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Considering Buying a Home or Investment?

Stress less with our simple guidelines when purchasing a home or investment...

Qantas Credit Union House image
AFTA@Work August Newsletter

Buying a home or investment property is both exciting and nerve-wracking. It is a major decision that takes planning, research and careful budgeting. Here are some tips to help you get started.

Are you ready to buy?

You are ready to become a homeowner if you have the following things in place:

  • A deposit - The bigger the better when you’re saving for a property.
    (As a rough guide, aim to save 20% of the purchase price plus enough to cover costs. Anything less than 20% may attract additional costs such as Lenders Mortgage Insurance which can get expensive)

  • A good track record– A good track record of employment and a savings history or previous loan repayments will make it easier for you to get a loan. It’s a common misconception that you can only take a loan from the bank that you’ve had a track record with. Your statements and your credit history is portable, you can take these anywhere.

  • Some additional savings – These will act as a buffer if interest rates rise and your repayments increase.

How much can you afford?

A good way to find out how much you can afford to spend on a property is to review your household budget.

  • Work out how much you can comfortably afford to repay on a home loan each month, and add a bit more to act as a buffer (in case of interest rate rises). Try our repayment calculator >>

  • Include all the costs that come with home ownership: up-front costs like stamp duty and legal fees, ongoing costs like land and water rates, house and contents insurance, and repairs.

  • Take what you've saved, add in first home buyer assistance (if applicable), work out how much you can afford to borrow and then you know how much you have to spend on a new home.

Finding the right loan and gaining pre-approval

  • When choosing your loan a great interest rate is a good start – but don’t be fooled by the advertised rate. Always check the comparison rate which is the true cost of the loan and includes upfront and ongoing fees and charges. At Qantas Credit Union we have no bank fees on our loans so more often than not you’ll find our loans have the same interest rate and comparison rate.

  • Think about what features you need in your loan. Do you want to repay it quickly or do you prefer stability in the amount you need to repay each month. Check out our range and interest rates>>

  • Before you go shopping ensure you have pre-approval for the loan. It will help you to understand what the repayments are and your affordability so you can get the right property for your needs.

Stamp duty calculators

One of the bigger upfront costs you may have to pay is stamp duty or transfer duty on your property. If you are a first-home buyer, check what stamp duty concessions you are entitled to in your state.

Finding the right property

Be realistic. Once you've set your price range, identify the suburbs that have properties in that range - it will save you a lot of legwork. 

Then comes the fun part: finding the house or unit you want. Take your time and consider things like proximity to schools, transport, shops, and the condition of the property. Does it need major repairs and get some quotes on how much you’ll need to spend to repair it - take all these costs into consideration.

Before you buy, arrange for building and pest inspections, and have the contract checked by a conveyancer or solicitor before you sign. Make sure the person inspecting your future home is qualified to do so, such as a licensed builder, architect or surveyor.

In some states you can also have inspections during the 'cooling-off period', or the 5 days after you sign the contract, as long as you don't buy at auction - where there is no cooling-off period - and you're prepared to lose part of your deposit if you withdraw during the period.

Buying a home for the first time can feel like a giant leap into the unknown, but there are plenty of things you can do to make sure you don't fall into a financial abyss. Keep to your budget, put some money aside for emergencies, and take your time to find a place that feels like home.

For more information on our competitive home loans visit us at

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The information in this article is of a general nature and is not intended to be a substitute for personal advice. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. You should consider the appropriateness of the information to your financial situation and seek personal advice before acting. Loans are subject to approval. Terms and conditions and normal lending criteria apply. Terms and conditions available on request. Qantas Staff Credit Union Ltd trading as Qantas Credit Union | ABN 53 087 650 557 | AFSL / Australian Credit Licence 238 305