FIND YOUR NEW HOME LOAN

Buying your first home

Are you thinking of buying your first home? Here’s everything you need to be a first home buyer in the know!

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Thinking of buying your first home?

Buying your first home can feel overwhelming. It’s likely that buying your first home is the biggest financial decision you’ve had to make to-date – and because you’ve never gone through the process before it’s natural that you might not know what to expect. Add to this the anxiety of wanting to find the right home and it’s no wonder people are hesitant to jump into home ownership. The good news is that we want to make the home loan application process as straightforward as possible for you.

Getting ready

We’ve put together a bunch of handy information and tips to make things easier for you.



  • Decide what kind of home loan you want

    Home loans come in all shapes and sizes, so figuring out which type of loan best suits your needs can help you narrow down your search. This can make comparing loans easier and help you decide which lender you want to apply with.

  • Check comparison rates

    When looking at interest rates you’ll most likely see a comparison rate right beside it. Comparison rates take into account any extra fees associated with a home loan, giving a more accurate representation of its cost. A higher comparison rate could indicate higher ongoing and annual fees, whilst a lower comparison rate could indicate fewer fees.

  • Understand the costs

    You probably know that to get a home loan you’ll need to save up a deposit. But there’s also a bunch of other upfront costs that you’ll need to cover on top of that. Looking into what these are and approximately how much you’ll need to pay can help you avoid a nasty surprise later down the track.

  • Save a larger deposit to avoid paying LMI

    LMI (Lenders’ Mortgage Insurance) is a great way for first home buyers to buy their first home sooner without needing to save up a huge deposit. But if you have the time, saving up a 20% deposit can help you avoid the extra cost of LMI which will help you pay less interest over the life of the loan.

  • Remain as logical as possible

    We know it’s easy to fall in love with a property and end up paying more than you wanted for it, so try to keep a level head and consider all of your options.

  • Consider getting a building inspection

    Building inspections can help pick up things like defects, damage, or other future issues that a property may have (so you can avoid any nasty surprises). Getting an inspection done on your potential new home can help you prepare for (or avoid) any further costs.

Check out our live-in home loans

Some of Australia's best interest rates live here

  • Variable

    • P&I

    • Live-in

    • 4.49% p.a.

      Interest rate

    • 4.50% p.a.

      Comparison rate

    • Up to 30 yearsloan term
    • 10% depositminimum
    • No feesupfront or ongoing
    • Unlimitedadditional repayments
    • Free online redrawon any additional repayments
    • Offset accountoptional for $10/month

    Please note if you add an offset account, your comparison rate will change.

    Backed and funded by
    Bendigo and Adelaide bank
  • Fixed 1 year

    • P&I

    • Live-in

    • 5.24% p.a.

      Interest rate

    • 4.61% p.a.

      Comparison rate

    • Up to 30 yearsloan term
    • 10% depositminimum
    • No feesupfront or ongoing
    • $20,000additional repayment limit per year
    • Free online redrawon any additional repayments
    • Offset accountoptional for $10/month
    • 4.54%roll-to-rate after 1 year

    Please note if you add an offset account, your comparison rate will change.

    Backed and funded by
    Bendigo and Adelaide bank

First Home Loan Deposit Scheme

Like the First Home Owner Grant, the First Home Loan Deposit Scheme is an initiative by the Australian Government designed to help Australians buy their first home. Under this scheme, the National Housing Finance and Investment Corporation will guarantee up to 15% of the value of your property’s value – meaning you could get a home sooner with as little as 5% deposit.

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How do you buy your first home?

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  1. Look for properties

    Your first step is to get started looking for properties that you like. You can check online or speak to a real estate agent directly. When looking at properties you can use things like our handy borrowing calculator or repayments calculator to get a rough idea of how much you can borrow and what your repayments will be. Using tools like these can give you a guide of what you’ll be able to afford and help narrow down your search for suitable properties.

  2. Apply for pre-approval (optional)

    While you’re looking for properties, you can apply for pre-approval so you have a rough idea of how much you are able to borrow. This can be helpful if you want to bid at an auction.

  3. Make an offer and sign purchase contract

    Once you find the home of your dream it’s time to make an offer and sign your purchase contract - things are starting to get real now!

  4. Get full approval

    Now you have your purchase contract you can apply for full approval (which is the real deal).

  5. Settlement

    Once all your paperwork has been signed and returned to your lender all that’s left for you to do is sit back and wait for settlement, nice!

    BORROWING CALCULATOR

    Want to see how much you could borrow?

    We have a calculator for that.

    Have a question about buying your first home?

    Learn more with some of our frequently asked questions.

    WE'RE HERE TO HELP

    🤔 Still have questions?

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