With $2000 cashback for First Home Buyers with Lender's Mortgage Insurance, you'll be saying "Bank you very much!" too.
Purchase your first home with Lender's Mortgage Insurance through Heritage Bank and settle before 28 February 2021, and you could receive $2000 cashback paid into your Heritage transaction account. Learn more to see eligibility criteria, terms and conditions.
There's lots involved in buying your first home, it can be an exciting yet overwhelming time. Let's help you get started by calculating what your repayments and interest rate would look like with Heritage. On this page you'll also find some helpful information and other ways we can support you in buying your first home.
Home loan application checklist
Established in 1875, and with more than $10 billion in assets, Heritage is Australia's largest Customer Owned Bank.
Visit our First Home Buyer Hub
First Home Owners Grant
The HomeBuilder Grant
Buying land and build loans
If you’re looking to purchase vacant land or build a new home rather than purchase an established property, we have options that may be suitable.
Construction Loans are different from a regular home loan because the funds are paid gradually to your builder as progress payments. While your property is getting built, your repayments are set as interest only to help you manage your budget.
Simply let us know of your plans to build when you apply for a home loan and we'll help you through the process.
What if my application gets knocked back?
To be eligible for the $2000 Cashback for First Home Buyers with Lenders Mortgage Insurance you'll need to be an Eligible First Home Buyer and meet the qualifying criteria below.
How do I qualify for the $2000 cash back?
➥ Check that you're an Eligible First Home Buyer.
➥ Apply for an Eligible Home Loan Type from 1 October 2020~ and let us know that you're a First Home Buyer.
➥ If your Eligible Home Loan settles before 28 February 2021, you'll receive $2000 paid into your Heritage transaction account.
What is an Eligible First Home Buyer?
To be an Eligible First Home Buyer you must:
On joint loans, all applicants must be an Eligible First Home Buyer.
What is an Eligible Home Loan Type?
Offer excludes Bridging Loans and Line of Credit.
How will the cashback be paid?
If you qualify for the cashback, it will be paid to your Heritage transaction account held under the same membership as your Eligible Home Loan funded, within 60 days after settlement of your Eligible Home Loan.
What is Lender's Mortgage Insurance?
Lender's Mortgage Insurance (LMI) is an insurance premium that helps to protect lenders against losses which may be incurred if a borrower is unable to repay their loan. For loans with more than 80% loan to value ratio with Heritage Bank, you'll be required to pay for LMI. How much you pay depends on your loan to value ratio (LVR) and can be calculated by your lender when you apply for your home loan.
What is loan to value ratio (LVR)?
LVR is your loan amount represented as a percentage of the value of your property. If you want to borrow $450,000 to buy a property valued at $500,000, that’s an LVR of 90%. At Heritage, we will usually lend up to 95% of the value of the property however it's important for you to speak to your lender first to discuss your personal situation.
~Information correct as at 1 October 2020 and subject to change without notice.