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The First Home Guarantee Update: What Brisbane Buyers Need to Know
58 Playsin 2 days
Massive changes are coming to Australia’s First Home Guarantee scheme—and they could reshape Brisbane’s property market. With price caps lifted to $1M and barriers removed, thousands of first-home buyers suddenly have access to suburbs that were previously out of reach. In this episode, find out which five Brisbane suburbs are set to boom and why you need to act before prices surge.
Stop guessing about your buying power! Get a FREE personalised home buying assessment with Hunter Galloway. Call 1300 088 065 or visit huntergalloway.com.au
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Transcript
Introduction to Home Guarantee Scheme Changes
00:00:00
Speaker
This changes everything. The federal government is removing three massive barriers to the first home guarantee scheme that has been locking people out. No more wait lists, no more income caps, and price limits that actually make sense. Starting October 1st, Brisbane jumped from $700,000 to $1 million. dollars Think about it.
00:00:16
Speaker
Every property between $700,000 and $1 million dollars just became accessible to thousands of homebuyers. Overnight, that's a massive opportunity it's also going to set these property markets on fire as demand goes through the roof.
00:00:27
Speaker
I'm going to show you which suburbs in Brisbane are about to explode and why you've got a narrow window to get in Welcome to the buying your first home podcast, your personal guide through the Australian housing market. Here we tackle the big questions and the small details that come up when buying your first home.
00:00:43
Speaker
From financial prep to finding the right neighbourhood, we're here to ensure that you've got all the knowledge at your fingertips. So let's take the first step towards unlocking the door to your new home.
Benefits of the New Scheme for Buyers
00:00:58
Speaker
So for some quick context, the home guarantee scheme lets you buy with just a 5% deposit and skips a lender's mortgage insurance. That's saving about $28,000 on a typical Brisbane home. Until now, it's being capped, restricted, and honestly, not that useful if you're wanting to buy an actual home in the suburbs.
00:01:12
Speaker
But the changes rolling out in 2025 make four massive changes. But with these changes, you've got way more options. So which suburb is going to go up the most? I had a look at every suburb in Southeast Queensland and there's definitely a sweet spot emerging between $830,000 and
Accessible Suburbs for First-Time Buyers
00:01:24
Speaker
$900,000.
00:01:25
Speaker
These were the suburbs that were out of reach before, but now they're actually really well positioned for first-owned buyers. Let me show you the five suburbs that I think are going absolutely crazy over the next 12 months. First up, there's Fitzgibbon at $849,000. It's got a demand score of 60 with vacancy rates near zero.
00:01:40
Speaker
Fitzgibbon is a master plan community with parks, walking trails, schools, and properties here are selling fast and stock is pretty tight. So generally means prices only go one direction. Next is Durak at 861,000. It's a pretty established suburb with everything at doorstep.
00:01:54
Speaker
There's Forest Lake shopping centers, schools, the works. It's shown some pretty consistent long-term growth because families actually want to live there. If you're looking for more a lifestyle property, check out Woody Point at $894,000. Bayside Living, you've got Weekend Markets, the jetty that Instagrammers just love, and you're buying Waterside property in Brisbane for under a million dollars. That's not going to stay around for long.
00:02:13
Speaker
My biggest contrarian pick of the bunch, which some people are going to love and some people are going to hate, is Inala $866,000. While people have been stepping past because they thought it wasn't that nice or they had you issues in the past, it's actually transformed a lot.
00:02:25
Speaker
It's only 15 minutes of the CBD, massive cultural diversity, and it's posted double digital property growth over the last few years. This is
Case Study: Sarah and James
00:02:32
Speaker
where a lot of smart buyers going before all the gentrification catches up. Another suburb you need to check out is Tagum at $831,000.
00:02:38
Speaker
It's actually the fastest selling suburb on the list. Properties are selling in just 25 When houses move that quick, it means locals know something outsiders don't. There's a train station, shopping center, an established community, everything a young family needs. But I know they sound like numbers and probably like, nah, I'm sure it's not that busy. Well, let me give you a story.
00:02:53
Speaker
I spoke to Sarah and James a couple of months ago. They'd combined incomes of $180,000. They had good jobs, pretty stable income, and they'd been saving for a solid three years. When I spoke to them earlier in the year, they were locked out. Their $50,000 deposit wasn't enough to buy a home that they wanted for under $700,000.
00:03:07
Speaker
But come October, 5% deposit plus a little bit for stamps should you get some into Fitzgibbon or take them. No mortgage insurance and they're suddenly shopping around for a home with a backyard. And here's the thing, multiply that by hundreds or tens of thousands of couples and you can see why some of these suburb prices going to get pressed upwards.
00:03:23
Speaker
But you might be wondering how
Financial Implications and Considerations
00:03:24
Speaker
it all works. Well, I kind of skipped ahead of it, but I do have some videos on the first home guarantee scheme. So this is the scheme where you only need a 5% deposit. So on an $800,000 home, you only need $40,000 in savings, 5%, instead of 160 grand. For most first-time buyers, it's the difference between being able to buy now or saving for the next 15 years straight.
00:03:42
Speaker
On top of that, you skip paying lender's mortgage insurance. So if that scenario, you're saving $28,000 in lender's mortgage insurance. It's nuts. But here's also the catch. If an $800,000 home, like that one I was talking about, goes up 10%, then that's an extra $80,000 in cost you have to pay to buy that same home.
00:03:57
Speaker
And suddenly, that savings of lender's mortgage insurance gets eaten up by the price growths. Think of it like kind of filling up your car. You've got a coupon that saves you 10 cents a litre, but then fuel prices jump 20 cents a litre and suddenly you're paying more overall. Your savings just disappear.
00:04:10
Speaker
And remember, suburbs sitting just under the million dollar mark, once they tip over, they're completely out of the scheme. It can't be over a million dollars. From what we've seen from
Advice for Prospective Buyers
00:04:18
Speaker
historic schemes, my take on this is if you're in a position to buy and you're looking to get in, you probably want to look sooner rather than later.
00:04:24
Speaker
So you might be wondering, with all that, what are the action steps? Well, first, I definitely recommend getting pre-approved now. You don't need to wait till October. You can get moving sooner than that to start to have all your ducks in a row and be ready to make offers on places.
00:04:35
Speaker
Second is pick your suburbs and start visiting. Not only online, just actually drive there. Grab a coffee in Woody Point on Sunday, check out Annalis Transformation, there's some really good Vietnamese shops down Bayouta Road, awesome.
00:04:45
Speaker
um And even Fitzgibbon's community, because when October hits, the reality is there's going to be more demand and not more supply. More properties aren't unfortunately getting built, but it's going to allow a lot more home buyers to get into this price bracket.
00:04:56
Speaker
Third thing to think about is set your limit and try and stick to it. FOMO is real and don't let the competition push you into dangerous territory. So the reality is the Australian dream isn't getting easier, but the rules are changing and for once they're actually changing in favor of first home buyers.
00:05:09
Speaker
The question is, are you going to be ready for this opportunity? Drop a comment, which Brisbane suburb are you targeting? So until next time, I'll see later.