- Home ownership may be more achievable than you realised
- There are 6 key steps to help set you up to buy your first home
Is buying your first home a short-term goal or a faraway dream? Depending on your
savings and the stability of your income, it may be more achievable than you think.
Here are the key steps to put yourself in a position to buy.
Step 1: Save a deposit
There is no way around it, you will need to save for a deposit. But there are options to get there faster. With BankVic’s First Home Buyer Loan you may only need a 15% deposit for your first home, or even less with our family guarantee option or with lenders mortgage insurance (LMI). We can also help you avoid paying LMI, saving you thousands of extra dollars.
Step 2: Get in touch for an assessment
It's worth getting an initial assessment to understand what you can borrow in your current
circumstances and plan what you need to do next. BankVic's expert lenders are renowned for their friendly, personalised service, talking customers through the entire home loan process.
For workers from the police, health, emergency and public services, as well as their family members and friends, BankVic will work very hard to make a first home loan possible. It's all part of our commitment to our core membership base.
Step 3: Research the market
Now that you understand your borrowing capacity, start researching properties in your preferred suburbs to understand what you can afford now, or how much more you need to save.
Step 4: Pre-loan approval
BankVic can issue a pre-loan approval that lasts three months. When you think you've saved enough for a deposit, BankVic's lenders can help you apply and process your application very quickly. Here's what you will be asked to provide:
Your last three months of transactional account statements (if you're not a BankVic
Your most recent statement for any credit card or personal loans held
*If you are a casual employee, you may need to provide additional payslips
Step 4: Consider hiring a conveyancer
A conveyancer is a licensed professional specialising in property law. You can hire a conveyancer to review any contracts of sale before you buy. A conveyancer has the skills to oversee the transfer of ownership at settlement.
Step 5: Buy your first home
This is the exciting part! With your pre-approval in place, you will be ready to act decisively.
Step 6: Apply for First Home Owner assistance
Depending on the value of the property you buy, and other factors, you may be eligible to receive the $10,000 First Home Owner Grant, as well as an Exemption or Concession on Stamp Duty costs.
Your BankVic lender will explain the eligibility conditions for each of these and can assist you with your application.