Buying your first home

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. 

Learn more

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.

Find out how we can help you

I want to borrow


  • Calculate


By paying $loanFrequency_lyname instead of monthly, you could save $heritageRepayments_totalSaved & $heritageRepayments_yearsSaved over the life of your loan.

% PA
% PA

Comparison rate

Indicative repayment amount only. Your credit contract will state a monthly repayment figure. You may make payments as frequently as you choose within each month to pay the monthly amount due.

Mobile Lenders could be available in your area

A Mobile Lender can meet you at home or work to help calculate how much you can borrow and walk you through the process.

Home loan application checklist

Speed up and simplify your home loan application with this checklist, which covers identification, income, living expenses and other requirements you will need.

Customer-Owned Banking you can bank on.

Established in 1875, and with more than $10 billion in assets, Heritage is Australia's largest Customer Owned Bank.

Heritage Bank wins Mozo People's Choice Awards

We've been named the number one bank in Australia on Forbes list of World’s Best Banks. Read the story.

Other ways we can help you

Visit our First Home Buyer Hub

Our First Home Buyer Hub gives you access to the right tools and support to help with your home buying journey.

First Home Owners Grant

Grants are available to help first home buyers purchase a newly constructed home and differ between States. Find out more about the First Home Owners Grant within your State.

The HomeBuilder Grant

The newly updated HomeBuilder Grant is designed to support individuals and couples with a $15,000 boost after building, buying or substantially renovating a home. Applications will be open for the HomeBuilder grant for contracts signed between 1 January and 31 March 2021. To apply you must meet all the eligibility requirements for your State or Territory. This round of grants replaces the $25,000 grants for contracts signed between 4 June and 31 December 2020. Find out more about the HomeBuilder Grant eligibility criteria in your State or Territory today.

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?

It can be disheartening to find out a loan for your first home is not approved. Visit our First Home Buyer Hub for more information on what to do if this happens. It covers considerations such as having a family member act as guarantor for you via our family guarantee option, and outlines how we can help you manage your budget to keep your home buying journey moving forward.
First Home Buyer Cashback Offer

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.

 ➥  Open a Heritage Simply Access Account or Mortgage Crusher transaction account. We can help you with this during your application.

 ➥  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:

  • Borrow $250,000 or more to purchase your first home, either as an owner occupied or investment home; and
  • Have a Loan to Value ratio of 80% or more requiring you to pay Lender's Mortgage Insurance; and
  • Be qualified as a First Home Buyer under one of these two criteria:
    • Be an eligible recipient of a government First Home Owner Grant and/or first home stamp duty concession in your state or territory OR
    • Be purchasing your first home in Australia for investment purposes.

On joint loans, all applicants must be an Eligible First Home Buyer.

What is an Eligible Home Loan Type?

Eligible Home Loan Types are any of the following owner occupied or investment home loans used to purchase a home or build a new property, where Lender's Mortgage Insurance is included in your application: 

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.

  • Payments will not be made to another Financial Institution or other product types with Heritage Bank. 
  • Cashback offer will be paid once only per application, including multiple loans taken out over the same security.

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.