Question 1

How can I get pre-approval for a home loan as a first home buyer?

Accepted Answer

A pre-approval is an estimate of how much Ubank could lend to you, assuming that you locate a suitable property.

Visit our pre-approval page to apply or find out more.

Question 2

What is stamp duty, and how much will I need to pay as a first home buyer?

Accepted Answer

Stamp duty is a government tax due when ownership of a property changes. The amount payable depends on various factors, including what state the property is in, whether it’s an investment or an owner-occupied property, and if the purchaser is a first-home buyer.

If you’re a first-home buyer and intend to live in the property, you might be eligible for a concession or waiver of stamp duty. Check what’s available in your state or territory.

Question 3

What additional costs should I expect to pay when owning a home?

Accepted Answer

In addition to paying off your loan, you’ll need to hold a valid property insurance to cover for unexpected damages. Where your property is held under a body corporate, check to see whether your strata fees cover your building insurance. For all other types of property, you will need to arrange a valid home insurance policy.

When owning a property, you’ll also incur extra costs such as: Council rates, water rates, electricity and repairs.

You may also want to consider taking out extra protection to cover you in any unexpected life event. Such as: income protection, total and permanent disability insurance, life insurance or health insurance.

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