The Brisbane Tool Library, partnered with the State Library of Queensland, will open the service on Thursday at The Edge, South Bank.

Second-hand items donated to the library, including lawn mowers, camping tents, jackhammers and power saws can be borrowed for one to three weeks if renewed.

Users can create an online account or walk in to borrow up to four items per week with the option to renew the items.

Late fees can be between $5 to $20 per day depending on the item and membership costs $60 for concession, $75 per person or $200 for a not-for-profit organisation.

Brisbane Tool Library founder Sabrina Chakori said she hoped the service would create a "circular economy" and replicate a book borrowing library module.

"For the price of one power tool, they have access to hundreds of them and membership is really low," she said.

“Our aim is to reduce consumption and waste, while giving access to the community to items that they were un-used or going to landfill."

Ms Chakori said the service would be the third of its kind in Australia after similar libraries were introduced in Melbourne and the Blue Mountains in New South Wales.

She said she believed there was a demand for the library in Queensland with 100 members already signed up and inventory donations from the community and local businesses were flooding in.

"Queensland has a culture of people making their own projects and (spending time) in their gardens," she said.

"The service allows people living in apartments to use the tools and equipment without the need of storing them."