Work out how your deposit, buying costs and borrowing position fit together. Explore loan options with Wity, then talk through what your next step could look like.
Separate the deposit from buying costs and the cash you want to keep.
Review income, everyday expenses, debts and credit card limits.
Check which assistance could apply to your circumstances and intended property.
What should I have ready for a conversation?
Start with what you know. When documents are needed, the team will confirm the evidence for your situation and how to provide it.
Income and employment details, including any variable or self-employed income.
Savings and the source of your deposit, including any family contribution.
Existing loans, credit card limits and regular living expenses.
Any property details, contract dates and assistance you want to discuss.
First home buyer assistance
Know what each kind of help does.
A guarantee, grant, concession and shared equity scheme work differently. Check the rules for each before building them into your budget.
01A guarantee supports the lender.
The Australian Government 5% Deposit Scheme can help eligible buyers purchase with a smaller deposit without lenders mortgage insurance. It is a guarantee to the lender, not a cash payment. Property caps, lender assessment and ongoing owner-occupier obligations apply.
02A grant and a duty concession do different jobs.
A grant is a payment towards an eligible purchase or build. A stamp duty concession reduces a tax cost. Your state or territory sets its own rules, including how it treats new and established homes, ownership history and living in the property.
03Shared equity changes the ownership arrangement.
Under Help to Buy, the Australian Government contributes towards an eligible home and shares in changes to its value. There are ongoing obligations and rules for repaying its share. This differs from a lender guarantee, and the schemes cannot simply be combined.
The First Home Super Saver Scheme lets eligible buyers release eligible voluntary super contributions and associated earnings towards a first home. Contribution, release and timing rules apply. Check the ATO guidance and seek qualified advice about your tax position.
Eligibility for assistance does not guarantee a home loan. Participating lenders assess credit eligibility separately, and assistance can carry ongoing obligations.
Find your state or territory’s rules.
These links take you to the government source. Check transaction dates, property type, ownership history and residence requirements.
These sources explain local assistance; they do not confirm your eligibility. Your adviser, conveyancer or the relevant authority can help clarify the rules for your purchase.
Your buying budget
Your savings have three jobs.
Think about your deposit, the costs of buying and the money you want left afterwards. Together, they give you a more useful starting point than a deposit target alone.
/01
What goes towards the home?
Your deposit
This is the money you contribute towards the purchase price. The amount you need depends on the property, your loan and any assistance you qualify for. A smaller deposit usually means a larger loan to repay.
/02
What else needs paying?
Your purchase costs
Allow for any stamp duty, conveyancing, inspections, lender and government fees, plus moving costs. Grants and concessions have different eligibility rules, so don’t count on them until they have been checked.
/03
What will I have left?
Your cash after settlement
Decide what you want to retain for unexpected costs and everyday life. Budget for repayments, insurance, council rates, maintenance and any strata fees alongside your other commitments.
Before you sign or bid
Check the commitment before you make it.
A property can move quickly. Get the finance and legal questions answered before you commit, especially if you’re considering an auction.
Ask your solicitor or conveyancer about conditions, deposit deadlines, cooling-off rights and settlement dates. These vary by location and sale method; an auction generally has no cooling-off period.
02Check your finance position
Tell Wity about the property and contract dates. Pre-approval is conditional: the lender still needs to assess the property and confirm your circumstances before final approval.
03Consider inspections and ongoing costs
Ask about building, pest and any strata checks before the relevant deadline. Look beyond the purchase price to likely repairs, insurance and regular ownership costs.
04Confirm any assistance you are relying on
Check the property, purchase price, ownership history and occupancy requirements against the current scheme rules. Some assistance has ongoing obligations after settlement.
Your solicitor or conveyancer advises on the contract and legal obligations. A lender’s pre-approval does not guarantee final approval or settlement.
The next steps
From your first questions to settlement.
Start with what you know today. Your goals, financial position and the home you choose shape the loan plan that follows.
01
Match
Tell us about your purchase and financial position to explore matched loan options. These are indicative options, not a recommendation or approval.
02
Connect
Talk with the Wity team about your goals, circumstances and next steps. This is a discovery conversation; credit advice comes later with your adviser.
03
Plan
Your adviser explains your WityLoanPlan and recommendation at a Strategy Meeting. Review the options and trade-offs before deciding whether to proceed.
04
Settle
Once you accept your loan proposal, we prepare the application and supporting documents for the lender. We work through its requirements and coordinate with your conveyancer towards settlement.
The lender makes the approval decision. Accepting your loan proposal authorises preparation; it does not lodge an application or guarantee approval or settlement.
A little more clarity
Before you take the next step.
A few useful answers. For the details that are specific to you, talk with our team.
The information on this page is general in nature and does not constitute personal financial, tax or legal advice. Loan options and calculator results are indicative. Credit eligibility criteria, terms, conditions and fees apply. Government assistance is subject to current rules, eligibility and ongoing obligations; scheme eligibility does not guarantee loan approval.
