BSB 805 050

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BSB 805 050

4 Step Guide

Discover how you don't have to be an expert in buying property to buy your first home.

Step 1. Ask yourself: Where is my dream neighbourhood?

Check property prices in your dream neighbourhood. This helps you understand how much you need to spend on your first home.

Before you make an offer on a property, you need to have enough money saved up for a deposit. The deposit amount required depends on the property price in the chosen neighbourhood. Ideally if you can cover 20% of the purchase price you will avoid having to pay Lender's Mortgage Insurance (LMI)1.

Step 2. Consider how much you can afford to borrow and calculate possible repayments

Knowing the cost for your home, let’s take a look at how much you can borrow.
Some factors we look at to determine how much we can lend you are:

  • Your income. Home loan repayments should be less than 30% of your after-tax salary.  Tip: Calculate your net income here.
  • Show a strong savings history. Save for a deposit for at least 3 to 6 months.
  • Your credit history. Pay off any existing debt as soon as possible.

Use our Income Tax Calculator to estimate your net income so you can work towards loan repayments.

Income Tax Calculator

Step 3. Prepare a savings budget

Write up a budget for your savings.

This will show you how much you can afford to save and give you a feel for dealing with home loan repayments later on.

Now make the most of your savings and store them in a high interest savings account with no monthly fees:

High Interest Savings Accounts

You have been saving for a deposit for 3 to 6 months?

Let's get your pre-approval ready!

Consider extra costs

There are a few extra costs first home buyers need to prepare for, such as Stamp duty.

Calculate below to understand the cost of stamp duty:

Stamp Duty Calculator

Other upfront costs may include legal costs, taxes and other fees depending on the state you buy in. 
Speak to a Home Loan Adviser for more information.

Step 4. You're ready to get pre-approved!

Your pre-approval means you can house hunt with confidence knowing that we’re willing to lend you a certain amount. This will put you in front of other buyers, when placing an offer on your dream home.  

Home Loan Adviser can tell you the conditions for pre-approval and which home loan suits you best. 

Our experts will also discuss first home buyer grants and stamp duty concessions available in your state or territory and check your eligbility.

We have a range of product options available to you for your first home, get an overview of our fixed rates, variable rates and line of credit products here.

Read full step-by-step guide here.

Ready to speak to our experts or apply?

Our home loan advisers can help you every step of the way!

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