Saving a deposit for your home loan is the first (and often biggest) step to owning your own home, but in today’s property market it can be difficult to figure out how much you really need to save.
Many first home buyers are unaware that it’s not just about whether your deposit will be enough to buy you a home. It’s about understanding whether that deposit will be enough to get a lower interest rate, or avoid paying additional costs.
What other costs do you need to save for?
In addition to your home deposit, there are other fees and costs to consider, such as Lenders Mortgage Insurance, legal and conveyancing fees, stamp duty and other government fees.
Our Home First tool can help you to weigh up what works best for you, by showing you how much you can borrow and costs to consider in a few simple steps.
What help is available for first home buyers?
As a customer-owned bank, we are committed to helping first home buyers get into the property market sooner.
Pay less fees with a lower deposit
The First Home Loan Deposit Scheme is an Australian Government initiative helping eligible buyers to purchase their first home with a minimum deposit of 5% of the property’s value, without paying additional fees such as Lenders Mortgage Insurance.
Get help towards your home deposit
There are many options available for your family to help you buy your home, including our innovative First Start Shared Equity Agreement, which allows someone to contribute money towards a home, in return for shared equity in the property.
First Home Owner Grant
The First Home Owner Grant is a State Government scheme to help eligible first home buyers purchase a home. The grant is a one-off payment and the value differs in each state and territory.
Need more guidance?
In a few simple steps, our Home First tool can help you to find out how close you are to buying your first home.
Buying your first property is a huge life event and one that should be celebrated - which means you shouldn’t be taking this journey alone. If you need to speak to someone about starting your home buying journey, our lending specialists are here to help. Get in touch on 1800 133 866.