Buying your first home

You'll need documents to prove your identity, such as a passport or driver's license.

You'll also need documents to prove your income, like recent payslips or bank statements. Additionally, you'll need to provide information about your assets and liabilities to show your financial position, and a breakdown of your living expenses.

The exact amount you can borrow depends on your specific financial situation and the lender's criteria, but it's based on factors like your income, expenses, and personal details.

Home loan pre-approval is a conditional approval from a lender, giving you an estimate of how much you might be eligible to borrow for a home loan. It's based on an initial assessment of your financial situation, but the final approval depends on a full assessment of your application and the property you want to buy.

While a 20% deposit is often recommended to avoid lenders mortgage insurance (LMI), the exact amount you need can vary. A larger deposit can reduce your overall borrowing costs, but options like the First Home Loan Deposit Scheme may enable you to purchase a property with a smaller deposit, potentially as low as 5%, without incurring LMI. It's worth exploring different options and discussing your situation with a mortgage broker to determine the best approach for your circumstances.

An interest-only home loan allows you to only pay the interest on your loan for a set period, not the principal amount. This provides flexibility and can free up funds for other purposes, but it also means you're not making progress towards paying off your home during that period.

A fixed rate home loan means your interest rate stays the same for a specific period, providing payment stability.

A variable rate home loan has an interest rate that can change over time, based on market conditions and your lender's decisions.

A credit rating, or credit score, is a numerical representation of your creditworthiness, reflecting your borrowing and repayment history. Lenders use it to decide if they'll approve your loan, how much they'll lend you, and what interest rate you'll pay.

Yes, you can get a loan to buy vacant land, whether you plan to build immediately or in the future. The lender might require proof of your intention to build and your ability to repay a construction loan if needed.

Lenders mortgage insurance (LMI) is an insurance that protects the lender if you can't repay your home loan, but you, the borrower, have to pay for it. It's typically required if your deposit is less than 20% of the property's value.

Our commitment to you doesn't end at settlement. We'll follow up to make sure everything is running smoothly and you're comfortable with all your loan features. Expect regular updates from us, including interest rate alerts and our monthly newsletter to keep you in the loop.

We'll also conduct annual reviews to ensure your loan remains competitive and suits your evolving needs. And as your life changes, we're here to help with future property purchases or refinancing. Think of us as your long-term partner in navigating the property market.