Ready to buy but not sure where to start?

Get Started

• Saving to buy a home

  If you’re just starting out or on your way to meeting your home loan deposit target there are some ways to get there a bit quicker. It can start with setting up a savings plan.

  Here are some steps to help you:  Are you ready to buy your first home?

  Calculate how much you can save over time with our Savings Calculator

• What deposit do I need?

  To get a home loan as a first home buyer, your savings will need to cover 10% of the purchase price plus purchase costs that may apply such as stamp duty and conveyancing fees.  There is also the option of Lenders Mortgage Insurance (LMI), which will allow you to purchase a property with as little as a 5% deposit.

  The costs involved with purchasing a property
  Aside from the deposit for your home loan, there are other costs associated with buying a home that you’ll need to factor in. These may include stamp duty, land tax and conveyancing fees associated with the transfer of property. You will need to allow for these costs when calculating the size of your deposit.

  Use our Stamp Duty Calculator to help work out what you will need to pay  when purchasing a property.

  Get help from a home loan expert

  Make an appointment
• How much can I borrow?

  It’s worth getting an initial assessment to find out how much you can borrow based on your current circumstances. Our experienced lenders can do this for you. Why not get in touch today?

  You can also do a quick calculation using our Borrowing Power Calculator 

  Get help from a home loan expert

  Make an appointment
• Support for first home buyers

  First Home Owner Grant
  You could be eligible to receive the $10,000 First Home Owner Grant as well as an exemption or Concession on Stamp Duty depending on the property you buy and other factors.

  Visit First Home Owner Grant to find out if it's available to help you get into the market.

  Our home loan specialists will also be able to guide you on eligibility for the First Home Owner Grant and help you with your application. 

  Family Guarantee
  Saving for a deposit for a home can take a while.  A Family Guarantee may be an option to help you get there sooner.

  A Family Guarantee allows family members to use the equity in their home as additional security, to help you increase your borrowing power.

  The extent of the guarantee is a ‘limited’ amount and is supported by taking a mortgage over the family member’s property.  They are only responsible for the guaranteed amount,which is the difference between the loan amount and 80% of the value of property.

Ready to Buy

You have your deposit, get ready to make a bid!

• Apply for pre-approval

  Before you make an offer on a property, you may want to get a pre-loan approval. This gives you confidence around your borrowing power. BankVic can give you one that lasts for three months.

  You’ll need the following documentation

  Pay slips – 2 if you’re a full time permanent employee, if you’re a casual you may need to show your last 2 group certificates

  • Transaction account statements for the last 3 months if you’re not a BankVic member
  • Any personal loans, credit cards etc

  Apply for a pre-approved loan today. Book a mobile lender or talk to a home loan specialist today.

  Get help from a home loan expert

  Make an appointment
• Get your finances in order

  You will need to arrange payment of your deposit on the day of the auction or private sale once you sign the contract of sale. This is usually 10% of the purchase price and can be paid via electronic transfer. 

  Your BankVic home loan specialist can help you through this process.

• Make an offer

  Whether you’re buying at auction or through a private sale it can be a nerve-wracking experience.

  Check weekly auction results to get an understanding of what property is worth in the area and attend auctions to see how they work so you can be more confident when it’s your turn to bid.

  Read about how you can win at auction here Tips for bidding at auction

  Once you've found the property you want to buy, here are the next steps:

  1. Get a contract of sale from the real estate agent.  This will include all the items that come as fixtures with the property
  2. Organise a building and pest inspection
  3. Hire a conveyancer to review the contract of sale
• Get help from a home loan expert
  Make an appointment

Lock in a Loan

Once you've successfully bid on a property, it's time to lock in a loan that will best meet your needs.

• Home loan options

   Variable rate loans

  Variable rates can go up or down over time which means your repayments can increase or decrease. They usually have features like offset or redraw facilities allowing you to reduce interest on your loan by depositing savings and at the same time enabling you to access funds.

  Fixed rate loans

  With a fixed rate loan you know exactly how much your repayments will be for the term of your loan which can make budgeting easier as you wont be affected by interest rate changes. However, you are locked into the term you choose so if you want to exit your loan or sell your property you could be left with break fees from your lender.

  Split loans

  You can also look to splitting your loan so that a portion is in a variable loan and the other portion is fixed. This allows you to still enjoy the flexible features of a variable loan whilst still having certainty that your repayments will remain the same in the fixed portion.

• Your loan application

  Once your offer to buy a property has been accepted you’ll need to apply for a home loan.

  If you’ve already received your pre-loan approval you’re part of the way there. You’ll need to get back in touch with your lender who will finalise your full loan application and approval process.

  If you’re applying for the loan without a pre-approval you’ll need the following documentation:

  Pay slips – 2 if you’re a full-time permanent employee, if you’re a casual you may need to show your last 2 group certificates

  • Transaction account statements for the last 3 months if you’re not a BankVic member
  • Any personal loans, credit cards etc

  If applicable you’ll also need to get the following things ready

  • First home-owner grant forms
  • Stamp duty concession or exemption form
  • Contact details of your lawyer, conveyancer or settlement agent

   

  Get help from a home loan expert

  Make an appointment

  Ready to submit a home loan application?

  Apply now
• What happens at settlement

  A settlement period is what is agreed between you and the seller and can take up to 1 to 4 months.

  Your lender and conveyancer will do most of the work for you during the settlement process. Key steps usually include:

   Pre-settlement final inspection

  • Checking and signing the transfer documents
  • Registering the transfer of ownership
  • Making final payment to the seller

   Once all this is done the keys to your new property and you can move in on settlement day.

• Paying off your home loan sooner

  Here are some ways to pay off your home loan sooner

   Change your payment frequency

  Switch from monthly to fortnightly or weekly repayments. As interest is calculated daily you will reduce the total interest paid. Also you’ll make 26 repayments per year instead of 12 meaning you’ll end up paying more off your loan effectively reducing your interest

   Use your offset or redraw account to reduce interest

  Put any savings you have in your offset or redraw account as this will reduce the amount of interest you pay on your loan. You may choose to put any overtime or surplus money like a tax return into this account.

   Use salary packaging to pay off your mortgage

   If you work in health or a sector that uses salary packaging you can use salary packaging to pay off your home loan. Health workers can dedicate up to $9010 of pre-tax income a year to mortgage repayments.

• Get help from a home loan expert
  Make an appointment