We are closed Friday 29 September 2023 for the AFL Grand Final Eve Public Holiday. We will reopen on Monday 2nd of October.
Although buying your first home is an exciting time, the big picture to some may seem daunting. Geelong Bank loan specialists are here to guide you every step of the way. From how much you can borrow right up until settlement they will be there to take you through the process.
Use our borrowing calculator to work out how much you could borrow for a home loan.
Work out what your minimum loan repayments may be, for any borrowed amount.
This helpful tool shows how much you need to save in order to reach your financial goals.
Geelong locals have trusted us to help make their dreams of home ownership a reality since 1974. Most of our customers come to us from word of mouth recommendations. Why not experience the Geelong Bank difference?
Our Lending Consultants are trusted experts that are with you all the way, from saving a deposit to moving in. Face to face or online.
We come to you at home, at work or at you favourite coffee shop. Or drop by our office, conveniently located in Gheringhap Street.
100% customer-owned approved deposit-taking institution that's 100% committed to you and the communities we serve.
Family guarantee allows you to buy a home sooner by using the equity in a family member’s home as additional security on your home loan. There is a risk for the guarantor and lenders will require guarantors seek independent financial and legal advice. If you are unable to pay your loan your guarantor will become liable. Another option is a non-repayable financial gift.
The benefits of both these options are that if the loan to value ratio 80% or less, Lenders Mortgage Insurance is not required.
In addition to the deposit, you will need to cover other costs associated with buying a property and obtaining a home loan:
No matter what kind of home you’re looking for, there are some key features to consider. There are large townhouses or apartments and small family homes, so looking for what you want in a home is as important as the type of building.
These are just some basic questions. Each home has its advantages and disadvantages and no two buyers have the same wants or needs. The best way to evaluate which home is right for you is to consider what you must have and what you can live without.
There are a number of resources you can use to find a home, including:
Closely check the:
If you think you have found the property for you it may be worthwhile to pay for a professional inspection to check potential problem areas.
Variable interest rates, comparison rates, mortgage offset, stamp duty, redraw – what do they all mean? It can be overwhelming. Speak to a Geelong Bank loans specialist who will not only guide you through the process and help select the home loan right for you, they will ensure you have a clear understanding of your obligations.
Once you have signed a contract to purchase your home, it’s time to think about protecting your assets with insurance.
Our Lending Solution includes obligation-free quotes on any home and contents insurance with our insurance partnership with very reputable and experienced mainstream insurance providers.
Achieving the dream of home ownership is one of the most exciting times in your life. However, it also comes with a big challenge – the time it takes to save a substantial deposit that lenders often require (typically 20% of the home’s purchase price). If you do not have a substantial deposit saved, your lender may be prepared to provide you a home loan with a smaller deposit (as little as 5%), by taking out Lenders Mortgage Insurance (LMI).
Lenders Mortgage Insurance (LMI) is an insurance policy that your lender takes out to protect itself against the risk that you (the borrower) default on your loan repayments and your lender is unable to recover the full outstanding loan amount.
Lenders Mortgage Insurance is arranged by your lender and the premium is a one-off cost your lender pays to us (the insurer) upon settlement of your property purchase. This cost is passed on to you (the borrower) by your lender, as a fee.
|1, 2 Home Loan||Affinity Home Loan||Mutual Home Loan||HomeBuilder Loan||Relocation Home Loan||1 year Fixed Rate Loan||2 year Fixed Rate Loan||First Home Buyers Loan|
|Additional repayments accepted:||Yes||Yes||Yes||Yes||Yes||No||No||Yes|
|Maximum loan amount||Up to 97%||Up to 90%||Up to 97%||Up to 97%||Up to 80%||Up to 97%||Up to 97%||Up to 97%|
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