Before deciding which house to buy, you need to determine what you can afford. The amount that you can borrow, commonly known as your borrowing power, will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate how much you may be able to borrow.
You will need a minimum 5% deposit to be eligible for a loan. There are also other costs which you need to be aware of, such as:
With high property prices it can be confronting for young first home buyers to save the amount needed for a deposit. Options for parents wanting to help first home buyers include parental guarantee, joint venture, cash gifts or supporting a savings plan.
Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory.
Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out. For an indication of what may be payable use our Stamp Duty Calculator.
1. Simply contact us
2. A home loan specialist will speak to you about your specific needs and discuss areas such as your borrowing capacity.
3. Make an application when you have your property in mind and or know how much you need to borrow. If you don’t have a property in mind you can easily obtain a pre-approved loan so that you confidently look for your first home.
a) Provide proof of income:
b) We will ask for information on:
c) If you are new to our Bank, your Australian drivers licence
If you don't have all the information to hand, don't worry, we can start the application at any time.