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.
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
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?