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First Home Buyers

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We've helped thousands of people buy their first home and achieve their home ownership dream. We understand how exciting it can be to buy your first home and we are here to help you every step of the way. If you would like to find more information on how to save on your first home with our 85% LVR, click here.

Alternatively, click the tabs below for more details.  

Need help? Contact a Home Loan Specialist

Call Talk to a loans specialist Apply for a home loanDownload information sheet


What are the terms and definitions you might need to know?

Auction: A public sale, sold to the highest bidder.

Basic Variable Rate: Rate can vary at any time with notice from the financial institution.

Comparison Rate: Is the rate that includes all fees, charges and assessable costs of the mortgage.

Conditional Approval: Mortgage is approved, subject to conditions such as income, valuation and mortgage insurance.

Content and Building Insurance: Covers your building and possessions kept in your home in the event of theft, fire, floods or any other specific act which harms your building or possessions.

Contract of Sale: A legal document committing to the purchase of a sale.

Credit Rating: Will determine if the borrower has any defaults, this is found out through credit agencies.

Deposit Bond: Guarantee provided for the deposit if needed for when the exchange of contracts is conducted. It is used when funds are currently not available for a deposit.

Exchange of contracts: Solicitors carry out this act of swapping signed contracts between the buyer and vendor, formalising the purchase/ sale contract.

FHOG: First Home Owners Grant, a sum of money given to first home buyers as a subsidy from the government.

Genuine Savings: At least 5% of the property price has to be saved over a period of time, or at least held for 6 months.

Income/Life Insurance: This is cover for your mortgage and property in the event of death, injury or loss of income, depending on your policy.

Lender’s mortgage insurance: Protects the lender if the borrower defaults on the mortgage.

Loan Agreement: Document that outlines the details of fees, charges, and costs related to the mortgage

LVR: Land to Value Ratio, the % of the property compared to the funding needed. E,g:  If you want to borrow 95% of the property, that is your LVR

Mortgage: A document that entitles the lender to be on the property title and have charge over the property if the borrower defaults

Personal Liabilities: What the borrower is already committed to financially.

Settlement: The day you become a property owner! The mortgage becomes funded on this day, and you become the legal owner of your new property.

Stamp Duty: This is a tax for your mortgage and property. If you are a first home buyer you may be eligible for exemption of the stamp duty relating to your property.

Redraw: Withdrawal of payments made above the required or normal repayment instalment.

Registration of property: The lender will register your mortgage at the land titles office.

100% Offset: This facility can reduce your interest bill on the mortgage. It involves savings in an account available at call that will take 100% off the principle amount of the loan

For any further information on please visit our Buying a Home FAQs