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First Home Buyer


  • You can borrow up to 90% of the value of the property. This must be inclusive of mortgage insurance (if applicable)
  • You may be eligible for the First Home Owners Grant (FHOG) and in some states, stamp duty exemption, which could save you up to $25,000
  • To be eligible for the FHOG you must be an Australian citizen or permanent resident and you (and your spouse or partner) must not have previously owned a home in Australia. Please refer to the FHOG Online website for further details regarding your potential eligibility for this grant
  • If you are eligible for the FHOG we will be able to assist you in applying for the grant
  • We will require a valuation of the proposed security property and the cost of this is covered in the application fee. An additional valuation fee will be required if the property value exceeds $500,000 or if more than one valuation is required.

Miscellaneous Costs

When calculating the amount of money you need to complete the purchase of a home there are a number of costs you will need to allow for:

  • Government Fees - including stamp duty on transfer and on the mortgage if first homeowners are not exempt in your state
  • Legal Fees - including conveyancing and property search fees
  • Property related costs - including council and water rates and in the case of a unit purchase you will have strata fees
  • You may also have to allow for other costs such as building and pest inspections

Lenders Mortgage Insurance (LMI)

The LMI fee applies only when you borrow more than 80% of the property's value (on a fully documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. We will add the cost of LMI to the loan.

Building Insurance

Prior to settlement of your loan you will need to provide evidence that the property you are purchasing is suitably insured. In the case of a unit purchase this will usually be insurance taken out by the Strata Plan.

What to do now

  1. If you are ready to proceed, check out the home loan products and select one that best suits you
  2. Determine if you are eligible for the First Home Owners Grant. Contact us if you need any help with this
  3. Work out the amount you need to borrow and use our calculator to work out your repayments
  4. If you have already located a property get a Solicitor or Conveyancer to review the Contract for Sale
  5. Apply for your loan online or phone us to talk to one of our home loan Consultants to determine if you qualify for a loan
  6. If you do qualify for a loan you need to send the signed application form and all the supporting documentation to assist in verifying and completing your application

What you will need when you are applying for a loan

When you apply, make sure you have the following items (we may ask for a few other things depending on your individual circumstances):

  • Details of your current employment income
  • Details about your assets - their value and any income you get
  • Details about your ongoing expenses and regular payments
  • Information about the type of loan you're after and any splits you want
  • The amount that you would like to borrow
  • Copies of your identification e.g. birth certificate and driver licence
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