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Buying your first home is a huge step and one of the biggest purchases you will make in your life. One of the most important challenges you will have is saving for the deposit. Saving for a house deposit does take time and it’s important to be realistic about how long this may take. Depending on the state or territory, if you were to put aside $500 a week, it may take you five to eight years (for an average single income) to save for a 20 per cent house deposit. Here are 3 simple tips we hope will help you start your master plan to save up for house deposit. 1. Check your current spending Work out what you are currently spending your money on and set up a weekly budget of your income and expenses to work out how much you will be able to save per week. You can use our online Budget Planner calculator to help you work this out. See what expenses you can reduce the cost of (car insurance, phone bill, petrol, luxury items) 2. Getting on top of your debts Getting on top of your debts can sometimes seem hard and feel like you are not getting anywhere. It's a good idea to consolidate your debts and work out a weekly or monthly repayment plan so you can work on saving for that deposit. You can speak with one of our Lending Specialists today to discuss a Debt Consolidation plan. 3. Start to save You will need to save at least 5% deposit of the purchase price of the property to be eligible for a loan. If you are looking to contribute less than 20%, you will also have to pay for Lenders Mortgage Insurance Apart from your deposit, you will need to keep in mind other upfront costs which you will need to be able to cover including things like insurance, taxes, legal fees, moving costs Use our Savings calculator to work out your savings plan View all Home Loans  

How much can I borrow? Before deciding which house to buy, you need to determine what you can afford. The amount that you can borrow, commonly known as your borrowing power, will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate how much you may be able to borrow. How much deposit do I need upfront and what other costs are there? You will need a minimum 5% deposit to be eligible for a loan. There are also other costs which you need to be aware of, such as: The Lenders Mortgage Insurance, if your deposit is less than 20%. Establishment, legal and valuation fees (We waive Unity Bank establishment, legal and valuation fees for first home buyers - government charges apply) Moving costs Stamp duty (concessions and exemptions may apply. Use our stamp duty calculator to see what your Stamp duty costs will be) Conveyancing fees Building and pest inspection Utility connections Home and building insurance How can parents assist? With high property prices it can be confronting for young first home buyers to save the amount needed for a deposit. Options for parents wanting to help first home buyers include parental guarantee, joint venture, cash gifts or supporting a savings plan. What is Stamp Duty and how do I work out if I am exempt or need to pay? Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory. Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out. For an indication of what may be payable use our stamp duty calculator. What is the process for applying for a home loan and what do I need to do? 1. Simply contact us Enquire online and one of our home loan specialist will call you back Visit one of our branches Give us a call 2. A home loan specialist will speak to you about your specific needs and discuss areas such as your borrowing capacity. 3. Make an application when you have your property in mind and or know how much you need to borrow. If you don’t have a property in mind you can easily obtain a pre-approved loan so that you confidently look for your first home. Below are 3 simple tips to fast track your home loan application with us. a) Provide proof of income: Payslips Employment Details b) We will ask for information on: Expense details Asset details including: land, house, contents, vehicles, savings, shares & super Any amounts you owe on loans: overdrafts, credit/store cards (including limits and repayments) c) If you are new to our Bank, your Australian drivers licence If you don't have all the information to hand, don't worry, we can start the application at any time. Other tips Reduce your outstanding debts. This includes any credit card and/or car loan debt Find a guarantor. A guarantor, such as a parent, can financially support your loan application by securing it against their home Minimise loan applications. Keep your loan applications to a minimum. Previous loan enquiries may be detrimental to your credit history View All Home Loans  

Before you proceed with your application, make sure you have the following details sorted. Proof of income Income details for each applicant Two copies of your most recent payslips or a letter from your employer confirming your employment status and income Current Centrelink details if applicable (e.g. family allowance, pension) If you are self-employed you will need your tax returns and profit and loss statements for the last 2 years Employment details Your current employer's details (name, address and phone number) If you have not been in your current job for three years, the details of your previous employment Identity Proof of identity is not required to apply for the loan, however you will be required to supply suitable identification at a later date as listed below. If you are an existing member, your membership number If you have not been living at your current address for at least two years, the details of your previous address Assets Details of your assets including bank accounts, shares, life insurance, motor vehicles and personal effects We will require verification for certain assets, for example rates notice if you own a property or rent receipts if you have an investment property. Commitments Details of your financial commitments (eg. payments made on other loans, mortgages, credit cards, etc). We will require recent statements. Car Loan If you are applying for a Car Loan you will also need to provide details (where available) of the vehicle you plan to purchase: Dealer's invoice Copy of current registration papers If a private sale, copy of current registration paper Proof of insurance cover Home Loan If you are applying for a Home Loan you will also need to provide details (where available) of the property you are purchasing: Details of location Type of property Purchase price Your monetary contribution Name of agent or private vendor Name of your solicitor Consolidation Loan If you are applying to consolidate your loans you will need to provide: Current statements of all existing loans and credit cards Obtain a payout figure from the lender

The online loan application process should take you no more than 10 minutes. You will be asked to complete a simple form asking you to provide information on: purpose of the loan; your personal details; your contact and address details; your employment and income; other financial commitments you have; and your assets. It is important that the information you provide is accurate so that we can assess your application in the most effective way. If you provide us with incomplete or inaccurate information, we may not be able to provide you with the loan you are seeking. Use of your personal information You agree that personal information about you which may at any time be provided to us in connection with a loan application may be held and used by us to assess and process the application, to establish, provide and administer the facility and to execute your instructions. See our privacy policy for further information. When you complete the application form, it will be transmitted to us via secure encrypted transmission (click here for all our security details).

We will acknowledge receipt of your application at which time we will advise you of our initial assessment and, if necessary, seek other information from you for the purpose of fully assessing your application. We may also need to gather information from a third party, such as a credit reporting agency, to enable us to fully assess your application. Upon receiving all the relevant information, your application will be fully assessed and you will receive a phone call or email to let you know if your loan has been approved, subject to any conditions. At that time we will also discuss the next steps involved in progressing your loan application. Please note the following regarding the information you provide. In submitting your application you agree, in making an application for credit to us, that, in assessing the application we may seek and obtain personal information about you from a credit reporting agency or other financial institution or any other party necessary to assess your application and may give personal information about you to another financial institution. You also agree that we may hold and use personal information about you, which may at any time be provided to us in connection with a facility for which you make application to us, for the purposes (as relevant) of: considering any other application you may make to us; complying with legislative and regulatory requirements; performing administrative functions, including accounting, risk management, record keeping, archiving, systems development, credit scoring and staff training; managing our rights and obligations in relation to external payment systems; conducting market or customer satisfaction research; developing, establishing and administering alliances and other arrangements (including rewards programs) with other organisations in relation to the promotion, administration and use of our respective products and services; developing and identifying products and services that may interest you; and (unless you ask us not to) providing you with information about other products and services. For further information on the way we collect and use your information, please click here to view our full Privacy Policy.