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Buying a home is an exciting milestone, but the process can feel overwhelming if you're not sure what to expect. From preparing your finances and securing pre-approval to making an offer, settling, and moving in, this guide outlines the key steps to help you navigate your home buying journey with confidence. Prepare and understand your finances Find out how much you can borrow You can use one of Unity Bank’s calculators found here. Work out how much you can put down as a deposit You’ll typically be required to have a minimum 20% deposit of the purchase price of the home. The larger your deposit, the smaller your home loan will be and the less interest you will pay over the long run. For deposits less than 20%, you’ll incur Lenders’ Mortgage Insurance (LMI), which can generally form part of the overall loan. Appreciate all other costs involved Apart from establishing a home loan and paying regular interest, other supplementary costs are involved when buying a home. Some of these extra costs may include stamp duty, LMI, insurance premiums, legal and conveyancing fees, agent fees, valuation fees and even pest control expenses. Explore any government grants / schemes / concessions that you might be eligible for You may be able to save money and buy a home sooner than expected with assistance from the government. In particular, many government programs are developed with the aim of helping first home buyers. These may reduce costs or boost your deposit. Unity Bank is a proud supporter and participant of many of these grants / schemes / concessions, including: Australian Government 5% Deposit Scheme First Home Owner Grant First Home Super Saver Scheme Queensland’s Boost to Buy Shared Equity Scheme State-based stamp duty concessions for first home buyers Set up a budget / Save for a deposit It is wise to start making a budget early, and build your deposit regularly over time. This may mean you will have to make some lifestyle changes. Unity Bank’s Budget Planner Calculator may help with this.   Do your research & apply for conditional home loan pre-approval You need to become familiar with the various features, costs and conditions of home loans. Some important home loan characteristics include: The interest rate and how it is calculated Whether you’d like to make loan repayments monthly, fortnightly or weekly The difference between fixed rate and variable rate loans Loan attributes such as extra repayment limits, splits, redraw and offset facilities Any upfront or ongoing loan fees, such as strata or council rates Find out your creditworthiness Before you are approved for a home loan, banks typically assess your repayment capabilities, i.e. serviceability. They do this by reviewing your income, expenses, assets and liabilities. It's a way for lenders to determine if you're able to manage ongoing repayments and pay back what you have borrowed. Apply for a conditional pre-approval If all goes well, banks can then give you a conditional pre-approval (or approval in principle) so that you can attend auctions / make purchase offers with greater peace of mind. This is basically an estimate of how much money you can borrow from your lender.   Attend inspections and discover your future home Write down the ideal suburbs where you would like to live Liveability means different things to different people. Some factors to consider include: Schools and hospitals Public transport and parking Cafes, shops and local restaurants Green space and parks Noise levels and proximity to roads Flood-prone areas and bushfire-prone land Neighbourhood culture and upcoming developments Understand what type of property you are looking for Many property types are available including houses, townhouses, villas and apartments. You can also buy new, established or off the plan. Other aspects you might consider are what number of rooms you would like, if a backyard essential, what the natural lighting is like, are there large trees nearby, and what is the property orientation. Leverage property platforms Online property websites such as realestate.com.au and domain.com.au are valuable tools that provide insight into property trends, recent sales and comparable properties currently on the market. Attend property inspections / open homes By attending different homes, you will gradually get an understanding of what you like and don’t like, and also what the market pricing is. Also check online listings regularly and engage with real estate agents.   Make an offer Review the contract of sale, then make an offer After reviewing the necessary documentation (preferably with your solicitor or conveyancer), make your offer to the seller. Success! Now settlement starts Sign and date the contract of sale and pay the deposit (usually 10% of the property price). Settlement begins after the contract is signed, and can generally take up to 90 days. Settlement refers to the legal procedures where property ownership is transferred to you (the buyer), and the remaining purchase price is paid. During this period, you will need to apply to have your conditionally pre-approved loan formally changed to an ‘unconditional approval’. This may involve the bank requiring more documentation from you, and a property valuation taking place. Conduct a final inspection Remember to complete a final inspection just before settlement. This ensures that the property is in good condition. For example, you may check: Heating, cooling and hot water are functioning Everything electrical and plumbing-related is in working order Fixtures, lighting and surfaces are undamaged Any agreed repairs have been completed Rubbish has been taken away, and there are no pest infestations You may hire a professional defect / building inspector if desired. Protect your new home We’re only human, and the unexpected can always happen in life. Cover yourself against potential risks by arranging any insurance products such as home and contents insurance from the purchase date.   Time to settle, and then move in Provide the remaining funds to complete the purchase, and pick up the keys Congratulations, you are now a homeowner!   Meet with one of our Unity Bank home loan experts Buying a home can be an overwhelming experience, but help is always available.Click here to speak to one of our home loan specialists at Unity Bank at any time – whether online, over the phone or in person.

