First home buyer

A pre-approval is an estimated amount of how much a bank could lend you. The lender will consider your income, assets, liabilities, and living expenses. Once they’ve checked out your financials, they may give you a pre-approval for how much they could lend you. Add this amount to your deposit to see what you could spend on a property. Factor in other costs as well, such as conveyancing and stamp duty.

Stamp duty is a government tax due when ownership of a property changes. The amount payable depends on various factors, including what state the property is in, whether it’s an investment or an owner-occupied property, and if the purchaser is a first-home buyer.

If you’re a first-home buyer and intend to live in the property, you might be eligible for a concession or waiver of stamp duty. Check what’s available in your state or territory.

Rates are subject to change. The rates that are shown may not be the rates that apply to your loan. We have not taken into account any fees or charges.

Repayments are indicative only. When calculating repayments we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

Loan amount

• The loan amount and estimated property value is the amount entered by you. Ubank’s loans have a maximum loan to value ratio (LVR) of 85%. Therefore, the loan amount will be the lesser of your current loan balance entered or 85% of the estimated property value entered.

Interest rates

• Where you have selected both a ‘variable’ interest rate along with ‘A low interest rate and no ongoing fees’, we have applied the current interest rate for a ‘Neat home loan’. If you have selected both a ‘variable’ interest rate along with ‘Ability to reduce repayments with 100% interest offset’ we have applied the current interest rate for a ‘Flex home loan – variable’.
• Where you have selected a ‘fixed’ interest rate type, we have applied the current interest rate for ‘Flex home loan – fixed’.
• As rates are subject to change, the rate that is current today (both variable or fixed) may not be the rate that applies to your loan.
• That any variable interest rate displayed will not change during the term of your loan. We do this as we can’t predict what rates will do in the future.
• That at the end of any fixed rate period, a variable rate will apply.

Interest and repayment cycles

• That repayments are made monthly. If you have chosen to view your savings on an annual basis, we have taken the monthly amount and multiplied it by 12. As the figures displayed are to the nearest dollar, this may not be a precise conversion.
• That your annual interest charge is divided equally over 12 monthly payments. In reality, interest is typically calculated daily and charged at the same frequency and on the same day as repayments are made.
• That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).