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Buying your first home is a huge step and one of the biggest purchases you will make in your life. One of the most important challenges you will have is saving for the deposit. Saving for a house deposit does take time and it’s important to be realistic about how long this may take. Depending on the state or territory, if you were to put aside $500 a week, it may take you five to eight years (for an average single income) to save for a 20 per cent house deposit. Here are 3 simple tips we hope will help you start your master plan to save up for house deposit. 1. Check your current spending Work out what you are currently spending your money on and set up a weekly budget of your income and expenses to work out how much you will be able to save per week. You can use our online Budget Planner calculator to help you work this out. See what expenses you can reduce the cost of (car insurance, phone bill, petrol, luxury items) 2. Getting on top of your debts Getting on top of your debts can sometimes seem hard and feel like you are not getting anywhere. It's a good idea to consolidate your debts and work out a weekly or monthly repayment plan so you can work on saving for that deposit. You can speak with one of our Lending Specialists today to discuss a Debt Consolidation plan. 3. Start to save You will need to save at least 5% deposit of the purchase price of the property to be eligible for a loan. If you are looking to contribute less than 20%, you will also have to pay for Lenders Mortgage Insurance Apart from your deposit, you will need to keep in mind other upfront costs which you will need to be able to cover including things like insurance, taxes, legal fees, moving costs Use our Savings calculator to work out your savings plan View all Home Loans  

How much can I borrow? Before deciding which house to buy, you need to determine what you can afford. The amount that you can borrow, commonly known as your borrowing power, will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate how much you may be able to borrow. How much deposit do I need upfront and what other costs are there? You will need a minimum 5% deposit to be eligible for a loan. There are also other costs which you need to be aware of, such as: The Lenders Mortgage Insurance, if your deposit is less than 20%. Establishment, legal and valuation fees (We waive Unity Bank establishment, legal and valuation fees for first home buyers - government charges apply) Moving costs Stamp duty (concessions and exemptions may apply. Use our stamp duty calculator to see what your Stamp duty costs will be) Conveyancing fees Building and pest inspection Utility connections Home and building insurance How can parents assist? With high property prices it can be confronting for young first home buyers to save the amount needed for a deposit. Options for parents wanting to help first home buyers include parental guarantee, joint venture, cash gifts or supporting a savings plan. What is Stamp Duty and how do I work out if I am exempt or need to pay? Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory. Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out. For an indication of what may be payable use our stamp duty calculator. What is the process for applying for a home loan and what do I need to do? 1. Simply contact us Enquire online and one of our home loan specialist will call you back Visit one of our branches Give us a call 2. A home loan specialist will speak to you about your specific needs and discuss areas such as your borrowing capacity. 3. Make an application when you have your property in mind and or know how much you need to borrow. If you don’t have a property in mind you can easily obtain a pre-approved loan so that you confidently look for your first home. Below are 3 simple tips to fast track your home loan application with us. a) Provide proof of income: Payslips Employment Details b) We will ask for information on: Expense details Asset details including: land, house, contents, vehicles, savings, shares & super Any amounts you owe on loans: overdrafts, credit/store cards (including limits and repayments) c) If you are new to our Bank, your Australian drivers licence If you don't have all the information to hand, don't worry, we can start the application at any time. Other tips Reduce your outstanding debts. This includes any credit card and/or car loan debt Find a guarantor. A guarantor, such as a parent, can financially support your loan application by securing it against their home Minimise loan applications. Keep your loan applications to a minimum. Previous loan enquiries may be detrimental to your credit history View All Home Loans  

2023 was another highly successful year for Unity Bank. Review our financial summary and see how our Member-first approach has made all the difference. Read now

2022 was another highly successful year for Unity Bank. Review our financial summary and see how our Member-first approach has made all the difference. Read now

With the increase in cyber crimes, we urge you to be on the look out for scams and take steps to secure your personal information. Practical steps you can take to protect your personal information include: Regularly monitoring your account activity and reporting any unauthorised activity to us as soon as possible Change your online banking and email passwords or other passwords on websites or apps that payments are made from If in doubt, request a copy of your credit report or set up alerts to alert you to any accounts or loans being taken out in your name Never provide your personal details to anyone who contacts you by phone Stop all forms of communication with the suspected scammer Check your account activity, including recent transactions, and lock your cards and digital wallets if you notice anything suspicious (To lock your cards, select "Cards" from the Menu and choose "Lock Card") Take care when responding to emails and SMS, even if it seems genuine Call us immediately on 1300 36 2000 if you have noticed any suspicious transactions or if you have any concerns For more detailed information about protecting yourself from scams, visit the Scamwatch website.

We are aware of the Optus data breach involving the loss of Optus customer data. Our systems have not been compromised as a result of the Optus data breach. Our real-time monitoring of your accounts helps detect and protect you from unauthorised activity. Unity Bank Protection Keeping your account and personal information safe remains our priority. Member information is constantly monitored for data-breaches, including the recent Optus breach. We have also implemented additional verification and transaction monitoring processes to protect our members accounts. Protecting your own personal information Always remain vigilant against phishing and other scam communications that may lure you into clicking on links and attachments or sharing your personal information. Setting a strong, unique password and changing it regularly is key to keeping your accounts safe. Enable multi-factor authentication for all online services, including online banking. Using PayID to send money allows you to see details about who you are paying, before you pay them, helping protect you from scams. Questions to ask & things to look out for Do you know the sender, and do you usually receive SMS messages from the sender? Beware, scammers can mimic the phone numbers of legitimate organizations. Does the message seem generic or does it contain errors and grammatical mistakes? SMS Phishing, or ‘Smishing’ messages, play on your emotions by creating a sense of urgency, followed by a link to click. For example, ‘Your account is temporarily frozen, please login immediately to lift the restriction’. If you’re concerned your ID may have already been compromised, IDCARE is an independent organisation that provides free support to individuals impacted by fraud or scams. IDCARE have released a Response Fact Sheet relating to the Optus Data Breach. For more information on protecting your data please visit Money Smart. If you're worried or you’ve noticed a suspicious transaction, call us immediately on 1300 36 2000.