Whether you’re a first home buyer, upgrading, downgrading, looking to build or expanding your investments, you’ll feel right at home with our suite of home loan options. And if you’re in the ADF, we have options that work with whichever stage you’re at in your career. Here are some basics that are always worth reviewing.
Speak with a home loan consultant today to discuss your options.
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:
The costs with buying a house add up to more than what the auctioneer shouts out as the gavel comes down.
It’s worth investigating your eligibility for various home buying schemes or programs that can give you a leg up during the purchasing process or over the life of your loan.
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.
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.
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.
Sometimes the so-called basics are forgotten - here are a few housekeeping items to keep in mind before the big move.
You can buy a new or used car or motorcycle up to, and including, 5 years old with a car loan. If you would like to purchase an older car, contact us as you may do so with a personal loan.
You need to have at least 5% genuine savings plus enough funds to cover fees and charges.
Where you have less than a 20% deposit, lenders mortgage insurance (LMI) or, if you are eligible, a Home Guarantee Scheme will be required. Speak to a lender to find out more.
The Defence Home Ownership Assistance Scheme (DHOAS) assists current and former Australian Defence Force (ADF) members and their families to achieve homeownership.
DHOAS is administered by the Department of Veterans' Affairs (DVA) on behalf of the Department of Defence.
DHOAS provides eligible current and former serving members of the Permanent Force and the Reserves with a subsidy on the interest of their home loans.
The subsidy is paid monthly, directly into a DHOAS home loan. The amount of subsidy you receive depends on your subsidy tier level and the balance of your home loan up to your subsidised loan limit.
To learn more about Defence Bank DHOAS home loans click here.
To find out more about DHOAS and your eligibility click here.
