Property Purchase Guide
 First Home Buyers
How exciting, looking into buying your first home! At Police Credit Union we want to make your first home purchase as simple as possible so we have set out the section below to give you an idea of everything you need to consider. If you need to clarify anything along the way, feel free to contact one of our helpful Branch staff or email us.
What are the Benefits of buying your first home?
 You will start accumulating an asset – no more renting and paying off someone else's mortgage!
You are most likely eligible for the First Home Buyers Grant.
You are most likely to be eligible for stamp duty exemption.
Costs to expect when buying a home:
Legal fees – conveyancing costs and property search costs.
Government fees – stamp duties on the mortgage (you may be eligible for an exemption) and the transfer.
Property related costs – you will need to pay back the seller, pro-rata, any council and water rates and if it is a unit, strata fees.
Inspections – you will need to have the property inspected for building and pests.
Mortgage Insurance - If you borrow more than 80% of your new home's value, you will need to pay Mortgage insurance. This covers the lender if you fail to make your mortgage repayments and the property sells for less than what is owed.
We have you covered
Before settlement you will be required to provide evidence that you have building insurance (with units this is usually covered by strata). At Police Credit Union we offer Allianz Home and Contents insurance making the process even easier for you.
What's next?
Now that you have all the information that you need you can take the next steps:
Use our calculators to see how much you think you can afford to borrow and repay.
Start the application process by filling out our online form.
Call one of our helpful Branch staff to find out more about Police Credit Union Home Loans or if you are in the Sydney Metropolitan area request a meeting with our Mobile Lender.
Find out more about our different types of home loans
Premium Home Loan
Equity Maximiser Home Loan
Fixed Interest Home Loan
Read our Guide A Smart Guide to Buying Property.
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