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First home buyer

Soon you can be a first home owner

Buying your first home is not as complicated or as confusing as you might think, to help you there is lots of helpful information on this site.

How do I get my first mortgage?

There are a few simple steps you need to do to get you through the process. Below is a short list of questions to help make it easy for you.

How much can I borrow?

The ING DIRECT 2 minute pre-approval form is a good place to start. You can also use calculators such as the Borrowing Capacity calculator and the Mortgage Repayments calculator to help you work through the numbers. A good tip is to think about what might change in the future.

How much do I need to borrow?

This involves estimating the cost of your first home, including the upfront costs explained below, and then working out how much of a deposit you will need.

How much do I need for a deposit?

If you want to avoid paying Lenders Mortgage Insurance you'll need 20% of the purchase price, plus extra purchasing costs such as stamp duty which is described below.

You could borrow up to 95% of the purchase price providing you have a savings history. You'll still need to show at least 3 consecutive months of savings if you're borrowing over 80% of the purchase price of the property.

The First Home Owners Grant can be a great help.

What is a family guarantee?

A Family Guarantee allows family members to use the equity in their home as additional security for a portion of the loan amount. Here's a tip - talk with them first! Not all family members favour guarantees.

How do I calculate up-front costs?

When you buy a property there are always extra costs over and above the purchase price that you'll need to budget for. Our Buying Cost calculator helps you budget for all these costs. The checklist below also outlines some of these costs.

• Stamp duty – this is a state government tax on mortgage documents and the property. The laws and amounts vary from state to state.
• Conveyancing fees and disbursements – are related to the legal process of transferring ownership of the property, usually done by a solicitor or conveyancer.
• Lenders Mortgage Insurance – this applies if you're borrowing more than 80% of the property value. It is insurance the bank takes out for the home loan and it protects the bank rather than the individual, allowing the borrower to get into the market with a deposit of less than 20%.
• Searches and building/pest inspections – it costs a little extra but it pays to identify any potential problems before you buy
• Moving costs – removalists, cleaners, connecting utilities, extra furniture.

Which mortgage is best for me?

This depends largely on your lifestyle and your needs. It's best to talk to an ING DIRECT Home Loan Specialist to find out which mortgage best suits your needs or to compare ING DIRECT's mortgage products.

Your simple 4 step mortgage application with ING DIRECT

1. Complete the online application form or call an ING DIRECT Home Loan Specialist on 1800 199 106 and they'll complete the form over the phone with you.
2. Within 2 to 3 days your Home Loan Specialist will call to let you know if your loan is approved and advise you about the next steps. Formal approval takes about 5 to 7 business days.
3. Sign and return the mortgage offer sent to you or your solicitor by ING DIRECT.
4. ING DIRECT will organise your mortgage settlement and you'll get a letter confirming your mortgage details. Then you're ready to move into your new home.

Keep in mind that application to settlement usually takes 3 to 6 weeks provided you send back all the documentation within the specified time frame.

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