First Home Buyers

Benefits

Home Loan Journey

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FAQ

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Benefits

Why choose Border Bank for your first home loan?

Great rates for first home buyers

We’re here to help members of the Department of Home Affairs Family and Australian Border Force community take their first step into home ownership.

Start with just 5% deposit

Our team can help you understand whether you may be eligible to purchase a home with a minimum 5% deposit for eligible first home buyers, or a minimum 2% deposit for eligible single parents or legal guardians, without paying Lenders Mortgage Insurance (LMI) under the Australian Government 5% Deposit Scheme.

Helping make your first home happen

Border Bank Home Lending Specialists are here with practical guidance, online tools and calculators to help you move forward.

Here for our own

We understand that your income can be more than just your standard pay. When you apply for a home loan, we will consider your overtime and shift allowances when assessing your income.

Home Loan Journey

Your first home loan journey

We’re here to support you with five simple steps to help you into your first home.

Apply now

Explore first home buyer benefits

Speak with a Border Bank Home Lending Specialist to explore whether you may be eligible for first home buyer grants and government schemes available in your state or territory.

Get conditional approval

Pre-approval can give you a clearer idea of how much you may be able to borrow, helping you set your budget before you start searching for a property. Conditional approval is subject to our lending criteria and isn’t a guarantee of formal approval.

Find your home

Once you have a clearer view of your budget and borrowing capacity, you can start looking for your first home with more confidence.

Formal approval

Found the right property and ready to make an offer? Complete your home loan application online or with help from a Border Bank Home Lending Specialist. We’ll assess the property and your application before considering formal approval.

Settlement

Once the paperwork is finalised and settlement is complete, it’s time to collect the keys and make the place yours.

I have found the mortgage application process with Border Bank to be very smooth and a great customer experience. Both staff members have been professional, knowledgeable, and prompt in responding to emails. I have also found both to be good, decent people to work with, which is why I have recommended you to my family and colleagues.

Paul S

Talk to a Home Loan Specialist

Helpful guidance for your home loan journey

Speak with a Home Lending Specialist

Learn more

Support along the way

Plan your home loan journey

We’ll get to know where you’re at, talk through the available home loan options and help you find one that suits your needs.

Guidance through your application

Your Home Lending Specialist can talk you through the process and help you get your application ready to submit.

Here to help through to settlement

From your first questions through to finalising your loan, your Home Lending Specialist is here to help keep things moving.

Call us

132 267

Request a call back

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Hours

Monday to Friday, 8am – 6pm AEST/AEDT

Calculators & Tools

Use our calculators and tools to estimate borrowing power, repayments, stamp duty and more.

Borrowing power Calculator

Repayment Calculator

Stamp Duty Calculator

Refinance Calculator

Compare Home Loans

A First Home Buyer Loan designed to help you get started

A competitive rate is only the start. Talk to us about a home loan approach that works for you.

Variable rate

Fixed rate

First Home Loan

If you’re eligible for the Australian Government 5% Deposit Scheme, we can help you take the next step towards your first home.

6.09

Variable rate*

6.16

Comparison rate^

Based on up to 98% LVR and owner occupied. Applies to Principal and Interest loans.

Offset account available on Principal & Interest home loans

At-call access to available funds through your redraw facility

Unlimited additional repayments

Interest only available (max 5 years)†

Apply Now

Customs Value

For current or retired employees who are members of Border Protection, Immigration, National Security, or related areas within the Department of Home Affairs.

6.19

p.a.

Variable rate*

6.26

p.a.

Comparison rate^

Based on up to 60% LVR and owner occupied. Applies to Principal and Interest loans.

Offset account available on Principal and Interest home loans

At-call access to available funds through your redraw facility

Unlimited additional repayments

Interest only available (max 5 years)†

Apply Now

Goldrate

For existing members, or those who are becoming a member of Border Bank.

6.24

p.a.

Variable rate*

6.31

p.a.

Comparison rate^

Based on up to 60% LVR and owner occupied. Applies to Principal and Interest loans.

Offset account available on Principal & Interest home loans

At-call access to available funds through your redraw facility

Unlimited additional repayments

Interest only available (max 5 years)†

Apply Now

Helpful things to know at every step

I’m starting to think about buying

I’m researching and planning

I’m ready to apply

At settlement

Understanding your budget

See where you really stand financially
Look at your income, regular expenses and savings to get a clearer picture of where you stand financially.

Get a sense of your borrowing power
Try our borrowing power calculator for an estimate based on your current financial position.

Plan for more than just the deposit
Use our deposit planner to factor in your deposit, stamp duty, legal fees and other costs that can come with buying.

Home loan basics

Which home loan could suit you?
Take a look at variable, fixed and split rate options to see which loan structure may suit your needs.

