5 Step Guide to Buying Your Home

1. Save for your home

The first step towards buying a home is saving for the deposit and other costs such as stamp duty, legal fees and building inspections. (See our Stamp Duty Calculator.) If you're a first home buyer, you may also be eligible for Federal and State Government First Home Owner Grants.

We offer a Family Guarantee option to help you get into your new home sooner.

With our Bonus Saver Account, you'll be able to save a deposit for your home in no time.

2. Do your calculations

The amount you can borrow will depend on your income, living expenses, your credit history and your current savings.

Use our calculators to make informed decisions about borrowing money and repaying your loan.

3. Search for a property

Obtaining pre-approval before you start looking for a property determines your affordability so you can search with confidence. Conditional pre-approval is valid for up to 3 months.

We recommend you seek legal advice before signing a contract.

Tips for finding the right property:

  • Research property sales history in the area you want to buy and familiarise yourself with the prices in the area.
  • Make sure you check for things such as schools, shops and public transport nearby which may be relevant to your needs.

It is worthwhile organising a building inspection to ensure that there are no structural problems or termites, and a valuation by an independent real estate agent or valuer1.

1.Victoria Teachers Mutual Bank may still require a valuation from our panel of independent valuers.

4. Protect your property

Building Insurance is required before you sign the mortgage documents and the loan contract. It's worthwhile arranging Insurance straight after paying the deposit - don't wait for settlement. Use our Home Replacement Calculator to work out how much you should insure for.

Victoria Teachers Mutual Bank is an agent for two of Australia's leading Insurance companies: Allianz and CGU Insurance. To obtain a quote call our friendly Insurance Consultants on 1300 654 166, or obtain an online quote for Allianz Insurance.

5. Choose your home loan

The final step is to choose the Home Loan that best suits your needs.

Victoria Teachers Mutual Bank offers flexible Home Loans for many purposes. View our Home Loans.

We also run informative seminars for people who are buying their first home.