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First Home Buyers' Package

Now you’ve made the decision to buy, the next thing is to secure a loan that will meet your needs. We understand this is a big life event and we’re here to make it as easy as possible.

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We can help you get into your first home sooner.

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Enjoy the benefits

Adding our First Home Buyers’ Package to your loan means you’ll enjoy fee waivers and other discounts as well as flexibility for your borrowing needs. The First Home Buyers' Package is available on the Premier Package Home Loan, Complete Home Loan and the Basic Home Loan. View our Interest Rate page for a full list of Home Loan interest rates.

The details

  • Establishment Fee

    $0 Home Loan Establishment Fee.¹

  • Offset facility

    100% offset facility on variable rate home loans (multiple offset accounts available on the Premier Package Home Loan).

  • Borrowing power

    Ability to borrow up to 98% of the value of the property.²

  • Premium insurance

    Premium CGU insurance policies at competitive prices.⁴

  • Family Guarantee

    May borrow 100% with Family Guarantee.³

  • Visa Classic

    A Visa Classic Credit Card is available for day-to-day expenses.⁵

  • Visa Platinum

    Use our Visa Platinum Credit Card with no annual fee.⁵

Help buying your home

The number of first home buyers needing assistance to get their first foot on the property ladder has reached an all-time high.

Frequently asked questions

  • First Start is an ideal way for your parents to help you with your dream of home ownership. 

    It’s a way for a family member (such as your parents) to put money towards your deposit, which could help you get into your first home sooner.

    This can reduce the amount you need to borrow and may help you avoid having to pay Lenders Mortgage Insurance. 

    In return, your parents (or other contributor) may share in the appreciation of your property.

    The formal ‘Agreement’ provides you with purchasing power and protects all parties.

    The benefits:

    • Helps increase your borrowing power to buy your dream home.

    • There 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.

    • The home, assets and credit rating of the family member contributing are not at risk.

    • Contributors can share in any increase in property value.

    • If 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.

    Want to know more about how First Start works? Check out our First Start Shared Equity Agreement (SEA) Information Flyer

  • Unlike a Shared Equity Agreement (SEA), a Family Guarantee allows the home buyer’s family to assist with your property purchase without having to provide cash. A family member, generally the home buyer’s parents, can use the equity in their home as additional security towards your home loan. This additional security on the loan, reduces the risk to the lender.

    A Family Guarantee helps you maximise the amount you can borrow, possibly more than 95% of the value of the property and may also reduce or avoid the need for you to pay Lenders Mortgage Insurance (LMI).

  • The home buyer's parents may be in a position to Gift money towards a deposit for a first home.

    There is a requirement for the parents to provide evidence that the money is a Gift and not a loan that needs to be repaid.

    As with a Family Guarantee, a Gift may assist in reducing or avoiding the need to pay Lender’s Mortgage Insurance, if the loan amount is 80% or less of the property value.

  • Saving a deposit for your home is never easy, for more information on deposit assistance and your various options refer our case studies:

     

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First Home Bonus Saver Account

We’re pleased to offer a First Home Bonus Saver Account, offering bonus interest to first home buyers as well as access to a great value Home Loan package.

Learn more

We're here to help

Our Mobile Bankers can visit you at home or work at a time that is suitable for you.

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Important Information

1. Applicants who decide not to proceed with the loan may incur establishment fees.
2. Lenders Mortgage Insurance (LMI) is only required if the loan exceeds 80% of the property value or 85% for Premier Package Home Loan holders where approval conditions are met. These conditions include applicants to be employed in the Education or Healthcare sector, owner occupied only, no equity release with refinanced loans, no off the plan or construction loans, standard security types, some postcode restrictions apply. LMI protects the lender. Loans of up to 95% Loan to Value Ratio (LVR) can be approved, subject to meeting LMI approval conditions and may be extended to 98% inclusive of LMI fee capitalisation for First Home Buyers.
3. Subject to approval and conditions apply. Fees and charges apply. Available on Standard, Complete, First Rate and Premier Package Home Loans.
4. General insurance is issued by Insurance Australia Limited ABN 11 000 016 722, AFSL 227 681 trading as CGU Insurance. In arranging this insurance, Victoria Teachers Limited ABN 44 087 651 769, AFSL 240 960 acts under an agreement with CGU, not as your agent. This information does not take into consideration your objectives, financial situation or needs. Therefore you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or relevant Product Disclosure Statement (PDS) before acquiring a product, available by calling 1300 654 166. We receive commission on these insurance products as a percentage of the premium price for each policy ranging from 5-35%.
5. Subject to approval.