Are you looking for your first home? Enjoy all the benefits from our Advantage Plus Home Loan.
100% offset account so you can pay your loan off faster
Express home loan service
Waived Unity Bank establishment, valuation, settlement and legal fees^
Parental Guarantee Loan option available.
From 6.24% pa1
Owner Occupied P&I Variable rate for LVR below 60%
6.24% pa3
Comparison rate
From 6.39% pa2
Owner Occupied P&I Fixed rate 3 Years
7.06% pa3
Comparison rate
Parental Guarantee for First Home Buyers
First Home Buyers Advantage Plus
Features
Minimum Amount
$150,000
Maximum Amount
95% of the property value
Loan period
Up to 30 years
Repayments
Monthly, fortnightly, weekly
Interest charges
Calculated daily, charged monthly
Establishment fee
Waived
Legal Fees
Waived
Valuation Fees
Waived
Additional Repayments Fee
$0
Redraw Facility
Yes fee free. Available on both variable and fixed rate loans.
Monthly account keeping/service fees
No
Top up facility available
Min $10,000
Offset Account
Yes, 100% offset account with a Visa Debit for variable rate loans only
With high property prices it can be overwhelming for first home buyers to save for a deposit. However, there is a way to make this more achievable with the assistance of those closest to you.
The Parental Guarantee enables your parents to act as guarantors for up to 20% of the purchase price by leveraging the equity in their home. Importantly, the guarantee is limited to the amount to cover the gap between the deposit and 20% of the purchase price. It is NOT a guarantee for the whole purchase price.
This arrangement removes the need for Lenders Mortgage Insurance and assists first home buyers in getting into the property market sooner.
As a result, you could potentially save thousands of dollars in Lenders Mortgage Insurance costs, and by opting to be the guarantors, we can limit your parents’ liability to an amount that they are comfortable with.
Scenario:
Laura is a first home buyer and has found a property that she wishes to buy for $700,000. She can afford to make repayments on a loan of $700,000 but doesn’t have enough funds for the 20% deposit. Laura’s parents are happy to assist her in entering the property market and have enough equity to lend against their current property. Laura’s parents offer 15% equity of the $700,000 purchase price from their own property, which when added to her 5% deposit, enables the purchase to proceed without the need for Lenders Mortgage Insurance. This may result in a huge saving for Laura as Lenders Mortgage Insurance can be an expensive extra.
In this scenario, $105,000 has been secured against her parent’s property, and the property being purchased. There are two loans in Laura’s name. *Stamp duty costs may apply and vary depending upon the state the property is in.
Loan 1 for $560,000 secured by the property being purchased.
Loan 2 for $105,000 secured by the parent’s property and the property being purchased.
Let's Get Started
Call us on 1300 36 2000 to speak with one of our specialists
Credit eligibility criteria, terms and conditions, fees and charges apply.
^ Other fees and charges may apply and will be specified at the time the loan is approved. Valuation fee waived for one property only.
1. Only available for First Home Buyers. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. Loan to Value Ratio (LVR), is the ratio of money you borrow compared to the value of the property used as security, as determined by the Bank. For third party guarantees, credit eligibility applies to guarantor and guarantor must grant Unity Bank a mortgage over their property as security.
2. Only available for First Home Buyers. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. After fixed period interest rate reverts to First Home Buyer Advantage Plus standard variable rate.
3. Comparison Rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only. WARNING: These Comparison Rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate. Comparison rates for Variable Interest Only loans are based on an initial 5 year Interest only period. Comparison rates for Fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Interest rates are on a per annum basis.
