Queensland first home buyers are giving up too soon – and it’s costing them years
The biggest barrier for many Brisbane first home buyers isn’t affordability – it’s misinformation. From deposit myths to overestimated borrowing hurdles, outdated beliefs are causing buyers to wait years longer than necessary.
For many aspiring homeowners across Queensland, the dream of buying a first property is stalling before it even begins.
Not because they can’t afford to buy – but because they think they can’t.
A growing gap has emerged between what first home buyers believe they need to enter the market and what’s actually required. And, according to multi award-winning Brisbane mortgage specialists Hunter Galloway, that misunderstanding is quietly delaying thousands of purchases – sometimes by years.
The 20 per cent deposit myth that won’t go away
Ask almost any first home buyer what they need to get started and the answer is predictable: a 20 per cent deposit, a flawless credit history and years of disciplined savings.
It sounds sensible but it’s often wrong.
“The idea that you need a 20 per cent deposit is one of the biggest misconceptions we see,” the team at Hunter Galloway says.
In reality, many buyers can enter the market with significantly less – sometimes as little as five to 10 per cent – depending on their circumstances and eligibility for government support.
Schemes like the First Home Guarantee allow eligible buyers to purchase with a smaller deposit without paying lenders mortgage insurance, while the First Home Owner Grant can provide additional financial support for new builds.
Yet despite these options, many buyers continue to sit on the sidelines, waiting to hit a savings target that may not actually apply to them.
Waiting can be more expensive than buying
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Delaying a purchase might feel like the responsible choice but, in a rising market, it can come at a cost.
Property prices in South East Queensland have experienced sustained growth in recent years, meaning buyers who wait to save a larger deposit often find the goalposts have shifted by the time they’re ready.
A buyer who spends an extra two years saving might accumulate a bigger deposit but they may also be chasing a higher purchase price, potentially putting them in the same or even worse position.
It’s a frustrating cycle: the longer you wait to feel “ready,” the further away the market can move.
It’s not just about savings
Another common misconception is that only “perfect” borrowers get approved.
Stable employment, consistent savings and a clean credit file certainly help, but they’re not the only factors lenders consider.
“Every lender assesses applications differently,” the team at Hunter Galloway explains. “We regularly see clients surprised by what they can do once their situation is assessed properly.”
Things like income structure, existing debts, spending habits and even the type of property being purchased can all influence borrowing capacity.
This is where many first home buyers come unstuck: they self-assess based on assumptions, rather than getting a clear, personalised understanding of their position.
Why early advice changes everything
One of the biggest shifts happening among Brisbane buyers is when they seek advice.
Instead of approaching a lender after they’ve found a property, more buyers are now speaking to brokers at the very beginning – sometimes years before they plan to purchase.
The benefit isn’t just access to loan options. It’s clarity.
Understanding borrowing capacity early can reshape expectations, refine savings strategies and, in some cases, accelerate timelines significantly.
For buyers who aren’t ready yet, early advice can still be valuable, highlighting exactly what needs to change and how long it may realistically take.
The cost of getting it wrong
Applying for the wrong loan can have consequences beyond a simple rejection.
Multiple declined applications can impact a buyer’s credit profile, while choosing a lender that doesn’t suit their situation can lead to delays or missed opportunities on a property.
With each lender applying its own criteria, navigating the system without guidance can feel like guesswork.
That’s why many buyers are turning to brokers who understand the nuances between lenders, rather than relying on a single bank’s perspective.
A different way to approach the first step
At Hunter Galloway, the focus is less on selling loans and more on helping buyers understand their position.
That often starts with a simple question: what do you actually need to buy?
The answer is rarely as daunting as people expect.
By assessing each client’s financial situation and matching it with the right lender, brokers can often identify pathways that buyers didn’t realise were available.
In some cases, that means bringing forward a purchase by months or even years.
Reframing the first home journey
For many Queenslanders, the biggest barrier to buying isn’t financial, it’s psychological.
It’s the belief that they’re not ready yet.
But in a market that continues to evolve, waiting for the “perfect” moment can mean missing out entirely.
The reality is that home ownership doesn’t always start with a 20 per cent deposit or a textbook financial profile. It starts with understanding your options.
And, for a growing number of buyers, that understanding is proving to be the difference between staying stuck and finally getting started.
To learn more about your borrowing options or to speak with a Brisbane-based broker, visit Hunter Galloway.
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