Let’s declutter the path to home ownership so you feel equipped with the information you need to step on to the property ladder.
Let’s declutter the path to home ownership so you feel equipped with the information you need to step on to the property ladder.
Before you hunt down your dream home, take the time to find out how much you’ll need to save and which options might help you get there.
Once you’ve sorted your deposit and are ready to start the hunt for a home, it’s time to learn more about different home loan types and how you can get pre-approval.
After you’ve found the house you want, you’ll be ready to get in to action and make an offer. Discover how you make an offer and what to look out for at settlement.
Australian Mortgage Awards, Bank of the Year 2021 and 2022.
Calculate how much you might be able to borrow and better understand the upfront costs and repayments when buying your first home.
Check out all our handy tools to help you as you buy your first home.
With your pre-approval sorted, you can feel confident about how much you'll likely be able to borrow as you begin house hunting.
What’s pre-approval?
Pre-approval (approved in principle) is a letter that indicates how much you’ll likely be able to borrow based on your financial situation. If you receive an approved in principle letter from us, it means we've performed a credit check and had an initial conversation with you.
How to apply for pre-approval with us
You’ll need ID, income evidence, and a run-down of your expenses, assets (what you own) and liabilities (your personal debt). Chat with a Bankwest Home Lending Specialist to get started.
A home loan is a big commitment and can have a huge effect on your financial well-being. Get clued up on home loan types so you can make a choice that makes sense to you.
If you're stepping on to the property ladder by purchasing a house as an investment to rent out, or you prefer to build from scratch, it's possible.
As a first home buyer, you might be able to tap in to grants and superannuation schemes that save you money. These differ by state so it’s important to check whether you’re eligible.
Getting a home loan is still possible with a deposit lower than 20%. Options exist like using a family guarantor or paying Lenders Mortgage Insurance (LMI).
You're in control, with the flexibility to add other good stuff to your home loan, like multiple offset accounts or an eligible credit card, with a $395 annual fee.
To apply for a home loan with us, we’ll need some details from you. It’s a great idea to get prepared so you can get going as soon as you’re ready.
You’ll need to bring different forms of ID, income details, and bank and credit card statements.
Here’s how we’re easing your first home buying experience by providing you the support and clarity you need.
Generally, there isn’t a specific first home buyer’s loan. At Bankwest you could access all our home loan options as a first home buyer. However, lenders will consider the percentage size of your deposit when you apply. Remember, you should always consider your needs and overall financial goals when it comes to choosing a home loan.
Yes, if you’re building your first home you can apply for a construction loan in the same way you would apply for a home loan to buy an established property. Construction loans are a bit more complex and you’ll need to provide some additional paperwork relating to your build.
To apply for your first home loan, you’ll need ID, income evidence, recent bank statements showing your savings and deposit, a run-down of your expenses, assets (what you own) and liabilities (your personal debt). A Home Lending Specialist can help explain all the documentation and get your application underway. Check out this guide for more details.
The First Home Super Scheme allows some first home buyers to make voluntary contributions to their superannuation that they can later use towards their house deposit. Not all superannuation funds allow this and there’s many conditions, so be sure to check out the First Home Super Saver Scheme page for more information.
There are options if your deposit is less than 20% of the purchase price. The minimum amount can vary and be as low as 2% of the property cost, plus fees and stamp duty. With a lower deposit you may need to pay Lenders Mortgage Insurance (LMI) and may have a higher interest rate. Chat to a Home Lending Specialist early so you know your options.
Yes, you might be able to use the First Home Owners Grant (FHOG) as part of your deposit. If you’re eligible for a FHOG it could mean you don’t need to save as much up front. The grant amount and eligibility can vary between states and territories, so it’s important to check with your Home Lending Specialist. Check out First Home Owner Grant for information relevant to your state.