Buying a home can be an exciting and nervous time, especially if it's your first. 

 

To make it easier here are a few things you need to consider:

The Deposit

Saving for a deposit can be  the hardest part. Ideally 10% of the purchase price is the best scenario. Plus funds for stamp duty and other legal fees – use our stamp duty calculator. Less than this you may need to pay Lender's Mortgage Insurance (LMI), which is a premium that goes on top of the loan amount.

At FSCU we will lend upto 90% LVR (Loan to value ratio) of the purchase price including LMI.

Saving for a Deposit

Budget how much you need to live on a fortnight, open a Savings account that you can split the remaining of your pay to.  Watch this money grow and look at opening a Fixed term investment for 3 months that you can keep adding to. Cut back on your spending and try to save more.  Speak to the friendly staff at FSCU to help you with this process.

How much can you borrow

Your borrowing power depends on your income, current debts, family size and location. Your living expenses will also come into the calculation. Once your loan is assessed and repayments are discussed you also need to be comfortable with the repayments. You may  need to consider if your circumstances will change in the near future ie., partner ceasing employment, family growing, not doing as much overtime or doubting the future of your employment etc.

Loan Approval

Getting your loan approved at FSCU is the easy part of this whole process, book a time with an FSCU Home Loan Specialist to learn more about getting into your first home sooner.

Calculators

Check out some of our Calculators to help you work out scenarios!

Still have questions?

For more information call us or visit us in branch.

One of our friendly loans officers are always happy to help!