Make buying your first home a breeze. We’ve cut through the jargon to give you the lowdown, so you’ll be ready to go from renting to buying.
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First home buyer loans
There’s a lot to get your head around when it comes to buying your first home. Here we explain the steps and how to get there.
4 simple steps to buying your first home
Take the time to find out how much you’ll need to save, and the options that could help you get into your first home sooner.
Get an idea of how much you can borrow to buy your first house, and what your home loan repayments could be.
Consider what you need out of your first home loan, learn about the different home loans types and your options.
Conditional pre-approval will give you a clearer idea of what you can afford and help you start your property search with confidence.
Save for your deposit
Think about your deposit, what your budget is, and the costs involved in buying your first home.
Borrow with family
Your parents or immediate family could give you a helping hand by being a guarantor.
Grants and super
These could help you get into your home sooner, including:
- First Home Owner Grant (FHOG)
- First Home Super Saver Scheme (FHSS)
Borrow with a smaller deposit
Getting a home loan is still possible with a deposit lower than 20%. Options exist like using a family guarantor or paying Lenders' Mortgage Insurance (LMI).
What you need to know
Calculate how much you could borrow
We’ve got a range of calculators and tools available to give you an idea of the costs of home ownership, how much you can borrow, and what your repayments might be.
Handy calculators and tools
Check out our other calculators and tools to help you as you buy your first home.
Understand your loan options
Have a look at what’s included in our featured home loans. Whether you need a lot or a little, you can choose any fixed or variable rate home loan options that suit your needs.
Simple Home Loan
Flexibility, pay for features you need.
- No application fee (usually $695)
- No ongoing fees
- $10 monthly fee for offsets. 1 Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
6.29%
p.a.
Variable rate
6.32%
p.a.
Comparison rate
LVR
up to 60%. Loan sizes from $20,000.
Understand the comparison rate
.
Complete Home Loan Package
Save money by combining your accounts into a simple package with one annual fee.
- No application fee
- $395 annual package fee
- Added extras – like offset account and eligible credit card.
1
Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
2
Under the package, only one optional Bankwest Qantas Mastercard, Bankwest More Mastercard or Breeze Mastercard account is allowed per customer. Minimum credit limit is $3,000 for the Bankwest Qantas Platinum Mastercard, $1,000 for the Bankwest More Classic Mastercard and the Breeze Classic Mastercard, and $6,000 for the Bankwest More Platinum Mastercard and Breeze Platinum Mastercard, and $12,000 for the Bankwest More World Mastercard and Bankwest Qantas World Mastercard.
6.99%
p.a.
Variable rate
7.37%
p.a.
Comparison rate
LVR
up to 90% with
LMI
. Loan sizes from $200,000.
Understand the comparison rate
.
Rates shown are for principal and interest repayments. Different rates apply for interest only.
Dedicated lending specialists
We're available seven days a week, including evenings.
Save on home loan interest
You could pay your home loan off faster with up to nine offset accounts. 1 Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
Easy applications
Track the progress of your home loan application and sign important documents digitally from anywhere.
Award-winning
MFAA ‘Non-Major Lender of the Year’ for seven years running, Australian Mortgage Awards ‘Bank of the Year’ twice, and Mortgage Business Non-Major Bank of the Year 2024.
First home buyers questions
Generally, there isn’t a specific first home buyer’s loan. At Bankwest you could access all our home loan options as a first home buyer. However, lenders will consider the percentage size of your deposit when you apply. Remember, you should always consider your needs and overall financial goals when it comes to choosing a home loan.
Yes, if you’re building your first home you can apply for a construction loan in the same way you would apply for a home loan to buy an established property. Construction loans are a bit more complex and you’ll need to provide some additional paperwork relating to your build.
To apply for your first home loan, you’ll need ID, income evidence, recent bank statements showing your savings and deposit, a run-down of your expenses, assets (what you own) and liabilities (your personal debt). A Home Lending Specialist can help explain all the documentation and get your application underway. Check out this guide for more details.
The First Home Super Scheme allows some first home buyers to make voluntary contributions to their superannuation that they can later use towards their house deposit. Not all superannuation funds allow this and there’s many conditions, so be sure to check out the First Home Super Saver Scheme page for more information.
There are options if your deposit is less than 20% of the purchase price. The minimum amount can vary and be as low as 2% of the property cost, plus fees and stamp duty. With a lower deposit you may need to pay Lenders Mortgage Insurance (LMI) and may have a higher interest rate. Chat to a Home Lending Specialist early so you know your options.
Yes, you might be able to use the First Home Owners Grant (FHOG) as part of your deposit. If you’re eligible for a FHOG it could mean you don’t need to save as much up front. The grant amount and eligibility can vary between states and territories, so it’s important to check with your Home Lending Specialist. Check out First Home Owner Grant for information relevant to your state.
Get in touch for home loan related queries
Whether it's after hours or on the weekend, let us know what works for you and we'll make it happen.
