Buying your first home

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.

Simple steps to buying your first home

Let’s declutter the path to home ownership so you feel equipped with the information you need to step on to the property ladder.

Your deposit and costs

Before you hunt down your dream home, take the time to find out how much you’ll need to save and which options might help you get there.

Home loans and approval

Once you’ve sorted your deposit and are ready to start the hunt for a home, it’s time to learn more about different home loan types and how you can get pre-approval.

Your offer and settlement

After you’ve found the house you want, you’ll be ready to get in to action and make an offer. Discover how you make an offer and what to look out for at settlement.

How much can I borrow?

Calculate how much you might be able to borrow and better understand the upfront costs and repayments when buying your first home.

Handy calculators and tools

Check out all our handy tools to help you as you buy your first home.

Calculate your borrowing power

Use our borrowing calculator to work out how much you could borrow for a home loan and what your home loan repayments might be.

Getting pre-approval for a home loan

With your pre-approval sorted, you can feel confident about how much you'll likely be able to borrow as you begin house hunting.​

What’s pre-approval?​

Pre-approval (approved in principle) is a letter that indicates how much you’ll likely be able to borrow based on your financial situation. If you receive an approved in principle letter from us, it means we've performed a credit check and had an initial conversation with you.

How to apply for pre-approval with us​

You’ll need ID, income evidence, and a run-down of your expenses, assets (what you own) and liabilities (your personal debt). Chat with a Bankwest Home Lending Specialist to get started.

Your home loan and deposit options

Your first home loan options

A home loan is a big commitment and can have a huge effect on your financial well-being. Get clued up on home loan types so you can make a choice that makes sense to you.

Building or rentvesting

If you're stepping on to the property ladder by purchasing a house as an investment to rent out, or you prefer to build from scratch, it's possible.

Grants and superannuation

As a first home buyer, you might be able to tap in to grants and superannuation schemes that save you money. These differ by state so it’s important to check whether you’re eligible.

Low deposit options

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).

Complete Home Loan Package

 You're in control, with the flexibility to add other good stuff to your home loan, like multiple offset accounts or an eligible credit card, with a $395 annual fee.

5.39%
p.a.

One-year fixed rate

5.21%
p.a.

Comparison rate

  • Security that your home loan rate won't change during your fixed period​
  • Offset your interest with optional 40% offset accounts 1​ Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply.
  • Make extra repayments up to $10,000 each year.

For borrowings up to 80% of the property value and loan sizes of $200,000+. For principal and interest repayments. Different rates apply for interest only repayments.
Understand the comparison rate.

4.74%
p.a.

Variable rate

5.15%
p.a.

Comparison rate

  • Choose to make weekly, fortnightly or monthly repayments​
  • Offset your interest with optional 100% offset accounts 1 Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply.
  • Make unlimited extra repayments.

For borrowings up to 95% (including Lenders Mortgage Insurance) of the property value, principal and interest repayments, and loan sizes of $200,000+.
Understand the comparison rate.

What do you need to apply for a home loan?

To apply for a home loan with us, we’ll need some details from you. It’s a great idea to get prepared so you can get going as soon as you’re ready.

You’ll need to bring different forms of ID, income details, and bank and credit card statements.

Why choose Bankwest?

Here’s how we’re easing your first home buying experience by providing you the support and clarity you need.

Application Tracker

Track the progress of your home loan application in real time. You’ll know exactly what stage your application's at and what steps are left. 2 Some exclusions apply to the Application Tracker.
Find out more.

Home Lending Specialists

Our Home Lending Specialists are here to help you from start to finish. Available in person or on the phone, they’re even available evenings and weekends.

Digital Signing

View, sign and return your home loan documents anytime, from the comfort of your couch. Less waiting, less running around. 3
Find out more.

Free property reports

Before you make an offer, get to know the local market with property histories and area profiles at your fingertips. 4 The information contained in the Property Report is prepared by a third party. Bankwest is not responsible for the accuracy and completeness of the information generated in the report and it should not be relied upon as a valuation of the subject property.

We’re ready to help

Your very own Home Lending Specialist will respond within one business day. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

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.

What’s the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Complete Home Loan Package:
Lending and eligibility criteria, fees and charges apply including an annual package fee of $395. Terms and conditions apply and are available on request. The Complete Home Loan Package is available to individuals and eligible family trusts. Minimum initial loan size $200,000. The package consists of an eligible home loan, one optional eligible credit card per customer and optional Offset Transaction account. Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset available with Complete Fixed Home Loan. Other exclusions apply. Consider the Offset Transaction Account Product Disclosure Statement (PDS) available from bankwest.com.au and whether the product is right for you. Mastercard and the circles design are registered trademarks, and tap & go is a trademark, of Mastercard International Incorporated. Variable rate is subject to change.

  1. Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply.​
  2. Some exclusions apply to the Application Tracker.​
  3. Digital signing – some exclusions apply. Due to state laws, restrictions apply to digitally signing the Mortgage Form in some States and Territories. Customers must have access to a device (computer or tablet recommended) with internet and email access.
  4. The information contained in the Property Report is prepared by a third party. Bankwest is not responsible for the accuracy and completeness of the information generated in the report and it should not be relied upon as a valuation of the subject property.