Help Buying Your Home

Ready to Apply?

Our Lending Specialists are here to guide you through the buying process; from application to settlement.

Ready to Apply?

Our Lending Specialists are here to guide you through the buying process; from application to settlement.

Help Buying Your Home

Young Australians are finding it extremely difficult to get into the housing market due to house price affordability. The number of first home buyers needing assistance to get their first foot on the property ladder has reached an all-time high.

Many home buyers are assisted by their family (often referred to as ‘the bank of mum and dad’), but what are the options and how do they work?

First Start

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.


  • 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 Frequently Asked Questions & First Start Shared Equity Agreement (SEA) Information Flyer

  • Family Guarantee

    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).

  • Gifting deposit assistance

    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.

  • More Information

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

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. When you use this account to save for your first home purchase, we’ll pay a higher rate of interest, so when you’re ready to buy you can access the deposit when you need it.

View our Interest Rate page for a full list of Home Loan interest rates.

We're here to help

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

Canstar 2019 Innovation Excellence Award is for the First Start Shared Equity Agreement.