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Assistance for First Home Buyers

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How much can I borrow?

Before deciding which house to buy, you need to determine what you can afford. The amount that you can borrow, commonly known as your borrowing power, will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate how much you may be able to borrow.

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How much deposit do I need upfront and what other costs are there?

You will need a minimum 5% deposit to be eligible for a loan. There are also other costs which you need to be aware of:

How can parents assist?

With high property prices it can be confronting for young first home buyers save the amount needed for a deposit. Options for parents wanting to help first home buyers include parental guarantee, joint venture, cash gifts or supporting a savings plan

Getting and Using the First Home Owners Grant

If you or your partner haven’t owned a home before, you may be able to get a First Home Owner Grant (FHOG). The grant is administered and funded by the state and territories, and the amount and eligibility vary. It’s usually paid directly to your lender. We can help you apply for the grant when you take out a home loan. To check if you qualify, go to www.firsthome.gov.au

The FHOG can be used towards your deposit and we can handle all the paperwork, making the process simple and easy.

What is Stamp Duty and how do I work out if I am exempt or need to pay?

Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory.

Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out. For an indication of what may be payable use our Stamp Duty Calculator.

What is the process for applying for a home loan and what do I need to do?

1. Simply contact us

2. A home loan specialist will speak to you about your specific needs and items like your borrowing capacity.

3. Make an application when you have your property in mind and or know how much you need to borrow. If you don’t have a property in mind you can easily obtain a pre-approved loan so that you confidently look for your first property. 

Below are 3 simple tips to fast track your home loan application with us.

A) Provide proof of income:

B) We will ask for information on:

C) If you are new to our Bank, your Australian drivers licence

If you don't have all the information to hand, don't worry, we can start the application at any time. 

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