Observed annually on 12 August, International Youth Day celebrates the energy, ambition and resilience of young people around the world. This year’s theme, ‘Different Contexts, Common Aspirations’, recognises that while young people may face different challenges, they share many of the same goals: opportunity, security, education, meaningful work and a brighter future. This emphasises how it’s more important than ever to equip them with the skills they need to thrive, one of these being the gift of a strong foundation in financial skills and literacy. As we celebrate our young people, here are five useful habits to make sure your kids and teenagers have the right foundations to build wealth and financial security. Create a savings account Making regular deposits into a savings account is a great way to learn about discipline and the power of compound interest. Consider setting up a customer-owned bank account with your child or teenager to show them the rewards of saving regularly. Today’s apps allow customers to engage with the process in real time, which means they can watch their savings grow without having to wait for a statement. Build a rainy day or emergency fund A rainy day or emergency fund teaches kids that while unexpected things can happen in life, having a small buffer can sometimes help soften the blow. Think about encouraging kids to separate their savings into different categories for different occasions, including one for surprise costs. Look to superannuation early For working tweens and teens, retirement is usually decades away, which often means retirement is one of the last things on their mind. However, building some awareness of super can help with general savings knowledge and long-term planning. A good start is making sure they’re paid the right amount of super if working and are not overpaying on fees. Get budgeting A budget helps differentiate between ‘wants’ and ‘needs’ and can be useful for teenagers and adults. Consider working through budgeting apps with your kids and creating a savings competition or including them in the household budgeting. Practice scam awareness While young people under 16 in Australia are restricted from platforms like Facebook, Instagram, Snapchat, TikTok, Twitch, YouTube, and Reddit, it’s still important for them to understand scam safety if they come across fraudulent behavior online. This includes topics like understanding the signs of a phishing attempt, good password hygiene, and how to stop, check, protect – pausing before giving money or personal information to anyone, making sure the person or organisation they are dealing with is real, and acting quickly if something feels wrong. With a gentle nudge, young people can combine their digital skills with money awareness to build habits for life.

