Buying Your First Home
Step 1: Understanding the Home Loan Process
To help you understand the simple steps to securing a home loan with Suncorp Bank, we've outlined some of the key milestones in the process.
- Check out our How To Guide to getting a Home Loan with us.
Step 2: Reviewing your situation
Before you buy, build, renovate, invest or refinance, you should first put together a budget for your income and expenses. This will help you identify how much you can borrow, and whether you can afford the loan repayments.
It's important to factor in not only your current finances, but also your future needs and any changes in lifestyle that could affect your budget. It's also a good idea to build in a contingency for unexpected costs.
- Check out our 'Taking stock of your finances' worksheet
Step 3: Understanding additional costs
Buying a property costs more than just the purchase price. So it's important to be aware of all the additional costs you'll incur when buying a property – and budget for them accordingly before you sign a contract.
Here are some of the costs, fees and charges you may want to consider*.
Building and pest inspections
It's a good idea to consider signing a contract subject to building and pest inspections, so you have the option to obtain a professional report on the current condition and any issues affecting the property you're about to purchase.
Property valuations give you an independent view on how much the property is actually worth, so you can obtain some comfort that the asking price for a property is reasonable – now that's peace of mind.
Transfer Fees, Stamp Duty and other government fees
Stamp Duty, Mortgage Registration Fees, and Transfer Fees are State Government charges that vary according to the purchase price of your new property and the amount you borrow. You should also ascertain if any other government charges apply.
You should also consider engaging a solicitor to do your conveyancing and to carry out the basic searches that need to be done on a property before purchase. You may also want extra searches carried out, depending on the location of your property and the information you wish to know, all of which will cost extra.
Lenders Mortgage Insurance
If you borrow more than 80% of the purchase price for Full Doc Loans, or 60% for Low Doc loans, you will need to pay Lenders Mortgage Insurance to protect the Bank against potential loss in the event of a forced sale of a mortgaged property. This insurance does not insure you.
It's a requirement that you take out insurance for a mortgaged property, to protect both you and the Bank in the unfortunate event of damage or destruction of the property.
You should carefully consider which insurance product and what level of cover is right for your individual needs, as this will help you get back on your feet quickly if you ever experience an insured loss or damage.
Other potential costs
- Utilities (phone, internet, electricity and gas)
- Council and water rates
- Body corporate fees
- Removalists & cleaners (or DIY and save!)
- Any new furniture or whitegoods
- Ongoing maintenance
Understanding Fees and Charges
A range of fees and charges apply both to home loan applications and home loans. You should make sure you understand all the costs before you apply.
Step 4: The First Home Owner Grant
Are you eligible?
The First Home Owner Grant (FHOG) is a government scheme introduced to offset the effect of the GST with a one-off grant payable to eligible first home owners.
You can obtain information about the First Home Owners Grant by contacting the Revenue Office in your State or Territory, or by visiting www.firsthome.gov.au
We can make it easy for you by processing the grant application with your Suncorp Bank Home Loan. Ask us how.
Step 5: Deposit Options
We understand that saving a deposit for your first home is a substantial undertaking. That’s why the Suncorp Group has created options like our Deposit KickStart and Low Deposit Options. They’re all designed to help make it easier to secure your loan, and get you into your new home sooner.
Deposit KickStart lets you use the equity in the home of a family member towards the purchase of your new owner-occupied home – to help kick start your dream.
Low Deposit Option1
Our low deposit option enables you to borrow up to 95% of the property’s confirmed value, and is available to both owner-occupiers and investors.
An example: The property being purchased is valued at $300,000. You can borrow up to 95% of the value of the property.
Note: Minimum of 5% Accumulated Savings is required for First Home Buyers and Subsequent Home Buyers.
Step 6: How to Apply
|Apply via Phone||Call 13 11 75 and we promise you'll speak to a real person. We're available from 8am to 6pm Monday to Friday, Qld EST.|
|Book a home visit with a lending specialist|
Suncorp Bank Mobile Lenders are no obligation home loan specialists with the knowledge and expertise to find the right home loan for your needs. Our mobile lending specialists will come to you, at a time that works best for you.
|Apply in Person||Visit any Suncorp Bank branch|
1.To approved applicants only. Exclusions and maximum loan amounts apply. Suncorp Bank will lend you 95% of the purchase price or valuation (whichever is the lower). You will need to contribute all bank, legal and government fees and charges associated with the purchase of the property.Lenders Mortgage Insurance will be required and may be included in loan amount (conditions apply).
* Other costs, fees and charges may apply depending upon your circumstances.
Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Terms, conditions, fees and charges apply and are available upon request.