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Buying your first home
When you’re new to home buying, there’s a lot to learn and big decisions to make. We’re here to help every step of the way.
How can you get started?
Becoming a home owner is a lot easier when you understand your options. We’ve broken down the process into some practical steps.
As a first home buyer, there are tools and support available to make things easier for you. You can also book an appointment with a Suncorp home loan specialist who can answer questions and help you get started with confidence.
Guidance every step of the way
Your Home Buying Checklist
An interactive tool that supports you through each stage of buying a home.
Understanding the First Home Super Savers Scheme
If you’re saving for a first home loan deposit, saving inside your super fund can help to reduce the amount of tax you pay so you reach your savings goal sooner.
To benefit from the scheme, you’ll need to make voluntary contributions to your super account. Before you do, it’s important to understand if you’re eligible to benefit from the scheme, the limits that apply and the rules around making contributions and withdrawals.
To learn more, visit the ATO website or contact your super fund.
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Find out if you’re eligible for a first home owner grant
The First Home Owners Grant is designed to encourage home ownership across Australia. It's a national scheme funded and administered by each state or territory.
If you meet local eligibility criteria, you can receive a one-off government grant when you buy or build your first home.
How the grant works for first home buyers
Eligibility criteria vary depending on where you intend to buy your first home. Here's what you could be eligible for in your state or territory*:
How much can you get?
$15,000
What can you get it for?
Buying or building a new home valued up to $750,000
Other exemptions or concessions: Stamp duty concessions are available for first home buyers of properties valued up to $550,000. These amounts vary depending on the purchase price.
For more information, visit: Queensland Government
How much can you get?
$10,000 for urban homes
$20,000 for homes in regional Victoria (with contracts signed from 1 July 2017 to 30 June 2021)
What can you get it for?
A new home valued up to $750,000
Other exemptions or concessions: Victorian first home buyers are also exempt from paying stamp duty on properties valued up to $600,000, while a concession is available for properties valued between $600,001 and $750,000.
For more information visit: State Revenue Office Victoria
How much can you get? $10,000
What can you get it for?
A new home valued up to $600,000
A new home valued up to $750,000 if you enter a contract to build or are an owner-builder
Other exemptions or concessions: From August 1, 2020, first home buyers in NSW are exempt from paying transfer duty on new homes valued less than $800,000 and existing homes valued less than $650,000. Transfer duty concessions apply to first home buyers of new homes valued from $800,000 up to $1m, and existing homes valued between $650,000 and $800,000. For first home buyers who purchase vacant land on which they plan to build a home, no transfer duty applies on vacant land valued less than $400,000. Concessional rates apply on land valued between $400,000-$500,000.
For more information, visit: Office of State Revenue New South Wales
How much can you get? $10,000
What can you get it for?
Up to $750,000 for new homes purchased south of the 26th parallel
Up to $1M for new homes purchased north of the 26th parallel
Other exemptions or concessions: Stamp duty concessions are available for first home buyers of properties valued up to $530,000. These amounts vary depending on the purchase price.
For more information, visit: Government of Western Australia
How much can you get? Up to $15,000
What can you get it for?
New homes valued up to $575,000 (if the property is intended as your principal place of residence (PPR) and you intend to live there for 6 months, within a year of settlement)
For more information, visit: Government of South Australia
How much can you get? $20,000
What can you get it for?
New homes or off-the-plan properties only
Other exemptions or concessions: Fifty per cent discount on property transfer duty for first home buyers of established homes that have a dutiable value of $400,000 or less.
For more information, visit: Tasmania Government – Department of Treasury and Finance
How much can you get? $10,000
What can you get it for?
New homes only
Other exemptions or concessions: There are a range of government grants, concessions and rebates available for first home buyers and other Northern Territory home buyers.
For more information, visit: Northern Territory Government
The ACT First Home Owner Grant has been replaced by the Home Buyer Concession Scheme, which provides a full stamp duty concession for eligible applicants.
For more information, visit: ACT Revenue Office
*State-based information current as of August 21, 2020. Additional eligibility terms and conditions may apply. Please make your own enquiries to confirm benefits and eligibility requirements.
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Home loan lingo explained
If you’re new to the home loan market, you may be hearing a lot of different abbreviations and technical language. We’ve explained some common terms below and in our complete home loan glossary.
Lenders are obliged by law to include a comparison rate when advertising a loan interest rate. It is a tool to help consumers identify the true cost of a loan. Given as a percentage, it factors (but is not limited to) the interest rate, fees and charges and can be used to compare loans offered by different lenders.
In the event you are borrowing more than 80 percent of the value of a property from a bank, you will more than likely have to pay what’s called Lenders Mortgage Insurance (LMI). Lenders Mortgage Insurance protects the bank against loss on a forced sale of a mortgage property. It does not insure you but may make it possible for you to buy a home with a smaller deposit.
Your Loan to Value Ratio (LVR) measures the amount of the loan compared to the value of the property. Say you want to buy a house for $500,000 and you have saved up $50,000 as a deposit. Your initial LVR would be 90 percent: (450,000 / 500,000 = 90 percent).
Some home loan products allow a mortgage offset. With this feature, you can link a transaction or deposit account to your loan. The account balance in this account will ‘offset’ daily against your loan balance, meaning you will only be charged interest on any difference. For example, if you have a mortgage of $500,000 and have $50,000 sitting in your offset account, you will only be charged interest for a loan of $450,000.
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Tools to help you budget and save
Limited Time Offer for First Home Buyers
We’ll refund the annual $375 Home Package Plus fee for the life of the loan saving you up to $11,250 over a 30 year loan.*
* Applicable for Owner Occupier First Home Buyers who have never previously purchased a property. An eligible home loan is a new home lending in the Home Package Plus of $150,000+^.
Your own home loan specialist
" My husband and I were looking to buy an investment property and we were so fortunate to have Nelvin help us every step of the way. He went above and beyond and was always there, willing to answer my endless list of questions and concerns. "
- Chris & Jess Falla
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^ Applicable for Owner Occupier First Home Buyers who have never previously purchased a property. All applicants for the loan must be first home buyers and take out an Eligible Home Loan with Suncorp Bank. An eligible home loan is a new home lending in the Home Package Plus of $150,000+. The annual package fee of $375 will be charged and refunded for the life of the loan, expiring only if the loan is closed or varied out of the product or package. Offer valid from 12/09/2017 and is subject to change without notice and may be withdrawn at any time before a credit contract is entered into.
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Banking Products and Home Loans are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document and the Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
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