First home

Your home is likely to be your biggest investment. Buying your first home is an exciting time, but it's important that you're ready and informed. We can help you make the right decisions.

The process of buying your home can be broken down into five steps:

  • Work out what you can afford

    • The first step is to figure out how much you can borrow.
    • The amount you can borrow is based on your capacity to meet repayments. Repayments should not exceed 30% of your pre-tax dollars.
    • Although the typical minimum deposit with Bendigo Bank is 5% of the purchase price of your home, the more you can save for your deposit, the less your repayments will need to be.
    • As a first home buyer, you may be entitled to the First Home Owner Grant (FHOG). This grant will help you increase the size of your deposit.
    • With your budget in mind, have a look around and get a feel for the sort of properties and locations that suit your needs and lifestyle.
  • See your lender

    Make an enquiry for advice from a Bendigo Bank financial expert – we can help you work out the best borrowing option for you. For example, we can help you figure out how to:

    • know exactly what your repayments will be for the term of your loan
    • have the option to increase your loan amount at no extra cost
    • make unlimited additional payments during the loan term.

    Your lender can assist you with applying for the First Home Owner Grant and your loan itself.

    Once you submit your loan application, we'll assess it. We'll let you know the results of the appraisal, and if you need it, we can provide you with a pre-approval.

  • Find your home

    • When you find a house you like, go through it a few times. It's a good idea to see it at different times of the day and in varying weather if you can. If possible, bring a builder with you. It's always wise to have a set of professional eyes to gain helpful insights.
    • Get pest and building inspections done on the property to make sure you're fully aware of its condition.
  • Get to know the loan process

    Legal needs

    You'll need to organise a solicitor to look after your conveyancing needs during the purchase process. We can help you with this if you don't have a solicitor or conveyancer. It's a good idea to stay in touch with your conveyancer regularly throughout the process, to make sure things stay on track.

    The conveyancer should guide you through:

    • the sales process
    • the costs
    • any finer details, such as any clauses in your contract of sale.

    Property valuation

    Once you've found a home you'd like to buy, get in touch with your lender. We will use your purchase contract, council rates, or, if required, organise a valuation on your property.


    Once your loan is approved your lender will explain and help you organise insurance to cover for both your property and your repayments. You may need insurance in these categories:

    • Home insurance, which includes the contract period before settlement.
    • Loan insurance, which guarantees you can meet your repayments even if something unexpected happens.
    • Lenders Mortgage Insurance (LMI), which is required only if you're borrowing more than 80% of the total amount of the purchase price. The LMI amount is paid to Bendigo Bank to cover us in case you default on your loan.
  • Understand settlement – before and after

    • With your finance approved, you can pay your deposit to the real estate agent and sign the documentation with your lender. And now you can start planning your move to coincide with the settlement date.
    • On settlement day, we’ll meet with your real estate agent and solicitor to settle the loan. We’ll draw down the loan, debiting the amount we’ve paid at settlement from your loan account. Then, all that’s left to do is get the keys from your agent and start enjoying your new home!

Before you buy a house for the first time, it pays to be aware of all the costs.

  • Deposit and repayments

    • The typical minimum deposit with Bendigo Bank is 5% of the purchase price of your home, and 10% of the purchase price for vacant land.
    • Use our repayment calculator to find out how loan repayments vary based on loan amounts, period and rates. Repayments should not exceed 30% of your pre-tax dollars.
  • Fees

    Bank fees

    Your lender can provide a breakdown of these exact costs, which can include:

    • an application fee
    • a valuation fee
    • a document preparation fee
    • a settlement fee

    Government fees

    • Stamp duty
    • Whenever you buy property in Australia, you incur a government stamp duty charge based on the purchase price. Stamp duty can be a sizeable amount of money, so you need to factor it in to your calculations.
    • Registration and title fees
    • Whenever a property changes hands, you must lodge a 'transfer of land' document with your state's Titles Office. The fee to lodge this form varies from state to state.
  • Conveyancing

    You’ll need a legal representative to:
    • review the purchase contract
    • prepare the transfer of title
    • conduct any specific property searches on your behalf.
    Your solicitor or conveyancer should be able to give you a quote up-front as to how much this will cost. If you don’t have a solicitor in mind, we can organise one for you.

  • Insurance

    Building insurance

    Having building insurance in place is a condition of any home loan. We can give you a quote to insure your property with Bendigo Home insurance. Get in touch or come into any branch and we can arrange:

    • 14 months cover for the price of 12
    • free building insurance for your contract settlement period.

    Loan-protection insurance

    It's a good idea to protect your loan repayments in case the unexpected happens. Bendigo Loan insurance provides peace of mind by protecting your repayments with cover for:

    • Life
    • Sickness and accident
    • Involuntary unemployment
    • Trauma

    Lenders Mortgage Insurance

    If you borrow more than 80% of the total value of your property, you'll incur a one-off cost called Lenders Mortgage Insurance (LMI).
    • LMI protects us, Bendigo Bank, against the costs we face if you default on your loan.
    • The amount of LMI varies according to the size of your loan.

We know how important it is to choose the best home loan for your needs. Make an enquiry to receive guidance from a Bendigo financial expert.

Bendigo not only gives you the choice of fixed or variable interest, we also offer products and packages that help you save money – and manage your finances:

  • Connect Package – Benefit from our lowest interest rates when you combine your Bendigo home loan with eligible Bendigo products. Pick from our top-rated super, insurance, accounts, loans and financial-planning options, and save more than you might imagine.
  • Basic Home Loan – Our simple, easy-to-understand home loan has flexible terms for interest and repayments, and the option for online redraw.
  • Green Home Loan – Be rewarded for renovating or building your investment property in a sustainable way, with discounts on interest rates for those who meet our green criteria.
Use our home loan selector to find the best loan for you.