Understanding interest rates
Learn how interest rates work, what can influence them and what a change in rate could mean for your repayments.

Get organised before you apply

Getting organised early can save time later. Have your income documents, ID, bank statements and financial details ready before you apply.

Government Schemes & Grants
First Home Owner Grant
Check the one-off grants that may be available to eligible first home buyers in your state or territory.

Australian Government 5% Deposit Scheme
Eligible buyers may be able to buy with a minimum of 5% deposit (or minimum 2% deposit for single parents or legal guardians) and no Lenders Mortgage Insurance costs through the Australian Government 5% Deposit Scheme.

Stamp duty concessions
Reduce or eliminate stamp duty costs with concessions available to first home buyers in most states.

FAQ

Can’t find what you need? Get in touch with our team and we’ll help point you in the right direction.

Connect with us

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How do I work out if a suburb is likely to grow in value?

What’s the difference between ‘asking price’ and ‘market value’?

Asking price: The amount a seller advertises their property for.
Market value: An estimate of what the property is worth based on factors such as recent comparable sales, location, condition and current market conditions.

It’s worth remembering that a property’s asking price and market value aren’t always the same. Depending on the market, a property may sell for more or less than its advertised price.

What is the Australian Government 5% Deposit Scheme?

Eligible first home buyers may be able to purchase a home with a deposit of a minimum 5% through Government-backed support where a Government guarantee is provided to the lender of your loan. Eligible single parents and legal guardians may be able to purchase with a minimum of 2% deposit.

The Scheme helps eligible buyers purchase a home, with a Government guarantee, a lower deposit and without needing to pay Lenders Mortgage Insurance (LMI), which is typically required when borrowing more than 80% of a property’s value.

How does the Australian Government 5% Deposit Scheme work for me?

For eligible buyers, saving a 20% deposit may not be necessary. Through Australian Government support programs, eligible first home buyers may be able to purchase a home with a deposit as low as 5%, while eligible single parents and legal guardians may be able to buy with as little as 2% under the Family Home Guarantee.

The Scheme provides Government-backed support by providing a Government guarantee to your lender, allowing eligible buyers to avoid paying Lenders Mortgage Insurance (LMI), which is typically required when borrowing more than 80% of a property’s value. This can reduce upfront costs and help you get into a home sooner.

Eligibility criteria, property price caps and available places apply. For the latest information, visit the Australian Government First Home Buyer website.

It’s also worth checking whether any state or territory grants or concessions may be available, as these can often be combined with Australian Government 5% Deposit Scheme to help reduce the overall cost of buying your first home.

Who is eligible to apply for the Australian Government 5% Deposit Scheme?

Is the Scheme available through every lender?

What is pre-approval (or conditional approval)?

Before you start seriously house hunting, it can help to know what you may be able to borrow. Pre-approval (also known as conditional approval) is an indication of how much you may be able to borrow based on the information you’ve provided.

It can help you set a realistic budget and search for a property with greater confidence. However, pre-approval is not a guarantee of final loan approval, as your lender will still need to complete further checks, including assessing the property you wish to purchase.

Can I apply for pre-approval before I have saved my full deposit?

How long does pre-approval last?

Pre-approval (also known as conditional approval) is typically valid for around 90 days, provided your financial circumstances remain broadly unchanged.

Pre-approval can give you greater confidence when searching for a property, but it is not a guarantee of final loan approval. Before your loan can be formally approved, your lender will need to complete further checks, including assessing the property you wish to purchase.

If your income, employment, expenses, savings or personal circumstances change, your pre-approval may need to be reviewed. If your pre-approval expires before you find a property, you may need to provide updated information and reapply.

The terms, conditions and expiry date of your pre-approval will be outlined in your pre-approval documentation.

How do I know what to offer?

There is no single formula for deciding what to offer on a property. Looking at recent comparable sales, local market conditions, the property’s condition and how long it has been on the market can help you determine a price you’re comfortable with.

If you’re unsure, a Home Lending Specialist can help you understand your borrowing capacity, budget for upfront costs and assess what may be affordable based on your circumstances. Having a clear budget can help you make decisions with greater confidence when it’s time to make an offer.

What is the difference between holding deposit and full deposit?

Holding deposit: A smaller upfront payment that may be requested when your offer is accepted, demonstrating that you’re serious about purchasing the property.
Full deposit: The larger deposit paid when contracts are exchanged, forming part of the total amount you’ll contribute towards the purchase price.

The amount and timing of these payments can vary depending on the property and the terms of the sale contract.

How long does a formal home loan application take?

Once you’ve found a property and submitted your formal loan application, approval is typically completed within around five business days, provided all required information and supporting documents have been supplied.

Timeframes can vary depending on factors such as:

Completion of an independent property valuation
Final credit assessment and approval
How quickly supporting documentation is provided

If you already have pre-approval in place, the process may be more streamlined, as some information will have been assessed earlier.

