Guide to buying a home

You don’t have to be an expert in buying property, use our three-step guide to help find a loan to suit your needs. 

Be prepared

How much can I borrow?

How much money you can borrow to buy your first home will depend on a number of things. This includes your financial situation and the type of property you are wanting to purchase. Learn more

How much will I need for a home loan deposit?

The minimum deposit depends on the type of loan. As a guide try it helps to save at least about 20% of the property’s value, plus a bit extra for other costs. If you’re borrowing more than 80% of the property’s value, your lender may require you to pay Lenders’ Mortgage Insurance. The more you have for a deposit, the less interest you will pay. 

What could my repayments be?

To find out what your repayments could be, use our home loan repayments calculator. This calculator helps you to estimate the true cost of your mortgage, including stamp duty, rates, insurance, maintenance and more.

4 things you'll have if you're ready to buy a home
Are you ready to buy a house?
Got all your ducks in a row? This handy infographic takes you through four things you'll have if you are ready to buy a house.
Knowing the cost

How much will I need up front?

There are a number of costs associated with purchasing a property. It’s important to understand these costs and how they might impact your repayments and your overall budget.

  • Stamp Duty
  • Settlement fees
  • Home loan application fee
  • Mortgage registration fee
  • Legal fees
  • Insurance
  • Moving costs
  • Utility connection
  • Inspection costs
  • Council rates
  • Strata fees
  • Maintenance 

Calculate the cost of buying a house

What is Lenders’ Mortgage Insurance?

Lenders’ Mortgage Insurance (LMI) protects lenders should their customer default on their repayments. Whether you pay LMI and how much depends on your loan to value ratio. 

What is loan to value ratio?

The LVR is the loan amount as a percentage of the value of the property. If you want to borrow $450,000 to buy a property valued at $500,000, that’s an LVR of 90%. All home loans have a maximum LVR. 

How to save for a house deposit

The bigger the deposit you can save, will mean the less money you have to borrow to buy a property. The amount you borrow has a direct impact on the amount of interest you pay. Between cutting back on general spending, sticking to a budget, and ensuring your savings are kept in the best account, there are lots of ways you can help save for a house deposit. 

Family Guarantee Loan

If you’re struggling to save for a home deposit the Heritage Family Guarantee Loan can help.

Getting a Home Loan

Home Loan Pre-approval Benefits

What is a fixed interest rate loan?

A fixed rate loan allows you to lock an interest rate for a fixed period of time. It helps safeguard you against any changes to interest rates, making it easier to know exactly what repayments will be for the fixed period. A disadvantage could be that you won’t benefit from any decrease to interest rates, and breaking the fixed term may incur a cost.

What is a variable interest rate loan?

A variable rate loan means the interest you pay can go up and down in response to changes in the Reserve Bank of Australia cash rate, or changes made by the credit provider. The advantages and disadvantages of a variable rate are pretty simple – if the rate goes down, you’ll be paying less, if it goes up, you’ll be paying more. 

How do I apply for a Home Loan?

Download our handy Applying for a Home Loan help guide to make sure you’ve got what you need.

Start your application online now, call 13 14 22, or visit your nearest branch to get the ball rolling.

Research tools
Home loan repayment calculator
How much can I borrow?
Home loan refinancing calculator
The home loan application process
Buying your first home guide
Investing in property
Get a personalised Key Fact Sheet
Interest rates for new home loans (PDF)
Interest rates for loan switches, refixes and products withdrawn from sale (PDF)