The First Home Buying Scheme changes October will start from 1 October 2025, making homeownership far more accessible for aspiring buyers in Shailer Park, Mt Cotton and Redland Bay. With unlimited access, no income caps, and higher property price thresholds, eligible locals can now secure their first home faster and for less. Here’s what you need to know and how to take advantage.
What’s Changing from 1 October 2025
From 1 October 2025, the Australian Government’s Home Guarantee Scheme (formerly the First Home Guarantee) undergoes its biggest overhaul yet:
- Unlimited places—there’s no cap on how many first-home buyers can access the scheme News.com.au+10Housing Australia+10Assured Lending+10.
- No income limits—any eligible first-home buyer, regardless of income, can apply HUDSON Financial Partners+4Yourmortgage.com.au+4Assured Lending+4.
- Increased property price caps—in Greater Brisbane (including Redland Bay area), the cap jumps from $700,000 to $1,000,000 Housing Australia+1.
- Early start—the expanded scheme is fast-tracked to begin on 1 October 2025, instead of January 2026 Best Property Agent+12Prime Minister of Australia+12finder.com.au+12.
Why This Matters for Shailer Park, Mt Cotton & Redland Bay Buyers
- Get in Sooner
Say goodbye to the long years of saving for a 20% deposit—now, with just 5%, local first-home buyers can unlock homeownership much quicker. Depending on price, this could save several years of deposit saving and thousands in rent theaustralian.com.au+15Prime Minister of Australia+15HUDSON Financial Partners+15. - Save on Lenders Mortgage Insurance (LMI)
With up to 15% guaranteed by the government, buyers avoid the hefty LMI—meaning significant upfront savings News.com.au+10Yourmortgage.com.au+10Best Property Agent+10Broker News+7Zammit Real Estate+7blog.mcpfinancial.com.au+7. - Access Realistic Local Properties
With a $1 million price cap, first-home buyers can now realistically purchase in suburbs like Redland Bay, Mt Cotton, or even extend into Shailer Park—areas where median prices are often above previous thresholds. - More Choice of Lenders
Housing Australia will promote a broader range of participating lenders, including local credit unions and regional banks—great news for buyers seeking personalised service and competitive rates Zammit Real EstateDaily Telegraph+5Yourmortgage.com.au+5Zammit Real Estate+5.
How the First Home Buying Scheme changes October Will Help You
The First Home Buying Scheme changes October will help first-home buyers in Shailer Park, Mt Cotton & Redland Bay:
- Qualify with just 5% deposit—much lower than the traditional 20%.
- Avoid LMI costs—save potentially tens of thousands in mortgage insurance.
- Choose homes up to $1 million in value—reflecting real local market prices.
- Apply regardless of income—no more being shut out if you’re above old thresholds.
- Enjoy better lender options—more choice, more flexibility.
Take Action Now
- Check eligibility using the Home Guarantee Scheme Eligibility Tool (live from 1 October).
- Connect with local participating lenders—we can help you here at 360 Mortgage Solutions. For tailored advice: Book a free session with our team.
- Begin your journey—with 5% deposit and no LMI, your dream home in Shailer Park, Mt Cotton, or Redland Bay is closer than you think!
Ready to get started? Visit us at 360 Mortgage Solutions to chat or book a fee‑free meeting.