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Our step by step guide to applying for and buying your first home

You’ve heard that preparation is key to buying your first home… but what does that actually involve? Our step by step guide will help get you ready for the property market.

Step 1 – Price check

The first step you’re going to want to take is doing a bit of research into what kind of property you need. Whether it’s an inner-city one bedder or something bigger in the suburbs, getting a feel for current market prices that meet your needs will help you figure out what kind of overall budget you’re looking at.

Step 2 - Know your numbers

Next step in the process of buying a house, get stuck into the nitty gritty of the numbers. Our handy home loan calculators will give you an idea of what you can borrow, how much you need for a deposit, future repayments and extra fees, like stamp duty. At UBank, we ask for a 20% deposit. This means that you don’t have to take out lender’s mortgage insurance, which could save you thousands.


Pro tip: don’t forget to check whether you’re eligible for the
first home buyers grant.

Step 3 - Budget time, baby!

We understand trying to balance a savings plan with the reality of spending needs ain’t always easy. Which is why we developed Free2Spend, our in-app budgeting tool that tells you how much you can spend each day, all while your savings goals are being met in the background.

Put in your savings goal (hello, house deposit), your income and your expenses. Free2Spend will give you a daily number you can spend on the things that make you happy. Think Uber eats when you’re just too tired to cook or those new shoes that just went on sale. All while steadily growing that house deposit fund at the same time.

Step 4 - Time to go shopping... for a loan

Once the deposit has come together (congrats!) it’s time to get serious about locking in your lender so you can start applying for a loan and putting in an offer on your potential first home!

Shop around to make sure you’re getting the best deal possible. With super competitive (ahem, award-winning*) interest rates and zero application or ongoing fees, we’re confident our UHomeLoan could be your perfect match.


Pro tip: what comes first, the home or the home loan? We offer
conditional approval so you can feel confident making an offer once you find ’the one’.

Step 5 - Apply online, chat IRL!

After you apply online, we’ll contact you for a short call to see if we’re a good fit. If that goes well, we’ll arrange your full home loan call with one of our home loan advisors to get the bigger picture of your home loan needs and financial position to see if you can service the loan. If yes, it’s on to the fun part – your full home loan application!

Step 6 - Meet Tracker

Tracker is our online home loan application tool which lets you manage the whole process online, when it suits you. Your job is to upload your ID and income documents and some details about your potential new home. Tracker’s job is to help facilitate a property evaluation, keep you updated on progress, and advise of approval if successful (woo!).

Step 7 - Time to sign, and celebrate.

If you’re successful, we’ll send you your contract pack which you need to sign and send back to us, so we can progress to the settlement phase. Keep in mind this process can take an average of 6 weeks, and it’s completely handled on our end. All you need to do is start saving for new homewares or planning the ultimate house warming. Or both.

You’ll always remember your first, and we’re here to help make your experience with understanding the process of buying your first home simple and memorable, for all the right reasons.

 

* Winner of two Mozo Expert Choice Awards 2019 for both variable and fixed rate discount offers.


The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.