A Home Lending Specialist can keep you informed throughout the application process and let you know if any additional information is required.

Why does the bank need to value the property?

What can slow down my formal approval?

Formal approval is often more straightforward when all required information and supporting documents are provided early in the process.

Delays can sometimes occur if additional information is needed, documents are incomplete, or property-related checks, such as the valuation, take longer than expected.

Speaking with a Home Lending Specialist early can help you understand what information may be required and keep your application progressing as smoothly as possible.

Can anything go wrong after unconditional approval?

It’s uncommon, but it’s important to keep your financial circumstances stable between approval and settlement.

Where possible, avoid:

Taking on new debt, such as personal loans or credit cards
Making significant changes to your employment or income
Using funds that are needed for your deposit or settlement costs

Significant changes to your financial position may affect the final stages of your home loan process.

What happens after I receive unconditional approval?

What is settlement?

Do I need building and contents insurance before settlement?

What if I find damage or issues during the final inspection?

How much money do I need to have ready for settlement?

Before settlement, your solicitor or conveyancer will provide a settlement statement detailing the amount you’ll need to contribute to complete your purchase.

This may include:

The remaining purchase balance
Stamp duty (where applicable)
Adjustments for rates, water and strata fees
Legal and conveyancing costs

Your lender will arrange the loan funds, while you’ll need to have your remaining contribution available before settlement. Keeping these funds untouched in the lead-up to settlement can help ensure everything goes smoothly on the day.

What is property settlement?

What happens on settlement day?

Settlement day is when the purchase of your property is officially completed.

Your solicitor or conveyancer will work with your lender and the seller’s representatives to finalise the transaction, transfer the purchase funds and complete the legal paperwork required to transfer ownership into your name.

Any adjustments for costs such as council rates, water rates or strata fees are also calculated, ensuring each party pays their share for the time they owned the property.

Once settlement is complete, you’ll be ready to collect the keys and move into your new home.

What happens if settlement is delayed?

Can I move in on settlement day?

What should I do immediately after settlement?

Once settlement is complete and you’ve collected the keys, there are a few important tasks to help you settle into your new home:

Consider changing the locks for added security.
Arrange the transfer or connection of utilities such as electricity, gas, internet and water.
Update your address with your bank, employer, government agencies and other important service providers.
Store your contract, loan documents and other property records in a safe place for future reference.

Next Steps

Ready to get started? Choose how you’d like to connect with us.

Apply online now

Start your application online in as little as 10-20 minutes. If you need a break, save your progress and come back when it suits you.

You could get conditional approval within 72 hours.
Your Home Lending Specialist can help keep your loan moving through to settlement.

Home Lending Specialist

Talk with our team at a time and place that works for you.

Tell us what you need and how you’d like to chat, whether that’s by video call, phone, in a branch or at a location that suits you.
Pick a time that suits and we’ll confirm the appointment and who you’ll be speaking with.

Quick actions

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Apply Now

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Help

Save time, apply online

Apply online from home and complete your application when it suits you

Apply Now

Talk to a Home Lending Specialist

Talk to our Home Lending Specialists
Monday to Friday, 8am – 6pm

Schedule an appointment

Book a time to speak with a Home Lending Specialist when it suits you

Book Now

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Important Information

Terms and conditions apply and are available on request. Fees, charges and lending criteria apply. This information is general in nature and has been prepared without taking into account your personal objectives, circumstances and needs.

You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

A Financial Services Guide (FSG) is available at all Branches, on our website and upon request. Unless stated, all comparison rates are based on principal and interest repayments. For more information on interest only comparison rates, please contact us.

*Interest rates are correct as at 15th October 2026 and subject to change.

^The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

† Interest Only is available for 12 months maximum on construction loans.

Lenders Mortgage Insurance (LMI) required for Loans with an LVR greater than 80%, with the exception of the Australian Government 5% Deposit Scheme. If you decide to repay your home loan, refinance or switch to another lender within the first year, then you may be eligible for a partial refund of your LMI repayment. An early repayment fee may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments above $9,999. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change. Offset Account is not available on Interest Only or Fixed rate loans.

The First Home Loan is only available for applicants that qualify for the Australian Government 5% Deposit Scheme. Construction financing is limited to interest only repayment structures.

Great rates and support along the way to help you get into your first home sooner.

Why choose Border Bank for your first home loan?

Great rates for first home buyers

Start with just 5% deposit

Helping make your first home happen

Here for our own

Your first home loan journey

Explore first home buyer benefits

Get conditional approval

Find your home

Formal approval

Settlement

Helpful guidance for your home loan journey

Speak with a Home Lending Specialist

Support along the way

Plan your home loan journey

Guidance through your application

Here to help through to settlement

Calculators & Tools