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Home ownership 101.

Whether you’re starting from scratch or staying motivated, here are some tips to save for a deposit – and work out home much you need to save and how much you can borrow.

Pro tips:
Make the most out of your savings with a no-fee savings account. Our HomeME Savings Account ticks a lot of those boxes, plus you can have multiple savings accounts and separate your savings goals.

Want free home-buying tips sent your inbox every week? Sign up for our free home buying email series called House Mate to learn everything from where to start looking to bidding at auction.

First home buyer schemes and grants.

First home buyer schemes and grants.

First Home Owner Grant (FHOG). You may be eligible for the First Home Owner Grant scheme (FHOG). These are government assistance programs that offer first home buyers incentives to access the property market. This can include financial assistance in the form of stamp duty concessions. The grant amount differs between states and territories, as does the eligibility criteria.

Australian Government’s HomeBuilder Scheme. If you’re planning on building, you may be eligible for the HomeBuilder Scheme. This offers a $25,000 grant to eligible people planning on either building a new home or undertaking large-scale renovations to an existing home.

Red balance scales

Finding the right rate and loan.

What home loan features do you need? Here’s some information to  help you weigh up the right loan type for you.

Check out some of our loans:
We’ve got a few different loans. Check out our Flexible Home Loan (especially if you’re after 100% offsets, a redraw facility and the option to fix or split your loan) or our Basic Home Loan (our no frills loan that keeps things simple).

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The settlement date is when the property title is transferred into your name, and your mortgage begins. The contract of sale sets out the settlement period, when you have to pay the full purchase price. Your solicitor or conveyancer will finalise the settlement with the lender and seller. Then you'll get the keys to your new home.

Home loan honours.

Home loan honours.

Consider an offset account. An offset account is a savings or transaction account linked to your mortgage. Your offset account balance reduces the amount you owe on your mortgage. This reduces the amount of interest you pay and helps you pay off your mortgage faster.

Make higher repayments. Another way to get ahead on your mortgage is to make more than your minimum repayments. The extra money will help to pay off your mortgage sooner.

Make extra payments. Extra repayments on your mortgage can cut your loan by years. Putting your tax refund or bonus into your mortgage could save you thousands in interest. Making extra repayments now will also give you a buffer if interest rates rise in the future.

Switch to fortnightly payments. If you're currently paying monthly, consider switching to fortnightly repayments. By paying half the monthly amount every two weeks you'll make the equivalent of an extra month's repayment each year (as each year has 26 fortnights).

The legal stuff.

The legal stuff.

This is general information only and you should consider if these products are appropriate for you.

Terms, conditions, fees and charges apply. Applications are subject to credit approval.
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