Buying Your First Home
We’ll walk you through buying your first home
We’ll walk you through buying your first home
We know how difficult buying your first home can be. That's why we go to great lengths to help you on the journey. At BOQ, first home buyers can benefit from:
Every home buying journey begins with a clear budget in mind. Use our simple tools to help you work out how much you can borrow, what your repayments might be and work out your budget.
Obtaining a conditional approval is a great way of getting an actual estimate as to how much you can borrow and finding out whether you will be approved for a loan. It is also a great way of showing real estate agents that you are a serious buyer and can speed up the finance application process once you have signed the contract of sale.
Chat to us about obtaining a conditional approval at BOQ. We will assess your income and financial obligations and provide conditional confirmation as to how much you can borrow. This is valid for up to 3 months but can also be renewed.
The minimum, home loan deposit you should have is at least 5% of the purchase price of the property. However, Lenders Mortgage Insurance will apply if your deposit is less than 20%, which is a one-off fee that covers us against loss if you default on your repayments. This fee is added to your loan amount and allows you to borrow more than 80% of the property value for home loans.
Government grants are a great way to receive financial assistance for buying your first home. However, depending on where you buy, your eligibility requirements and amount you may be entitled to varies from state to state. For more information on the first home owners grant, view our blog article here.
In addition to your home loan deposit, ensure you have also budgeted for the upfront costs that come with buying a home, which include:
|Stamp Duty||Use our Stamp Duty Calculator to work out how much stamp duty will be payable on the purchase of your home.|
|Lender's Mortgage Insurance||Required if you have less than 20% home loan deposit.|
|Legal fees||For completing conveyancing and title searches on your home. This cost varies depending on the Conveyancer and the property searches you require, but can be around $1,500 - $2,500.|
|Building and Pest Inspection||A report on the structure and condition of your home. This cost varies depending on the Building and Pest Inspector, but can be around $400 - $700.|
|Home and Contents Insurance||Have peace of mind about your biggest asset. See our Home and Contents Insurance options.|
|Property Valuation||An independent valuation of your home. Some of our home loan products offer a free residential valuation. Enquire with your lender about valuation costs.|
|Moving Costs||Hiring removalists or a truck to help you move into your new home.|
Choosing the right first home loan is just as important as finding the right first home for you. Your home loan needs to have all the features that suit your personal circumstances and those that will help you pay off your home sooner.
Whether you have a clear idea on the home loan you want or you would like to speak to an expert on your options, our home loan experts will recommend the best home loan for your individual circumstances.
Our most popular low rate loan, packed with features
If you're looking for a fully featured, cheap home loan with a low rate, our Clear Path Variable Rate Home Loan is for you!
Know what your repayments are for peace of mind
A fixed rate home loan gives you the certainty of knowing exactly what your repayments will be for up to 5 years, while protecting yourself against any potential interest rate rises.
Once you've found your first home and have reached an agreement with the seller, the settlement process begins. On settlement day, your legal and financial representatives will ordinarily meet with the seller's representatives to transfer the ownership of the property from the seller to the buyer. The settlement date is set in the contract of sale, and is typically between 30-90 days.
To prepare for settlement, you'll likely need to do the following:
Useful articles for buying your first home.
*Subject to accepting BOQ’s terms and conditions as amended from time to time. Detailed property information varies from property to property. Carrier fees and charges may apply.
BOQ's Clear Path Home Loan is available only for new home loans and is not available for refinance of existing BOQ facilities. Conditions, criteria and fees apply. Full terms and conditions are available online or at any BOQ branch. Interest rates quoted are indicative only, and are subject to change without notice.
^Comparison rates calculated on the basis of a loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for variable Interest Only loans are based on an initial 5 year Interest Only period. Comparison rates for fixed interest only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Information current as at 11/01/19.
4Offer available for minimum $150,000 new to bank owner occupied lending only. For applications received from 11/01/2019. Maximum LVR up to 80%. Not available for Interest Only lending. Not available for the refinance or restructure of existing BOQ loans, construction home loans or Self-Managed Super Fund loans. Full terms and conditions available online at www.boq.com.au. Conditions, Criteria and Fees Apply.