Australian life expectancy is among the world’s highest at 83.5 years, according to United Nations projections*. However, will your retirement funds enable you to make the most of your golden years? According to the Australian Bureau of Statistics, our population at retirement age has increased significantly since 2011, when the first of the baby boomer generation turned 65, while the percentage of our population at working age has begun to fall. The rapid rise in the old-age dependency ratio over the next decade is expected to place increasing demands on public finances, which is likely to affect future Age Pension spending. Most retirees will rely on a combination of superannuation savings, personal savings and the Age Pension. However, many are likely to have a ‘retirement savings shortfall’ where they just do not have enough assets to cover a comfortable standard of living, once they have stopped working. Homeowners have the advantage of freeing up equity Your home is likely to be your greatest asset, and if you are ‘asset rich’ but ‘cash poor’ you can borrow money using the equity in your home as security.  This is called a reverse mortgage and it can be a great way to boost your finances for retirement, depending on your circumstances. Our Retirees Access Home Loan is a variable rate reverse mortgage loan that has been designed especially for those who have reached, or are nearing, retirement. The balance of this loan will be paid by your estate or when your property is vacated or sold.    The benefits include: Being able to boost your retirement funds by utilising the equity in your home. Borrowing up to 40 percent of the value of your property, or $400,000 (whichever is lesser) depending on your age and the value of the property. Refer to FAQ for more information. Receiving the funds in one lump sum to use for any suitable purpose. Enjoying your retirement your way in your own home.   We’re ready to help you Unity Bank has over 50 years’ experience in helping Australians reach their financial goals, from saving and buying their first home to maximising funds for their retirement. We recommend that you obtain financial advice before applying for this product. Independent legal advice must be obtained before settlement of the loan will proceed. We also recommend that you discuss your interest in a reverse mortgage with your family as the loan may affect your estate planning, including inheritance for your loved ones.  You should also investigate whether the loan could impact any government support payments, entitlements or other benefits that you currently receive. You may need to discuss your situation with Centrelink or the Department of Veteran Affairs if applicable. Please note that the Retirees Access Home Loan cannot be used for business purposes or against a property in a retirement village.   *United Nations projections do not include any impacts of the COVID-19 pandemic, source https://www.macrotrends.net/countries/AUS/australia/life-expectancy  

Australians love investing in property and it’s easy to understand why. Property investment may offer both steady returns and tax benefits in the right conditions, without facing the same level of volatility as some other asset classes. If becoming a property investor appeals to you, there are a number of things to consider, including where to buy, what costs you’ll face, what your goals are and what sort of returns you’re seeking (capital growth vs. rental yield). Once you’ve answered those questions, there are several steps to take to secure your investment. Assess how much you can borrow To determine how much you can borrow, our lenders will look at your income, your deposit, your financial obligations, how much you spend and your credit report. Use our Borrowing Power Calculator to give you an idea of how much you may be able to borrow. It’s worth getting some guidance though – from one of our lenders or a financial adviser – to ensure the numbers are correct. Look into initial and ongoing costs While property investment may have tax benefits, there are also upfront and ongoing costs to consider. It’s important to factor in these costs to establish how much you’ll need to borrow or set aside. These include: Stamp duty Lenders Mortgage Insurance – To protect the lender, if you have a deposit of less than 20 per cent Legal fees Pest and building reports Land tax Strata fees Ongoing property maintenance costs Agency costs, if you plan to rent out the property Apply for loan pre-approval Once you’ve established how much you can safely borrow, you can seek pre-approval to finance your loan. Pre-approval means we have agreed – in principle – to lend you a certain amount of money to fund your investment purchase.  Find the right property for you Buyers often have an idea of what they’re looking for before they begin the search process, but once you know how much you can borrow, it can narrow the scope and help you search with more confidence. Everyone has their own criteria for what they’re seeking in an investment property, but buyers often look for low suburb vacancy rates, proximity to transport, schools and dining options, and strong suburb capital growth. Get the reports When you start getting serious about a property, it’s important to make sure there are no hidden flaws, such as pests or building defects. Obtaining reports from reputable inspectors – and getting a valuation of the property – can answer these questions and give you the information and peace of mind you’ll want before you make an offer. Make an offer If everything looks alright, you can proceed to making an offer to the agent. If your offer is accepted, it’s time to go back to our team to get the final loan approval. Settle on the property Our team will perform a valuation of the property. Then, before the property becomes your own, you usually have to engage lawyers or conveyancers to go through the contract and ensure everything lines up. Generally, they will negotiate a settlement period – which is the time during which your deposit and the loan funds are released to the seller in exchange for the Certificate of Sale, and the sale is finalised. After settlement, the property is handed from the seller to you. From that day, you’re a property investor. Read our Buying your home guide, it sets out home buying in three phases and defines key terms to eliminate confusing jargon.

