Firefighters remain on the scene at Mollison Street in West End, after the blaze erupted just after midnight.
One of the tenants smelled smoke and quickly woke his two roommates.
They made their escape before calling Triple Zero.
The house was well alight by the time fire crews arrived, with 10 trucks on the scene to bring the blaze under control.
Unfortunately, the home was destroyed along with all the residents’ possessions.
“Woke up to Julian coming into my room like screaming a little bit, saying, come on, help, get out,” one resident said.
“And there’s just smoke coming up from underneath me.”
Another said the loss of all he owned was “pretty devastating”.
A toxic smoke warning has been issued for neighbouring residents.
Glen Arnold from Queensland Fire and Rescue said the blaze was “intense”.
“The boys escaped with their lives this time, and in good health,” he said.
Investigators are now trying to piece together the cause of the fire.