Buying your home can sometimes feel like a complicated and overwhelming process, which is why we make the experience as simple and smooth as possible.
To assist home buyers in breaking into the property market, we have our pathways outlined to help realise the dream of owning your home.
Eligibility Criteria |
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| Home Guarantee Scheme*5 | |||||
| Victorian Homebuyer Fund*4 | First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus and Government Scheme Lending*6 | |
| Who is eligible? |
Australian or New Zealand citizens or permanent Australian residents7 |
Australian citizens or permanent residents7 Individual or joint applicants8 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years |
Australian citizens or permanent residents7 Individual or joint applicants8 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years At least one borrower must have lived in the regional area or adjacent regional area for the previous 12 months |
Australian citizens or permanent residents7 Single parents or single legal guardians who do not currently own a property or do not intend to own a separate property when they settle on the home |
Australian citizens or permanent residents7 First home buyers |
| Purchase location | Victoria only | Australia-wide | Australia-wide | Australia-wide | Australia-wide |
| Minimum deposit | 5% for eligible applicants, 3.5% for eligible Aboriginal and Torres Strait Islander applicants | 5% | 5% | 2% | 5% |
| Income threshold | Up to $135,155 for individuals (excluding single parents) and $216,245 for single parents and joint applicants | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 | N/A |
| Property price caps | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | No |
Key benefits |
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| Home Guarantee Scheme*5 | |||||
| Victorian Homebuyer Fund*4 | First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus and Government Scheme Lending*6 | |
| Variable rates |
From 5.99% p.a. (Comparison Rate 5.99% p.a. ) Owner Occupied | Principal & Interest | LVR<60% |
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| Fixed rates |
From 5.54% p.a. (Comparison Rate 6.82% p.a. ) Owner Occupied | Principal & Interest | Fixed 3 Years |
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| Government’s contribution to equity | Yes, up to 25% for eligible applicants, 35% for eligible Aboriginal and Torres Strait Islander applicants in exchange for an equivalent share in the property | No | No | No | No |
| Avoid Lenders Mortgage Insurance (LMI) | Yes, minimum 5% deposit required for eligible applicants, 3.5% for eligible Aboriginal and Torres Strait Islander applicants | Yes, minimum 5% deposit required | Yes, minimum 5% deposit required | Yes, minimum 2% deposit required | Yes if 20% deposit or with limited Parental Guarantee |
| Option of third party guarantee to avoid/reduce LMI | No | No | No | No | Yes6 |
| Annual fee | Waived | Waived | Waived | Waived | Waived |
| Establishment fee | Waived | Waived | Waived | Waived | Waived |
| Settlement fee | Waived | Waived | Waived | Waived | Waived |
| Valuation fee | Waived - for one property only | Waived - for one property only | Waived - for one property only | Waived - for one property only | Waived - for one property only. For construction loans, valuation fee for progress payments apply. |
| Unity Bank legal fee | Waived | Waived | Waived | Waived | Waived |
With high property prices it can be overwhelming for first home buyers to save for a deposit. However, there is a way to make this more achievable with the assistance of those closest to you.
Discover how a Parental Guarantee can help turn your dream of homeownership into a reality.
"We were very pleased with the speed and personalised service we received from the team at Unity Bank in helping us purchase our first home. We also found their products to be very competitive. Unity Bank has more of a family feel to it than a corporation. We have already recommended them to others, as we are very happy with them."
Emanuel, Member
4 Unity Bank is a participating lender for the Victorian Homebuyer Fund, an initiative of the Victorian Government under which the Government contributes up to 25% (up to 35% for Aboriginal and Torres Strait Islanders) of the price of the property for eligible applicants buying eligible properties, in exchange for an equivalent interest in the property secured by a 2nd mortgage, and Unity Bank lends the balance purchase price, less the deposit, secured by a 1st mortgage. Terms and conditions, fees and charges, Scheme eligibility criteria and lending criteria apply. Full details available on application. All information is correct as at 18 November 2024 and subject to change. Target Market Determination available here.
5 Unity Bank is authorised to offer the Australian Government’s Home Guarantee Scheme, under which the Government guarantees up to 15% of the value of the property (FHBG and RFHBG) and up to 18% for FHG. The Guarantees are not cash payments or deposits for your home loan. For more information click First Home Guarantee (PDF), Family Home Guarantee (PDF) and Regional First Home Buyer Guarantee (PDF). Target Market Determination available here.
6 Only available for first home buyers. Minimum home loan balance $150,000. Maximum loan period 30 years. Interest rate calculated daily charged monthly. For third party guarantees, credit eligibility applies to guarantor and guarantor must grant Unity Bank a mortgage over their property as security.
7 For the Victorian Homebuyer Fund and Home Guarantee Scheme, permanent residents include New Zealand citizens.
8 Joint applicants may include partners, friends, siblings, and other family members.
* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only.
All information including interest rate is subject to change.
