Help Buying Your Home
A Shared Equity Agreement (SEA) is a way for family (contributor(s)) to help you with a deposit, by contributing money towards it. It’s a formal agreement between the home buyer and their contributor(s) which protects both parties.
In return for helping with the deposit, the contributor(s) are entitled to a share in the future equity of the purchased property.
Want to know more about how First Start works? Check out our FAQs below and First Start Shared Equity Agreement (SEA) Information Flyer.
Borrowing powerHelps increase your borrowing power to buy your dream home.
Share increase in property valueContributors can share in any increase in property value.
Formal agreementThere is a formal agreement recognising the contribution is in effect a loan, but if the contributor wants to instead make the money a gift (i.e forgive the loan) they can do so.
LMI costsIf the home buyer can reduce the amount borrowed from Bank First to 80% or less of the property valuation, they can save on average over $10,000 in Lenders Mortgage Insurance (LMI) costs
Family member riskThe home, assets and credit rating of the family member contributing are not at risk.
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