Save For Your Home

The first step towards purchasing a home is saving for the deposit and other costs.

Apart from the deposit, you may incur stamp duty on the transfer of land, legal fees and building inspections among other costs. When added to a 5% deposit, these costs could amount to 10-15% of the value of the property.

The table below gives you an example of the costs involved, based on a $350,000 property in Victoria with a loan amount of $330,000:

Use our Stamp Duty Calculator to find out the costs based on a different property value.

If you’re a first home buyer you may also be eligible for the Federal and State Government’s First Home Owner Grants. Victoria Teachers Credit Union can process your First Home Owner Grant application for you.

Get Your Home Deposit Faster
With our Home Bonus Saver Account, you will be able to save a deposit for your home or investment property in no time. Our Home Bonus Saver Account offers bonus interest³, no transaction fees and no Home Loan establishment fees⁴ when you apply for a Home Loan with the Credit Union.

1. Lenders Mortgage Insurance (LMI) is only required if the loan exceeds 80% of the property purchase price. LMI protects the lender. Loans of up to 95% Loan to Value Ratio (LVR) can be approved, subject to meeting LMI approval conditions.

2. The costs are approximate figures only to provide a guide of the amount you will require. These costs may differ with other lenders and in different states.
3 . When you make at least one deposit and no withdrawals during the month.

4. On the condition that you maintain a minimum balance of $10,000 in your account for three months prior to applying for a home loan and having your Home Loan funded by Victoria Teachers Credit Union.

Related Links

	First Home Owner Grant