Finance for First Home Owners

We get very excited about helping people on the journey of purchasing their first home!

Enjoy the freedom of flexibility.

Whether it’s a new chapter in your life or you're just tired of paying rent, a home of your own gives you security and an investment for the future.

You also gain the freedom and creativity to express yourself and live the way you want to! It can be something as simple as choosing how you want to decorate your home.

If you've never owned a home in Australia, choosing the 'right' home loan can be pretty confusing. That's why at Auswide Bank you can count on being supported by our Lending Consultants who are always approachable and available to assist.

In fact, even before you start shopping for a home or talking to builders, you should contact an Auswide Bank Lending Consultant who can help you on your way. They may even be able to provide a pre-approval so you can be confident about making an offer on a home that suits you budget.

Here's just some of the things we do that might help:

  • Providing you can afford the loan repayments, you need to contribute a minimum 5% deposit^. All that means is you need to provide 5% of the property purchase price or property valuation - whichever is less. We would like to see some evidence of your ability to save as this demonstrates to us that you have the discipline and capacity to make your loan repayments, therefore the minimum 5% deposit must be from genuine savings.
  • Any additional deposit contribution could come from a range of sources including your own savings, a gift from a family member or other sources such as the government first homeowner grant. We may also consider a guarantee from your parents or another member of your family.
  • We may also consider a guarantee from your parents or another member of your family. This simply means that they will guarantee part of your loan. We may allow your family to contribute towards the direct costs (such as government, legal, insurance and application fees and charges) of arranging your loan. Even if we allow your parents or family to help, you will still need to demonstrate to us that you can make loan repayments in your own right.
  • If you intend to live in your home, you may be able to add the cost of any lenders mortgage insurance back into your loan. This could mean that you need to save a lot less up-front. We will tell you if lenders mortgage insurance is required and whether it can be included in your loan.
  • As a first home buyer and if you satisfy the eligibility criteria, Auswide Bank can help you understand and apply for various first home owner government grants and concessions. You may be able to use these funds towards your loan deposit or towards the costs of establishing your loan.
  • Even if you don't have a loan deposit now, Auswide Bank's Home Deposit Saver Account can help you reach your home savings goal more quickly and helps demonstrate to us that you are able to save. You'll enjoy regular interest and even save on loan establishment fees when it's time to apply for your home loan with us! Our mobile friendly Home Loan Deposit Saver Calculator lets you see how your savings could grow.
  • At Auswide Bank, our home loans provide a range of features and benefits that mean you have lots of flexibility when your life changes including:
    • If you make extra payments you can redraw them if you need to~.
    • If you are in advance you can even have a payment holiday.

Perfect if unexpected expenses arise or you need to cater for a new family member down the track!

So what are you waiting for? Contact one of our Lending Consultant's now for an obligation free discussion which could change your life forever.

Enquire Online Lending Consultants Home Loans Calculators

This information is a summary of features & benefits only. This is not an offer to lend - credit assessment criteria, terms and conditions & fees and charge apply - full details on application. Loans are only available to approved applicants offering security in approved property in Australia. Prior to entering into a credit contract with us you should read our Credit Guide.

^Deposit criteria may vary depending on the location and type of property being used as security.

~Redraw is subject to Auswide Bank’s discretion – limits may apply