Shivangi was looking for great service - someone to help her through the process of buying her first apartment, and that's exactly what she got with Greater Bank.
Shivangi is good with numbers, and she thought Greater Bank’s home loan rate was fantastic. But it was the service that really sealed the deal. Cutting through the banking jargon and making the process easy for a first home buyer meant the world to her. It meant she could own her own apartment in the city she loved.
Shivangi values her quality of life. That’s why she loves living in Newcastle. It’s cosy and vibrant, with a real sense of community.
She found those same values in Greater Bank. The great service she received was even more important to her than the great rates.
Because as a customer-owned bank, there are no shareholders that need to be paid – it’s all about the customers' needs. And the support Greater Bank gives to the community Shivangi is proud to be a part of is just the icing on the cake.
Shivangi just wanted a simple home loan with a great rate and no fees. The Great Rate Home Loan gave her all of that and more – including the ability to make extra repayments and free online redraws through Internet Banking.
Buying your first home is a daunting experience, especially in a new city. Shivangi knew she was ready to make her first big step onto the property ladder, but had many questions, which is only natural.
By choosing Greater Bank as her lender, she ensured herself a great experience in buying her home, as our expert lenders were able to guide her every step of the way.
Having access to her home loan through the Greater Bank App gives Shivangi time back in her day. Repayments are made easy, and she can redraw on her loan around the clock as many times as she likes (for free!)
The most important things to think about are your deposit amount and having enough money for the associated costs of buying.
A 20% deposit is a good point to aim for, but this isn't always achievable. There are many options to help you buy with less than a 20% deposit, including Lender's Mortgage Insurance (LMI) or a Family Pledge Loan, or guarantor loan.
Check out our How-To Guides on buying your first home and the associated costs of buying now.
Obviously, the larger the deposit, the better for you, as there will be less for you to repay. However, generally most people aim for a 20% deposit amount as a starting point.
Falling short of reaching that 20% deposit amount, there are still options to help you buy your first place.
Check out our guides to Lender's Mortgage Insurance (LMI) and Family Pledge, or guarantor loans now.
If you're only able to save a deposit amount of 5%, there may be an option for you to still secure a home loan.
One option is to accept the fact that you'll have to pay Lender's Mortgage Insurance (LMI). LMI is a one-off, non refundable, non transferrable premium that is added to your home loan.
Another option is to use a Family Pledge, or guarantor loan. This type of loan allows you to use the equity in your parents' home as security instead of your full deposit amount.
