Compare Home loan rates in Queensland

Often called the Sunshine State, investors and families are attracted to Queensland by its climate and famous beaches. The population is mostly centred in the southeast corner, with the major cities of Brisbane and Gold Coast being a hub for employment, culture and government. The cities of Townsville, Cairns and Rockhampton are also popular centres along the North Queensland coastline. These areas are extremely appealing to both interstate and foreign buyers due to employment opportunities and the exceptional lifestyle. 

Queensland's eastern cities and towns along the coastline rely on tourism for a large part of their income, with the lovely beaches, the Great Barrier Reef and other natural features being drawcards for tourists. The further you go west into the more arid rural areas, both the agricultural and mining industries become more prominent and economically lucrative. 

Properties towards the southeast coast and parts of the northern coast are generally in higher demand and can be more expensive than similar properties in other parts of the state and elsewhere in Australia. Conversely, properties towards the west of the state are often more affordable, but employment opportunities vary depending on the current state of the agricultural and mining industries.

The Queensland economy and property market is usually stable and at times experiences positive growth. Due to the state’s attractive natural features, properties are usually in high demand, and may be able to offer a good investment. 

Queensland also has a relatively low or average cost of living compared to Victoria, New South Wales and the Australian Capital Territory. All home loans are regulated under the Commonwealth government laws and regulations.

Home loans in Queensland are available from a range of different Australian mortgage lenders, including Queensland-based financial institutions such as Suncorp and Bank of Queensland (BOQ). First time buyers and those looking to refinance their mortgage can often find a home loan option available from a Queensland lender. 

Like buying elsewhere in Australia, a range of loan options are available to Queensland borrowers, including fixed rate and variable rate home loans for owner occupiers and investment properties, with features such as redraw facilities and offset accounts, and interest only or principal and interest loan repayments. 

Before you make a loan application, check the interest rate and comparison rate, consider the fees, features and other benefits, check the eligibility criteria and consider whether you can afford the monthly repayments.

Parts of Queensland are susceptible to extreme weather events, including cyclones and heavy rain in the north and southeast, occasional droughts in many regions, as well as bushfires. Certain suburbs, towns and properties are more vulnerable to these conditions than others, making it important to do your research before purchasing a property in Queensland.

Like other states, the Queensland Government charges a transfer duty (sometimes called stamp duty) when purchasing a property. It is calculated on the valuation of the property or the consideration paid - whichever is greatest. There is usually an additional amount charged if a foreigner is purchasing residential land. Also, depending on the type and intended use of the property you are purchasing, you may have to pay a landholder duty. 

As well as transfer duty, Queenslanders may have to pay for Lenders Mortgage Insurance (LMI) if their mortgage has a loan to value ratio (LVR) higher than 80 per cent. Compare the size of your deposit to your loan amount to get started calculating the potential cost of LMI. 

The Queensland government offers a First Home Owners’ Grant if you are a first home buyer and are buying or building a new home. You may also be eligible for a housing finance loan provided by the government for the purchase of an established house, unit, townhouse or duplex, or to build a new house. These programs have a number of conditions and are subject to change.

Take these concessions and grants into consideration when calculating your borrowing power, so you can confidently apply for your preferred home loan product. If you need help with your mortgage application, a mortgage broker may be able to assist you.