Buying your first home
Buying your first home can be a mix of emotions. We'll guide you at every step, so you'll have all the enjoyment and less of the stress.
Why choose a Westpac home loan?
Simple to get started
Found the perfect property? You could get conditional approval in just 1 business day.
A local lender
Get help from start to settlement. Apply online or connect by phone, video, or in person.
Flexible loan options
Fixed, variable, or split rate home loan with features to match your lifestyle and financial goals.
Award winning App
Upload and accept documents in the Westpac App*, plus manage your home loan, all in one place.
First Home Owners' Grant
Australian Government 5% Deposit Scheme
On a Westpac home loan, eligible applicants will pay:
- A deposit as low as 2% or 5%
- No Lenders Mortgage Insurance.
This Scheme is available to eligible First Home Buyers and Single Parents.T&Cs apply.
Our lowest online variable home loan rate
Check out our online rate discount on our basic variable home loan or investment loan. Apply online, and select a Flexi First Option loan on Principal & Interest repayments. Eligibility, T&Cs apply.
Helpful things to know when buying your first home
How much will you need?
Most lenders want you to have a deposit of at least 20% to buy a home. But if you pay Lenders Mortgage Insurance (LMI), you might only need a 5% deposit.
If you qualify for the Australian Government 5% Deposit Scheme, you could get a home loan with a low minimum deposit of 2% (Single Parents) or 5% (First Home Buyers) and not have to pay for LMI.
Nurse or midwife? You could get a home loan with a 10% deposit, without paying LMI. Minimum earnings $90k/year, T&Cs apply. Find out more
Check out our First home buyer’s guide (PDF 6MB)
Don't have a 20% deposit?
Find out the other paths to home ownership:
Your repayments and price range
- See how much you could borrow based on your income and expenses
- Estimate your repayments based on your loan amount
- Check how much could you afford to repay each month
Use our handy calculators to find out what you can afford:
Then, explore what suburbs and properties fit your budget with a free property data report.
Support at every stage
Our home loan specialists can help you every step of the way. You’ll be assigned your home finance manager who’ll progress your application and answer all your questions.
Explore our guides on when to start looking and how to buy a home:
Understanding your loan options
You can choose between a fixed loan, a variable loan, or a mix of both. Also, think about if you want a basic loan or one with more features like offset, which could help you save on interest.
Our home loan specialists can assist, or use our handy resources and tools to help you decide:
Home buyers’ tip #1
If the property’s been on the market a long time, the owners might entertain a low-ball offer. Worth a shot, right?
What to know before and after you apply
Your eligibility
You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Buying property with one other. To speed up the process, the first applicant submits the application for both of you. A lender then calls you both to finalise your application.
Applications with 3 to 8 borrowers. You won’t be able to apply online. Book an appointment with a lender who can work out your combined maximum loan amount. Remember to talk with your tax adviser and legal agent about the complexities of structuring ownership this way.
Your lender will be in touch
Once you submit your application, we'll match you with a lender and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Documents you may need
We'll let you know what home loan documents to share with your lender. You can upload your supporting documents online anytime. They may include:
- Bank statements
- Living expenses and tax returns
- Proof of income (self-employed? See what you'll need)
- New to Westpac? You’ll need 2 types of ID: passport, driver licence, Medicare card, birth certificate.
Pre-approval to buy a property
If everything looks good, you could get a 90-day conditional approval. This is also called pre-approval or approval in principle.
Need more time? You can extend it for another 90 days if you’re yet to find the right property. Just confirm that your financial circumstances haven’t changed.
Full approval and settlement
- We’ll value your property and make some final checks
- If offered full (unconditional) approval, you can accept the home loan contract online
- Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Track your application – pre-settlement guide
Your loan offer and contract will usually include:
- Details of the security (e.g. the property held as security against the loan)
- The loan amount
- Repayments, including: repayment type (Interest Only or Principal & Interest), repayment amount, frequency and any charges or fees payable
- Interest rate and type
- The loan terms and conditions.
Like any legal document, we recommend that you get independent professional advice. Check for errors and ensure you understand the details before you accept and sign.
Talk to a home lending specialist
Book an appointment and a home loan specialist will call you back, answer questions or match you with a Westpac lender. They’ll arrange a meeting by phone, video, in branch, or at a venue of your choosing.
Save time, apply online
Help when you need it
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any decision based on this information.
*This claim is based on The Forrester Digital Experience Review™ of 4 Australian mobile banking apps in Q3 2025. Future findings are subject to change. Forrester does not endorse any company or brand, nor their products or services, nor advise anyone to select them based on this review. If you want to learn more, go to the Forrester website.
By visiting our website, you acknowledge that we may collect information about your visit to help make your experience better and improve our services. If you are an existing Westpac customer, we may contact you with relevant updates, offers, or information that may be of interest. If you prefer not to be contacted, you can opt out at any time by following the instructions provided in our communications or by updating your preferences.