highly recommend the whole team at SCSF.
Chris and Adam were so helpful and professional. Continual follow up and delivery while setting clear and accurate expectations. Excellent follow up and communication made our process seamless. We really appreciate your time, advice and service thank you.
Highly recommend the team at SCF Solutions. Chris, Daryl and Shanina we're awesome to work with, helping us get our new home loan over the line.
Best in the biz! We can't thank Chris, Daryl, Shanina and the team at SCF Solutions enough for helping us secure our new home loan. From start to finish they were very pleasent to deal with. Well done, team!
Highly recommended.
We had never owned a house and new to the whole process including First Home Owners Grant.
Everyone in this office made this process very easy and simple to understand.
Couldn’t recommend a better company to assist anyone buying their first home.
I've now used Chris, Adam, Shanina, Tracey and the rest of the team at SCF Solutions on a number of occasions. They make the process of obtaining a mortgage - whether new or refinance - so easy and streamlined. They kept me well informed of the process; let me know what the next steps would be and timeframes and were absolutely amazing to deal with. I wouldn't hesitate to use them again or recommend them to others. Thank you team :)
Highly recommend Chris and team!! Professional, very friendly, always helpful and awesome service. Always go above and beyond to ensure we are looked after, got the best product for our needs and that we understand the details. Always impressed and satisfied!
Always a fantastic experience with the team at SCFS. We’d never use anyone else.
Adam and the team at SCF worked quickly to secure our home finance and ensure it was the right loan for us. The team are responsive and professional.
The team at Sunshine Coast Financial Solutions were amazing to deal with. In a time when the financial side of things were getting tough they were able to put us in the right direction and then make it all happen. I would highly recommend SCFS.
Great follow up service. Tracey reviews our loan every year by approaching our lender and asking for a better offer and checking that we are paying the lowest rate. Saved us thousands!
I simply reached out to SCFS and asked them to find me a better rate on my home loan with a bigger institution. They did all the work for me. A tiny bit of reading and signing and voila….. i now have a MUCH better rate which literally saves my hundreds every week. Thanks for making such an otherwise daunting activity so so easy. Will definitely use your services again in the future.
We Got our first home!
The team were amazing.
We had a bad experience last year that left us very disheartened.

The Team at SCF Solutions took us on, worked with us on our situation and very quickly helped up get our first home.

The whole team are fantastic. Approachable and very knowledgeable.
I will certainly recommend them to anyone I know.
I will continue to use them as we eventually grow our real-estate portfolio.
Fabulous service.
Very proactive.
Have secured me great savings
We’ve been engaging SCFS for a few years now and are so happy with their service. We love the annual review of our loans which Identify if there is a better rate out there, it just feels like the team is proactively taking care of our financial interest. We would not go anywhere else for our financial lending needs, you could not ask for better or friendlier services.
Very prompt, flawless service from SCF. Highly recommend.
Chris and Daryl were amazing to deal with and very helpful, always communicating and putting in 100% effort for us! Always being available at any time to speak with us if needed. Very honest and transparent, being first time buyers this was definitely what we needed, would recommend and will be going back in the future.
Very professional business to deal with.
Would highly reccomend.
Daryl was so helpful and I found the whole process simple and easy. I would highly recommend SCF Solutions if you are looking to secure finance.
Adam and the team at SCFS were great to deal with, prompt and made the whole situation easy for us, couldn’t rate them any higher!
Thank you all for your work in helping us secure our new property
Your search for mortgage brokers stops here. Daryl, Shanina and Chris we’re exceptional and will be our mortgage brokers whenever we decide to purchase a property. Professional, honest, reliable and experts in their field. They were a safe pair of hands to guiding us through the buying process.
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