First Home Buyers
From dreaming to doing, we’re with you.
First Home Buyers
From dreaming to doing,
we're with you.
We make first homes feel possible.
Buying your first home is a big milestone, and entering the property market can be a new and exciting journey.
Whether you’re saving for your deposit, looking for a special rate, or exploring support through a guarantor, we’re here with flexible options to help you get there.
Secure Start
Buying your first home shouldn’t feel out of reach. Secure Start is a smart, support-based solution that connects first home buyers with trusted guarantors – making your journey smoother and more achievable.
Exclusive rates
We’re offering special, tailored rates designed to make your path to homeownership more affordable. Whether you’re still saving or ready to buy, our exclusive rates are built to support your goals.
First home buyer resources
Everything you need to buy your first home is right at your fingertips. Our resources give First Home Buyers access to helpful information, step-by-step support in the Your Journey tab, smart calculators and tools, related articles, and FAQs to answer all your questions.
Special offers for first home buyers
Buying your first home is a big milestone, and at Summerland Bank, we’re here to make it feel simple and aligned with your lifestyle. Our tailored home loans are designed to match your priorities, whether you’re drawn to sustainable living rewards, looking for low-cost simplicity, seeking fixed rate certainty, or wanting flexible features like an offset account and package benefits.
Eco Home Loan
5.29% | 5.34% p.a.
Variable rate1 | Comparison rate³
Ideal for the conscious consumer, this loan is specially designed for borrowers looking to make an environmentally sustainable purchase while keeping their rates low.
Basic Home Loan
5.34% p.a. | 5.39% p.a.
Variable rate1 | Comparison rate³
Keep things simple with a variable home loan featuring generous redraw options and a low ongoing rate.
Premium Home Loan
5.49% p.a. | 5.87% p.a.
Variable rate1 | Comparison rate³
Take things up a notch with our Premium Home Loan offering. Perks like offset and pricing concession on products such as credit card.
Fixed Rate Loan
5.09% p.a.5.74% p.a.
2 year Fixed rate2,4 | Comparison rate³
For ultimate peace of mind, a fixed rate loan gives you certainty on upcoming repayments and the flexibility of a redraw.
Your journey to homeownership
Your journey to home
ownership
From saving to securing your loan, settling, and finally moving in – buying your first home doesn’t have to be overwhelming. These 9 steps break it down into simple, manageable stages. No matter where you are in the process, we’re here to make it easier and support you every step of the way.
1. Define your budget
Start by reviewing your income, expenses, and savings to get a clear picture of what you can afford to borrow. Consider future costs like home maintenance, insurance, and rates.
2. Save your deposit
Aim to save at least 5 - 20% of your target property’s value. If feels out of reach, explore support options like our Secure Start arrangement.
3. Get pre-approval
Contact your lender to apply for loan pre-approval. This gives you a clearer idea of what you can borrow and helps you feel more confident when making offers.
4. Find your property
Choose an area that suits your lifestyle and budget, considering transport, schools and amenities. Then explore options through open homes or a real estate agent, focusing on essentials like location and bedrooms.
5. Make an offer
Start negotiating and consider adding conditions like pest and building inspections. The process varies by state, so check your obligations and always have your conveyancer review the contract before signing.
6. Secure your loan
Provide any outstanding documents to your lender and finalise your home loan. Your lender will arrange a property valuation before giving full approval.
7. Arrange legal support
Engage a conveyancer or solicitor to handle the legal side, including contract review, title transfer, and coordinating settlement.
8. Finalise settlement
On settlement day, ownership of the property officially transfers to you. You’ll receive the keys and can start planning your move!
9. Move in and enjoy!
Congratulations - you’re now a homeowner! Settle into your new place and explore your neighbourhood, and don’t forget to update your address and utilities.
Check with our calculators
Access all our calculators here.
How much can I borrow?
Calculate how much you can borrow based on your available funds.
