Buying your first home | Home Loans | Heritage Bank

Buying your first home

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 could look like with Heritage Bank. On this page you'll also find some helpful information to support you in buying your first home.

Alternatively, use our calculator below to see which one of our Home Loan products may be suitable to your specific needs. We have a variety of Variable and Fixed Loans available and can also help you with first home owner grants.

Try our Home Loan calculator and then get in touch with our local Member Experience Team, who can help you make the right choice.

Find out how we can help you

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

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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.

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 $11 billion in assets, Heritage is one of Australia's largest Customer Owned Banks.

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.

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 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. 

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.