BSB 805 050

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BSB 805 050

Buy my first home

As first home buyer you don't have to be an expert in buying property. With our first homeowner guide we help you enjoy every step of the journey.

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.


Find your first home in your dream neighbourhood.

Free First Home Buyer Guide

What does LVR stand for? What is the first home owner grant (FHOG)?
Learn the terms you need to know when buying your first home with our free guide.

First Home Buyer Guide

 

With our savings calculator you can see how much you should put aside to reach your deposit savings goal.

Found your dream home but haven’t got enough saved for a deposit yet?
You may be able to borrow 100% of the purchase price if your family acts as a guarantor2.

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 borrowing calculator to estimate how much you can borrow.

Borrowing Calculator

Hot tip: Protect your first home!

Remember to insure yourself and your family for unpleasent scenarios:
Your must-have first home insurances:

Protect your first home and your family.

Prepare with 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 additional 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.

Almost done: Get a pre-approval.

What is a pre-approval?

Pre-approval means getting the approval and paperwork for a home loan out of the way so you are ready to shop for your first home.

The biggest advantage:
Showing a home loan pre-approval when placing an offer on your dream home puts you in front of other buyers!

Plus, having a pre-approval provides you with the certainty of how much you can borrow and can keep you from looking at properties outside your price range.
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.

 

 

Ready? Let’s apply for your pre-approval.

 Enquire about a Home Loan now

You will receive a response from us within 48 hours.

A pre-approval can get you in your first home sooner.

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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.

1Ideally the deposit should be 20% of the property price; otherwise you may have to pay Lender’s mortgage insurance (LMI) on top of your loan amount. See conditions of your contract for more details or speak to a Home Loan Adviser at 13 11 82.

2Loan 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 information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.

General insurance (including Travel Insurance) is issued by CGU Insurance ABN 27 004 478 371 Australian Financial Services Licence No. 238291.
All our insurance issuers pay commission at rates which range from 0% - 40% of the base premium. The commission rate varies depending on the type of insurance.
People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd. ABN 11 087 651 125 Australian Financial Services Licence 244310, acts under its own Australian Financial Service Licence and under an agreement with the insurer CGU Insurance Limited, ABN 27 004 478 371, AFSL 238291 (CGU).

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