How much can I borrow?

Before deciding which house to buy, you need to determine what you can afford. The amount that you can borrow, commonly known as your borrowing power, will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate how much you may be able to borrow.

How much deposit do I need upfront and what other costs are there?

You will need a minimum 5% deposit to be eligible for a loan. There are also other costs which you need to be aware of, such as:

  • The Lenders Mortgage Insurance, if your deposit is less than 20%.
  • Establishment, legal and valuation fees (We waive Unity Bank establishment, legal and valuation fees for first home buyers - government charges apply)
  • Moving costs
  • Stamp duty (concessions and exemptions may apply. Use our stamp duty calculator to see what your Stamp duty costs will be)
  • Conveyancing fees
  • Building and pest inspection
  • Utility connections
  • Home and building insurance

How can parents assist?

With high property prices it can be confronting for young first home buyers to save the amount needed for a deposit. Options for parents wanting to help first home buyers include parental guarantee, joint venture, cash gifts or supporting a savings plan.

What is Stamp Duty and how do I work out if I am exempt or need to pay?

Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory.

Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out. For an indication of what may be payable use our stamp duty calculator.

What is the process for applying for a home loan and what do I need to do?

1. Simply contact us

2. A home loan specialist will speak to you about your specific needs and discuss areas such as your borrowing capacity.

3. Make an application when you have your property in mind and or know how much you need to borrow. If you don’t have a property in mind you can easily obtain a pre-approved loan so that you confidently look for your first home.

Below are 3 simple tips to fast track your home loan application with us.

a) Provide proof of income:

  • Payslips
  • Employment Details

b) We will ask for information on:

  • Expense details
  • Asset details including: land, house, contents, vehicles, savings, shares & super
  • Any amounts you owe on loans: overdrafts, credit/store cards (including limits and repayments)

c) If you are new to our Bank, your Australian drivers licence

  • If you don't have all the information to hand, don't worry, we can start the application at any time.

Other tips

  • Reduce your outstanding debts. This includes any credit card and/or car loan debt
  • Find a guarantor. A guarantor, such as a parent, can financially support your loan application by securing it against their home
  • Minimise loan applications. Keep your loan applications to a minimum. Previous loan enquiries may be detrimental to your credit history