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Planning to buy?
Home sweet home
Buying a home is a major decision that takes planning,
research and careful budgeting. You’ll need to decide
where to buy and how much you can afford to borrow.
Remember, the purchase price isn’t the only cost;
a good rule of thumb is to allow 5% extra for costs such as:
- Loan application fees
- Stamp duty
- Legal fees
- Council rates
To help you save for your new home, calculate your
Income and Expenses and organise your finances, with
our Budget Planner Calculator.
You can also check out what your home loan rates might be
at this link.
Planning to buy for investment purposes?
Already established in your home and thinking about your future? Still living with Mum and Dad but want to buy an investment property?
Whether you have equity in your current home, have paid off the mortgage, or are just starting out, we are here to help you get started. With access to up to date property reports to help you decide where to buy or help you to understand the benefits of investing in property such as tax minimisation, negative gearing, depreciation and more!
The deposit
How much do I need for a deposit?
An ideal deposit is at least 20% of the property purchase price plus fees (conveyancer, stamp duty, building inspection, etc). If you need to borrow more than 80% of the value of the property, Lenders’ Mortgage Insurance will usually be payable to protect the lender in the event that you default on your loan repayments.
You don’t have to go it alone
If a 20% deposit seems out of reach and you want to avoid paying Lenders’ Mortgage Insurance, there are other options available to you, such as:
- Family guarantee - With your family acting as guarantor, you may be able to borrow 100% of the purchase price.1
- Property share - Pool your borrowing power with family and friends and co-own a property, while retaining control over your own mortgage.
First time buyer?
You may be eligible for the First Home Owner Grant, a one-off payment established by the Federal Government and funded by the States and Territories, to offset the impact of the GST on home ownership.
Visit Firsthome.gov.au to find out more about the grant and the eligibility criteria in your state or territory.
Hunting down your house
Finding 'the one'
To find the property that’s right for you, consider the location, style, number of bedrooms and energy efficiency of the home.
Check the newspaper, local real estate agencies and websites like Realestate.com.au and Domain.com.au to see what properties are on the market.
Our People's Choice of Housing will provide up to date information on the most affordable and liveable suburbs.
Read the Adelaide housing report
Read the Melbourne housing report
Alternatively, speak to one of our Home Loan Advisers who can provide you with a free and detailed property report including suburb profiles, previous sales history and similar sold or for sale properties.
Open for inspection
Come on in
When inspecting a property, take along a checklist and camera and keep a record of places you’ve visited. Be sure to look at the state of the roof, plumbing, wet areas, windows and the house’s foundations as these are often expensive fixes.
Take a closer look
When you’ve found a place you’re interested in, carry out a building inspection and get a pest control inspection.
Auction versus Private Sale
The two most common methods to buy property in Australia are by Auction and by Private Sale (or Private Treaty as it's sometimes known).
There is no right or wrong way to buy your new home - comparing auction and private sale is a bit like comparing apples and oranges - but it's important to understand the differences.
Auction
- Reports and inspections need to be done before the auction, with no guarantee that you will have the successful bid.
- The contract terms that apply at auction are set by the vendor.
- Competition from other bidders can raise the price.
- The reserve price is unknown until it's reached (i.e. the minimum that the seller will accept).
- There is no ‘cooling-off’ period. You can't change your mind if you are successful at the auction.
- If your bid is successful, you need to pay the full deposit immediately (unless you have made other arrangements with the vendor).
Private sale
- If you have a ‘cooling-off’ period you can use it to complete your reports and inspections and withdraw your offer if anything is wrong.
- Some of the contract terms may be able to be negotiated by you.
- The price can rise if a number of people make offers.
- You know the asking price.
- A ‘cooling-off’ period may apply depending on your state's laws (Except in WA).
- If your offer is accepted, you are usually required to pay the full deposit when exchanging contracts.
Choosing the loan that suits you
We offer a range of home loans to help you own the home you really want. You can also check out our Home Loans Help Video for a quick overview.
Welcome to the mortgage club
Ready to apply?
Get started with our online Home Loan Application form or make an appointment with one of our expert Home Loan Advisers.
Conditional pre-approval, within 48 hours once we’ve received your loan documentation, could also make it easier to move quickly when you find the house you want.
What you’ll need when you apply
We’ll ask you to provide information about your income, expenses, assets, loans and credit cards when you are completing your application.
Use our helpful Home Loan Application Process Guide to help make your home loan application process quick and easy.
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Please call us on 13 11 82 to arrange a Home Loan Adviser to contact you. Alternatively you can apply for your home loan online.
1 Loan must be a principal and interest loan (as opposed to an interest only loan) to qualify for the family guarantee.
Terms, conditions, fees, charges and lending criteria apply and are available on application.
The comparison rate is for a loan of $150,000 over 25 years. WARNING:This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
People's Choice Credit Union, 50 Flinders Street, Adelaide 5000, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125 AFSL, Australian Credit Licence 244310.