Mortgages 101 for millennials.

Buying a first home is often a huge learning curve, and every bit of support can help you avoid costly mistakes.

That’s why, when you’re ready to set up your financial future, Defence Bank has all the resources you need to enjoy a straightforward journey without rookie errors.

Here’s how we help.

Know your borrowing power.

Understanding how much you can borrow is a critical first step in setting a home buying budget.

Our home loan borrowing power calculator is free to use and takes just a few minutes to complete. It gives you a valuable starting point to know the property price range you can afford to focus on.

Understand the costs.

First home buyers are often eligible for an exemption or reduction of stamp duty. However, it’s important to understand exactly what you could be asked to pay as stamp duty can be a major upfront cost of buying a home.

Jump onto our stamp duty calculator to learn if you should make space in your budget for stamp duty.

Available government support.

You may not need the traditional 20% deposit.

Defence Bank is right behind the Australian Government’s Home Guarantee Scheme, an initiative that supports eligible home buyers and single parents to purchase a home sooner.

Under the Scheme you may be eligible to buy your first home with as little as 2% deposit and no lenders mortgage insurance.

This is in addition to the significant home-buying incentives offered to ADF personnel including the Defence Home Ownership Assistance Scheme (DHOAS).

Get your savings growing.

Having a reasonable pool of savings doesn’t just help you grow a deposit, it also shows lenders you have financial discipline.

Defence Bank’s range of savings accounts allows members to choose a product to suit their savings style. Best of all, by placing your money in a savings account, you will earn more with a higher rate of interest, helping you reach your savings goal sooner.

Build your intel.

While you’re growing savings, take the opportunity to grow your knowledge base to understand things like what you need for a home loan application, and what are principal and interest repayments.

Our blogs and videos are designed to demystify the home buying process, and will have you up to speed on how mortgages work in no time at all.

We’re help to support your goals.

Defence Bank understands that buying a first home is a major milestone. That’s why we want to make your journey as easy as possible, and we’re always here to fill in any knowledge gaps. Ask us any question!

To get the ball rolling with your first home, book a virtual appointment with one of our lending specialists, call our Contact Centre or visit us in-branch.


Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.

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