Planning to buy your first home

Having a clear picture of your current situation and your goals for the future will help you decide where to buy and how much you can afford to borrow.

Your goals may include:

  • Starting a family
  • A career change
  • Renovating the home

 

How much can you afford to borrow?

Buying your first home is exciting but don’t let that excitement turn into stress - only borrow what you can afford to repay now and into the future.

Use our simple calculators to help you work out whether you can afford a loan:

Helpful tip: Practice putting aside your repayment amount and living off the remainder to give you an idea of what it will be like with a mortgage

 

What other costs are there?

The purchase price isn’t the only cost when buying your first home. It’s important to budget for additional expenses such as mortgage insurance, stamp duty, legal fees, council rates and bills.

A good rule of thumb is to allow for 5% of the purchase price.

 

Looking for more advice?

Our free First Home Buyers seminars cover the entire home buying process and can help you reach your goal of home ownership sooner, without the financial jargon!

Click for more information and to register your interest in our free First Home Buyers seminars.

 

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 You should consider our Disclosure Documents. This information and advice is provided without reference to your personal circumstances so you should consider whether this product fits your objectives, financial situation and needs. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant. 

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