Common home loan questions
Am I eligible for the First Home Owners Grant?
If you're an Australian resident and have never purchased property before (or let anyone use your name to do so) then it's likely you are eligible for the First Home Owners Grant (FHOG) of up to $7000.
Keep in mind the terms and amount of the FHOG are set by the Australian Federal Government and can change without notice. For more information, and to determine if you are eligible, please see www.sro.tas.gov.au/fhog or let one of our Lending Specialists help you.
What if I’m buying a home at auction?
It’s easy to get caught up in the excitement of an auction – so it’s vital that you already know how much you can borrow and on what terms and conditions. We strongly recommend that you come and see us first so you don't risk getting caught in a contract which you're unable to secure a home loan for.
What are the costs involved in buying a home?
Aside from the loan itself, there are various other costs involved when buying a property. These include stamp duty, registration fees, property insurance, pro-rata rates and legal costs.
As a rule-of-thumb, these costs usually amount to approximately 5% of the purchase price of the property. Our lending specialist can get you started, but you should also talk to a solicitor or conveyancer.
Will I really need a solicitor?
We recommend you engage a qualified solicitor to provide you with legal advice, and ensure you obtain clear title to the property.
Will I need home insurance?
Yes, because until you have paid off your home loan, the property belongs in part to B&E and a condition of the home loan is the protection of this investment.
Once you've signed a contract to purchase a property, you will need to take out a sufficient level of property insurance. B&E provide home & contents insurance, or you can choose your own insurance provider - you'll need to provide us with the insurance details to confirm the level of cover.