Know who pays for what
Buying a home is probably the biggest financial commitment you’ll ever make, so hopefully, we don’t have to tell you to choose your property purchasing partner wisely. Someone who you know honours their financial commitments, and who is aware that buying a home comes with a lot of ongoing costs that aren’t an issue when renting.
To make sure you’re both in a position to manage your money accordingly throughout the buying process and beyond, use our handy savings goal calculator to help you save for your deposit, and plan your budget for the next 12 months.
Setting up a budget
Getting a better picture of your finances is just a couple of clicks away. Simply enter your details and see how much you could be saving.
Set ground rules
When you agree to buy a place with a friend or family member, it can be easy to get caught up in the excitement and optimism, but the reality is, you both need protection in the form of a co-ownership agreement.
This is a legal document that sets out your commitment and expectations of each other from day one and should outline what steps are to be taken in the event of a falling out, or if one of you encounters financial difficulty.
Get the finance right
It’s possible that you and your buying partner will do your banking through separate financial institutions, but when it comes to getting a loan for your new home, this will need to be done through one provider.
Make sure you carefully consider your options and do some home loan comparison now to avoid heartache down the track.
Compare Home Loans
If you’re narrowing your search, and want to know the long term impacts of different home loans with different mortgage interest rates, our Home Loan Comparison calculator can help with a few clicks.
Cover yourselves
Now that you and your property BFF have agreed to buy together, it might be time to consider your level of personal insurance. After all, you’ll soon be responsible for meeting higher financial commitments than you’re used to.
Getting the right Home & Contents Insurance to cover your new acquisition is a good place to start.
Title arrangements
Now, before you crack the champagne and start living it up in your brand new home, both you and your buying partner might want to get some legal advice on the title for your property.
This will mean that in the event of a death, illness or disagreement, you’ll avoid complications.
Joint tenants
If either you or your buying partner was to pass away, the property is transferred to the co-owner, regardless of what is dictated in the will of the deceased.
Tenants in common
In the event of a co-owner passing away, the property rights of the deceased will pass to whoever is nominated in the will.
Compare Home Loans
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Great Rate Home Loan
Perfect if you’re after great value and no ongoing fees.
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Ultimate Home Loan
Our ultimate in loans. Offering the flexibility of fixed or variable rate, or a mixture of both.
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Line of Credit
Our Line of Credit helps you make the most of the equity in your home.
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Ultimate Investment Home Loan
Combining great value with a range of features designed to make investing easier.
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Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investing simple.
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Interest rate
5.94
%#
p.a.
Comparison rate
5.95
%^
p.a.
~Discount variable rate, owner occupied, principal and interest
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Interest Rate
6.13
%#
p.a.
Comparison rate
6.50
%^
p.a.
~Discount variable rate, owner occupied, principal and interest
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Interest rate
8.80
%
p.a.
Line of Credit home loan base rate
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Interest rate
6.19
%#
p.a.
Comparison rate
6.56
%^
p.a.
~Discount variable rate, principal and interest
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Interest rate
6.09
%#
p.a.
Comparison rate
6.10
%^
p.a.
~Discount variable rate, principal and interest
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*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273
++ $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%, or $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%,. Applications must be submitted by 31/05/2024 and funded by 31/08/2024. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.
Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information