Planning your purchase
Apply for a home loan.
Setting your goals
Consider your current situation and where you want to be in the future. This will help you decide where to buy, how much you could borrow, and which home loan you choose. When thinking about your plan ask yourself:
- How much do you earn and spend? If you want some help, use our budgeting tool.
- What changes do you expect in your income?
- Will you start a family?
- Do you want the flexibility to renovate your new home?
- What about insurance?
Calculating how much you can borrow
It's important to only borrow as much as you can afford to repay. Don't forget that the house price won't be your only cost, and that you might be eligible for the first home owners' grant.
Use our calculators to:
- plan your budget
- find out how much you could borrow
- discover key facts about our home loans, including an idea of repayments
Building a deposit
Ideally, you'd save at least 20% of the purchase price, and use it as a deposit on your house. We can help you plan with our budgeting tool and savings calculator, while our savings accounts will earn you a good rate of interest.
If you have a deposit that’s less than 20%, you might be able to borrow up to 95% of the property value. But you'll probably have to pay Lenders' Mortgage Insurance (LMI).
Your family might be able to help you with your deposit. A NAB Family Guarantee, uses the equity in their home to secure part of your home loan.
