Buying your first home

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

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

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 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.

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.

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.

 ➥ 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.

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.

• Discount Variable
• Standard Variable
• Fixed Rate
• Home Advantage Package eligible loans

Offer excludes Bridging Loans and Line of Credit.

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.

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.