Stamp Duty
Calculate stamp duty on a new property.
Achieve my savings target
Calculate how much you will need to save on a regular basis to reach your goals.
Basic loan repayment
Find out how much your repayments would be on a home loan.
Comparison Rate
Calculate the rate of your loan with fees factored in.
Key Fact Sheet for
Home Loan
Got questions? We've got answers
How much deposit do I typically need?
You’ll generally need between 5% and 20% of the property’s purchase price. The more you can save, the more options you may have. If you have less than a 5% deposit, our Secure Start offering provide additional support to help you move forward with home ownership sooner. Learn more about Secure Start.
What is LVR (Loan-to-Value Ratio)?
LVR stands for Loan-to-Value Ratio – it’s the percentage of a property’s value you borrow. For example, borrowing $400,000 for a $500,000 home equals an 80% LVR. A lower LVR may lead to better loan terms, while an LVR above 80% could mean paying Lenders Mortgage Insurance (LMI). That’s where Secure Start comes in. Eligible borrowers can access a home loan with a deposit of less than 20% without paying LMI. Learn more about Secure Start.
What does Lenders Mortgage Insurance (LMI) mean?
Lenders Mortgage Insurance (LMI) is an insurance that protects the lender (not the borrower) if the borrower can’t repay the loan. It’s usually required when your deposit is less than 20%.
What if I don’t have a 20% deposit?
We know saving a 20% deposit can be tough – especially for first home buyers. That’s where Secure Start comes in. Secure Start offers support through Guarantor-backed options, allowing a direct family member to use their home’s equity to help secure your loan. This removes the need for Lenders Mortgage Insurance (LMI). Independent legal advice is required for everyone involved. Learn more about Secure Start.
What is loan pre-approval, and why is it useful?
Pre-approval gives you a clearer idea of how much you can borrow before you start house hunting. It helps you shop with confidence and shows sellers you’re a serious buyer.
What's the difference between fixed and variable interest rates?
Fixed Rate: The interest rate stays the same for a set period, giving you certainty in your repayments.
Variable Rate: The interest may change with market conditions, which means your repayments might go up or down.
What is Secure Start?
Secure Start is a family guarantor solution that helps eligible first home buyers to enter the market sooner. It allows a family member to act as a guarantor, reducing upfront costs and helping you avoid Lenders Mortgage Insurance (LMI).
What does a Guarantor do?
A guarantor uses part of their property’s equity as extra security for your home loan. This removes the need for a full 20% deposit and help to avoid Lenders Mortgage Insurance (LMI).
Who can be a Guarantor?
Guarantors using Secure Start must be close family members. They must own property in Australia and meet certain eligibility criteria.
What other upfront costs should I plan for besides the deposit?
Along with your deposit, you’ll need to budget for stamp duty (if applicable), legal fees, building and pest inspections, loan application fees, and moving costs.
The legal stuff
1.Eligibility for the advertised rate: first home buyer – owner occupied, principal and interest repayments only. Maximum LVR 85%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
2. Eligibility for the advertised rate: first home buyer – owner occupied, principal and interest repayments only. Maximum LVR 95%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
3. Comparison rate is based on a loan of $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.
4. Loan reverts to applicable variable rate on maturity of the fixed period.
5.Rate applicable to first home buyer – owner occupied. A different rate applies for other borrowers. See our interest rate schedule or contact us for more information.
Guarantor/s should consider the risks associated with becoming a guarantor, including that they may be liable to repay the loan if the borrower/s defaults. Guarantors are required to seek independent legal advice before providing a guarantee. Guarantee may be provided by close family members only. Offer may be varied or withdrawn at any time.
Rates are subject to change. Conditions, fees, and eligibility criteria may apply, see us for details. Terms and Conditions available upon request. Target market determination available on request at our branches. This is general advice only and may not be right for you. Please read the Credit Guide before making decisions.
Related articles
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