First Home Buyers

We make it easier for first home buyers to own their home. If you are struggling to save a deposit for your first home our family guarantee option maybe the answer to owning you own home sooner.

✓ $0 Establishment Fee
✓ A 100% mortgage offset account
✓ Redraw available

7.49 % pa Interest rate 7.49 % pa Comparison rate

Product Features:

Home Loan Features
Maximum loan term :	30 years
Maximum Loan Amount :	Up to 97% of value of property with LMI capitalised
Offset Account :	Yes
Split Loans :
Establishment Fee :	No
Legal Fees :	At cost
Valuation fees :	At cost
Repayment Frequency :	Weekly, fortnightly, monthly
Additional Repayments Accepted :	Yes
Ability to top-up loan :	Yes
Interest Charges :	Calculated daily, charged monthly
Redraw Facility :	Yes
Redraw Fee :	$0
Annual Fee :	$0
Construction :	Yes
Family Guarantee Option (First Home Owners) :	Yes
Early Repayment Without Penalty :	Yes
Portability :	Yes
Bridging :	No
Fee free banking :	Yes

	Interest Rate (p.a.)	Comparison Rate (p.a.)
Owner occupied \| P&I \| LVR <80%	7.49% pa	7.49% pa
Owner occupied \| P&I \| LVR >80% to <90%	7.59% pa	7.59% pa
Owner occupied \| P&I \| LVR >90%	7.79% pa	7.79% pa
Owner occupied \| IO \| LVR <80%	8.19% pa	8.19% pa
Owner occupied \| IO \| LVR >80% to <90%	8.34% pa	8.34% pa
Owner occupied \| IO \| LVR >90%	8.44% pa	8.44% pa

Get your home sooner when a family member guarantees part of your home loan.

Do your parents want to help you buy a home? Our Family Guarantee Option is a way for your parents or family to help purchase a home without them actually providing the cash for a deposit.

Your family members can use their own home’s equity to provide additional security for a portion of your loan amount. This solution reduces your loan to value ratio and can also save you a significant amount of money by reducing or even avoiding the need to pay lender’s mortgage insurance. So get into your home faster, with help from your family.

Avoid paying thousands in mortgage insurance (where the loan does not exceed 80% of the value of the property).
Allows you to maximize the amount you can borrow.
Gets you out of the rent trap and closer to owning your own home.

Allows the guarantor to nominate a specific amount the guarantor is limited to.
Once the loan is reduced or the property increases in value the guarantee can be released.
Helps adult children purchase a home by using equity in the family members home rather that having to provide cash for the deposit.

FAQs

Read our most frequently asked questions below or view all our Home Loan FAQs.

What is a comparison rate?

A comparison rate is the interest rate of your loan, as well as the fees and charges involved in getting a loan. The comparison rate helps you figure out the real cost of the loan, so you can compare your options more clearly. Comparison rates are calculated by all Australian financial institutions and mortgage providers with a standardised formula, which is regulated by the Consumer Credit Code.

Do I have to be a member to take out a loan?

Geelong Bank is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Geelong Bank to have a loan.

How do I make repayments on the loan?

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with Geelong Bank or another financial institution.

What is Lenders Mortgage Insurance?

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.

We understand that buying a property is a very important decision and it can be both challenging and stressful. Geelong Bank uses Helia to provide Lenders Mortgage Insurance. To help you navigate through the home buying process refer to the following resources:

It's my home magazine. - Helia provides you with professional insights and tips to get you started and guide you along the way.

Documents & Forms

TARGET MARKET DETERMINATION

Owner Occupied – P&I

TARGET MARKET DETERMINATION

Owner Occupied - IO

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Important information

Footnotes:

¹ Comparison rate is based on a secured loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
² Establishment fee waived provided First Home Buyers' deposit savings are held with GB.

First Home Buyers