All the home loan options you need under one roof

We’re here to make the process of buying a house as pain-free as possible. But it’s always a good idea to kick off the process with a thorough understanding of the market, what you’re looking for and what you have to work with. On your research list should be:

• Are you living in or renting?
  If the latter, you need to consider what sells well in the renter’s market - you’re not buying for yourself. If you do plan to live in your purchase, a list of non-negotiables vs. ‘nice to haves’ is a good way to approach the process.

• Know your market.
  Have a good idea of where you want to buy, and everything you can know about that area. Quick and simple online tools like this and this are a good place to start.
  
  If you're not sure where to start, our helpful home loan consultants can point you in the right direction.

The costs with buying a house add up to more than what the auctioneer shouts out as the gavel comes down.

• The deposit.
  You may be tired of hearing about it, but the information is still the same: unless you’re part of the First Home Loan Deposit Scheme, you need at least a 20% deposit if you want to avoid the lender’s mortgage insurance (LMI).

• Fees and taxes.
  From stamp duty and removalists to conveyancing and application fees, there’s a lot to budget for. Get a head start with our suite of handy calculators, like determining stamp duty for a specific house purchase or planning and setting a budget.
• Indirect costs.
  It’s worth considering the time and effort you spend in the process as a cost, especially if you have kids that need looking after during appointments or inspections, and the disruption to your lifestyle or work schedules as a result.

You can’t start without having some idea of what you can spend - also known as your ‘borrowing power’ and how it works into your budget. Find your borrowing power now with our simple calculator.

Borrowing power calculator.

Then it’s time to get an idea of your repayments with our repayment calculator, as well to see what proportion of each payment is paying off the principal vs the interest, which can help give more insight into your loan.

Repayments calculator.

Getting pre-approval before you start your house hunt in earnest means getting the paperwork for the loan approved, completed and out of the way. As soon as you find the right home, you’ll be ready to go straight away with a fixed maximum you can borrow.

Showing pre-approval to buyers can also give you an edge in the market as it means less waiting around on their end - it’s a win-win.

Depending on how your search pans out, you may have to consider a bridging loan if it looks like you’ll need to jump on your dream house before selling your current home.

See our suite of home loan products.

Enquire about a home loan.

Sometimes the so-called basics are forgotten - here are a few housekeeping items to keep in mind before the big move.

• Contact all utilities - let them know you're moving and they'll organise transferring your accounts.
• Set up a redirect at the post office - important items still come through the mail so make sure you capture them with the redirect service for three, six or 12 months offered by Australia Post.

• Set up automatic loan repayments - take the hassle out of the monthly payment by having it debited out of your elected account automatically.
• Don’t make just the minimum if you can - at Defence Bank we’re not here to punish you if you can pay more than the monthly repayment. If you can - you should, or opt for an offset account that can double as your savings.