$5,000 First Home Buyers Grant
At Credit Union SA we understand how hard it can be for first home buyers to get into the property market.
That’s why, in addition to our very competitive home loan rates, we’re offering a $5,000 First Home Buyers Grant when you borrow at least $250,000 to purchase or build a first home with a loan to value ratio over 80%.
All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance.
From one South Australian to another it’s a step to help you get a foot in the door.
How do I receive the grant?
There are two ways you can choose to receive your grant from Credit Union SA:
- Have it paid into an account of your choice after settlement. Please note the grant cannot be accessed prior to settlement for new complete or established homes. If you are constructing, the grant will be paid on confirmation that the foundation has been poured.
- Choose to have it applied directly towards the settlement of your property purchase, or when constructing, the grant is paid when the foundation is poured.
We understand that the journey to home ownership is exciting, but it can also be a little daunting the first time around. Read on to learn about some of the key considerations and milestones you'll complete as you achieve your goal of home ownership.
Where to start
So you’ve decided to buy your first home, but don’t know where to start? Credit Union SA is here to help you sort through all of the red tape and nonsensical banking language.
How much can I borrow?
Every home buyer is different, and the amount that each person can borrow is also different. Your borrowing potential is determined by your income, your assets, your living expenses, and the kind of loan you are after.
Home Loan calculators
We have a range of helpful calculators for First Home Buyers:
- Repayment calculator – Calculate your repayments for different loans, for various terms and payment frequencies.
- Buying and Selling Costs calculator – Calculate the costs of buying and selling, including real estate agent costs and stamp duty.
- Borrowing Power calculator – Determine what amount a lender may lend you based on your income and expenses.
- Loan Comparison calculator – Compare two different loans using their individual honeymoon rates, upfront fees, monthly fees and discharge fees.
- Deposit Planner calculator – Calculate your accumulated savings as well as interest accumulated over a specified time term.
Buying your home
So you’re ready to start looking for a home. You’ve got your deposit and your pre-approval sorted, so now you can start looking for your dream home. Real estate websites are great at making houses look desirable online, but seeing a house in person will speak volumes.
My home, my way – Andrew
My home, my way – Kate
Meet First Home Buyer Ellie-May
Meet First Home Buyers Nathan and Larissa
Lending criteria, fees and conditions apply. Offer is current as at 27/07/2021 and is subject to change. Minimum loan $250,000 to purchase or build a first home with a loan to value ratio over 80%. All loans that are eligible for the First Home Buyers Grant will be subject to pay Lenders’ Mortgage Insurance. To be eligible, applicants must not have previously owned residential property in Australia. Available to natural persons only (i.e. not a trustee or a company).