September 30, 2016 | IN Media Release and News | BY AVID | 3 min read

With the recent boost to the First Home Owners’ Grant in Queensland, every potential first home buyer is thinking about how they can take advantage of this incredible opportunity. If you’re considering buying your first home, we have some great advice for you to start saving now.

In order to be ready to buy your first home, you need to have the following things in place:

A realistic deposit – The bigger the better! 20% of the purchase price plus enough to cover additional costs is a good goal to aim towards.

Regular Savings – Evidence of regular income in your bank account and a good employment record will make it easier for you to get a home loan.

Pre-approval for a loan – Ask your lender for more information to compare the different loans available to you, this will help you make your decision.  Once you decide on a loan and have been pre-approved, you’ll know the repayments and what you can afford to spend on property.

Additional Savings – These will act as a buffer if interest rates rise and repayments increase. Alternatively, choose a loan that allows extra repayments so you get ahead early on.


Widen your property search – It can often be a challenge to find something in your ideal location. Consider other areas and potentially moving further out from the city. This is a smart way to enter the market affordably.

Start small – Consider a smaller house or apartment to enter the market then work your way up. This is particularly good if you have a specific location you want to buy in.

Compromise on the finer details – Properties in need of renovation are generally a cheaper option for first home buyers. Look for a home that’s maintained its structure and renovate it according to your budget.

Consider an investment property – Investment properties outside capital cities can have good rental yields, meaning lower capital gains. The greatest benefit of an investment property is that a tenant repays your loan while you build equity.  This allows you to sell the property when you’re ready and use the money as a deposit on a property you really want.


The best way to figure out how much you can afford to spend on your new home is to maintain a household budget and review it to see how much money you’re saving and areas you could be saving in. If you don’t already have a budget planner, you can use this one.

Use this budget planner to:

  • Take what you’re currently saving towards a deposit and add in what you pay in rent to work out how much you can afford to repay.
  • Work out how much you can afford to borrow without stretching your budget too far, this ensures you have a buffer.
  • Include all additional costs that come with buying a home. This includes stamp duty, legal fees, lender’s mortgage insurance, as well as ongoing costs like land and water rates, house and contents insurance and repairs.

These are some of the most important things to consider when buying a home. We will be posting more information and useful links for first home buyers over the coming weeks so keep checking back!

Recommended for you

June 3, 2024

Small Businesses Boom On The Sunshine Coast

May 30, 2024

Land Lease Neighbourhood Set To Expand Established Diggers Rest Community

May 30, 2024

New Over 55s Community for Hervey Bay

May 28, 2024

Villaworld Homes by AVID Property Group recognised at national builder awards

May 16, 2024

AVID Property Group expands into Australian Land Lease Communities with AUD$1.1 billion portfolio

May 14, 2024

Together they strike: Harmony continues Lightning partnership

April 24, 2024

Premium fixed price homes expected to sell quickly at Brentwood Forest

April 24, 2024

Enquiries double as Greenbank development celebrates 1000th settlement

April 10, 2024

Chisolm opens its doors to the freatest ‘Home Show’ & a chance to win $10k

March 25, 2024

Family ties: Multi-generational living with a twist reigns in Chisholm community

Brentwood Forest

Located just 5 km from Springfield Central with shopping centres, health and recreation hubs, schools, childcare facilities and public transport at your doorstep. Brentwood Forest is nestled in its own wooded enclave that rises above the surrounding valleys, a family-oriented address which offers a sense of tranquillity, space and seclusion. With playgrounds and leafy parks, quiet streets and easy access to schools, shops, sports facilities and everyday services, Brentwood Forest offers a sense of escape from the hassles of suburban life, while still remaining close to all that matters.

Designed by the experts

Peace of mind

Everything done for you

Complete finance solution

Your home is where our heart is