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For many people buying their first home is the biggest financial decision they'll ever make. It’s exciting, but it can also be a little overwhelming.
The following tips are designed to help you move with confidence through each stage of your journey.
1. Research, research, research
When it comes to buying property, the more you know the better. Learn as much as you can about the area you’re looking to buy in and what it takes to apply for a loan.
2. Be clear on your goals, and stick to them
There comes a point where too much information can get in the way. Figure out exactly what you want, and don’t want, in a property and a loan. It’ll help cut out the noise.
3. Be prepared, act quickly
The housing market moves fast. To keep up you have to be prepared. Having the right documents ready and knowing the right questions to ask will ensure you move confidently towards your dream property.
4. Don’t do it alone
People you trust are really important to have around as you embark on the journey towards homeownership. From real estate and buyers agents to brokers, conveyancers and family - make sure you’re getting the support you need.
Whether you’re looking to lock in a fixed interest rate for stability or enjoy more financial freedom with flexible loan features, there’s a home loan offer to suit your needs.
Browse the options below or to see all products visit our home loan rates page.
Looking for our lowest variable rate? This is it - plain and simple.
Enjoy a wide variety of flexible loan features plus a delightfully competitive variable rate.
Enjoy fixed repayments that’ll bring a bit of certainty in uncertain times.
Lenders mortgage insurance is required for home loans over 80% LVR and is subject to approval. T&Cs, fees, charges and lending criteria apply. Rates displayed above are available for new owner-occupier borrowings of $150,000 and over with principal and interest repayments and a minimum deposit of 30% for Low Cost and No Frills Home Loans and 20% for the 3 Year Fixed Home Loan. Investment loans, interest only repayments and deposits of less than these amounts are available for some loans (subject to approval). Different interest rates apply. Contact us for more details.
Entering the world of property and home loans can be overwhelming. This video helps you understand the core concepts in just two minutes.
Our home loan calculators are designed to help you compare our products and find out how much you could save or borrow when you bank with us.
For everything you need to know about buying your first home, read our comprehensive guide and make your next move with confidence.
Aakash shares his experience on taking out his first home loan with Qudos Bank and how that led him to buying his dream home.
Our Qudos at Home Mobile Lenders can meet you at a time and place that suits you. With expert support and on-the-spot applications, we’re here to make things as simple as possible. So whenever and wherever you're ready to chat about buying your first home - we are too.
Got questions? We've got answers.
If you don’t have the required home loan deposit (usually 20% of the property price), you may have the option of paying LMI to secure a loan.
LMI is insurance that Qudos Bank takes out to insure itself against the risk of not recovering the outstanding loan balance if a customer is unable to meet their loan payments and the property is sold for less than the outstanding loan balance.
It’s important to note that LMI is insurance that protects the lender, not you (or any guarantors) against loss. Only the lender can make a claim under the LMI policy.
The LMI premium is paid by the borrower either as a one-off fee at loan settlement or it can be included in the loan amount. LMI added to the home loan amount will increase the loan amount, resulting in higher interest charges and minimum monthly repayments.
LVR stands for Loan-to-Value Ratio. It’s the ratio of how much you borrow to how much the property is worth, expressed as a percentage. So, if your home costs $100,000 and you borrow $80,000, your LVR is 80%. In this example you would need to contribute $20,000 of your own money to purchase the property, giving you 20% equity in the property.
Banks like Qudos Bank use this ratio to assess the risk of a loan - a higher LVR may indicate a higher risk for the lender, while a lower LVR shows the borrower has more of their money invested in the purchase and may therefore present a lower risk to the lender.
The answer really depends on a range of factors, but many home loan lenders will lend up to 95% of the property value with LMI, or 80% without. Saving a deposit equivalent to 20% of the purchase price of your ideal home, if you are able, means you won't need to pay LMI.
Potentially! The First Home Super Saver Scheme (FHSSS) is a government program to help first-home buyers save up a deposit.
Subject to eligibility criteria, you can make voluntary contributions to your super and then apply to have the money released, up to $15,000 in a financial year (total $50,000 across all years) when you’re ready to make a purchase your home. The limit applies per person, so couples can access up to $100,000 in total.
See what other government schemes you may be eligible for here.
A home loan allows buyers to pay for a property over time. The home loan is secured by a mortgage which is an agreement between you and a lender that provides security to the lender by giving them certain rights. For example, the terms of a mortgage usually give the lender the right to take possession of the property if you fail to repay the loan.
Approved applicants only. Normal lending criteria, terms and conditions and fees and charges apply.
Lenders mortgage insurance is required for home loans over 80% LVR and is subject to approval.
For interest only loans, only monthly repayment option available. 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.
You should read and consider the relevant terms and conditions (available on request) and our Financial Services Guide before deciding whether to obtain any of our financial products or services. Target Market Determination available here.
