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.
Can't quite find what you're after?
Drop into a branch
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
Can’t make it to a branch?
Our mobile lenders are more than happy to come to you. Find a lending expert close to you and request a callback today.
Get in touch
Speak to our contact centre
Monday to Friday 8:00am - 6:00pm AEST.
Saturday 8:00am - 1:00pm AEST.
Terms, conditions, fees, charges and credit criteria apply.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the examples 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 available for new home loans $150k+, with LVR of 80% or less.
~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.
‡A prepayment fee applies to fixed rate loans if you make more than 5% in extra payments. Contact us before making additional repayments to get an estimate of the prepayment fee.
Interest Only home loans attract a 0.10% p.a. margin above the applicable Principal and Interest interest rate. Your interest rate which includes any margins, will be set out in your loan contract.
◊Cashback offers:
*Online Cashback of $2,500 for eligible home loans $250-$499k or $3,000 for loans ≥$500k available for applications submitted via the Greater Bank Digital Home Loan application channel (online application) with 80% LVR or below. Excludes refinances from Greater Bank or Newcastle Permanent. If eligible, cashback payment will be made within 60 days of the loan settlement date (loan must still be open at time of payment). Only one (1) cashback payment per eligible loan and for first eligible loan only. Not available in conjunction with any other cashback or promotional payment (except any interest rate discount offered). Offer may be varied or withdrawn at any time. See the full Online Cashback Offer Terms and Conditions.
+Cashback of $2,000 for eligible home loans $250-$499k or $2,500 cashback for loans ≥$500k available for refinance applications submitted via Greater Bank lenders (not online), with 80% LVR or below. 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.
**$2,500 cashback for loans ≥$250,000 with LVR less than or equal to 95%. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. All borrowers must be a first home buyer, which means they have never owned or co-owned a residential property. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full First Home Buyer Cashback Offer Terms and Conditions here.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.