While booking time off is exciting, it’s even more important to ensure your plans are legitimate so you don’t end up the victim of a travel scam. "Scammers often lure travellers with discounted travel packages that promise luxurious accommodation, exclusive deals, or free prizes, only for the victim to realise none of it was true," explained COBA’s Acting Chief of Financial Crimes and Cyber Resilience, Martin Latimer. To help ensure your holiday plans go ahead, COBA’s financial crimes team share expert tips on how to identify and avoid travel scams. What is a travel scam? A travel scam entices travellers with cheap flights and accommodation offers, free vacations, or exclusive holiday rentals that promise the holiday of a lifetime. Scammers create fake listings for popular travel destinations that mimic legitimate online travel agencies, often requiring payment upfront or request unusual and unsecured methods of payment that scam victims out of money. Travel scams can take many forms, including: Fake travel websites, booking platforms or rental listings advertised online. Unsolicited calls or emails offering free or heavily discounted luxury vacations. Fraudulent online marketplaces where scammers demand upfront payments for non-existent bookings. “These fake travel deals target victims booking big overseas holidays or short domestic trips, so it’s important to ensure you’re using reputable sites and avoid any requests for suspicious methods of payment,” Martin says. “Once the victim hands their money over to the scammer, they may discover the deal doesn’t exist, the accommodation listing was fake, or – upon arrival at the destination – realise it’s nothing like what was advertised,” he adds. Tips to protect yourself Do your research: Verify the legitimacy of travel websites, agencies, or accommodation listings by reading reviews from other travellers or ask for proof of the agency’s accreditation or certification. Beware of listings with limited photos, vague descriptions, or deals significantly cheaper than market rates. Be sceptical of unsolicited travel offers: Avoid holiday deals that seem too good to be true, especially if they’re unexpected. You may receive emails notifying that you’ve won a free vacation and ask you to click a link to claim the prize – this is likely a scam, especially if you haven’t entered any competition. Use secure payment methods: Avoid transferring money or paying through untraceable methods like gift cards or cryptocurrency. Stay vigilant during travel Remember, travel scams don’t stop once you’re on holiday as scammers can lurk in popular tourist destinations and trick travellers looking to use common services or holiday activities. These can include: Taxi scams. Vehicle hire scams. Wrong or overcharging scams. Credit card skimming. Pickpocketing and theft scams. Visa scams. Fake ticket scams. QR code scams. “Carry my bag” scams. More information on how these scams occur and how you can protect yourself is found at Smartraveller. What to do if you suspect a scam If you encounter a potential scam, report it to ScamWatch.gov.au to help protect others from falling victim. If you’ve been scammed, immediately notify your bank or financial institution. Customer-owned banks are dedicated to safeguarding their customers from scams and fraud. In November 2023, 55 mutual banks and credit unions demonstrated this commitment by joining forces to launch the Scam-Safe Accord with the Australian Banking Association. This industry-wide initiative represents a united front against scammers and reinforces the banking sector’s determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here. 

Budgeting is something that many of us don't like to consider as we think it will tie us down. But if you really stop and think about it, budgeting is simply a means of looking at your income and expenditure and deciding on what is most important to you. Once you identify what you want to achieve, a budget is a tool to help you get there. Tracking your spending Where does all my money go? Very few people can answer this question accurately. Learning how and where you spend your money is the first step in managing your finances. Keep a financial diary Select a defined time period eg a month or 4 weeks; Record all of your spending in a notebook, create as many categories as you need e.g. petrol, lunch, transport etc; Ensure you include small items such as snacks, drinks, parking meters, tolls, donations etc; At the end of the month, use the category totals as part of your annual budget; You may choose to look for any spending that was spontaneous, wasteful or a luxury that you could do without in the future. How to curb impulse buying Next time you are tempted by an unplanned purchase, ask yourself: Do I really need it? Will I really use it? Will I still like it next month/next year? Is the price likely to be reduced at an end-of-season sale? If I don't buy it now, do I want it so much that I will make a special trip later to come back and buy it? Planning a budget A budget can help you plan your expenses and save for things you want. Managing credit or simply covering expenses is not always easy but following these steps will help you control your finances: Add up your earnings each week (or fortnight or month) Subtract regular payments or basic expenses; Rent or mortgage repayments; Food and household needs; Utilities (phone/electricity/water); Transport expenses (travel passes, petrol, car registration, maintenance); Health needs; Insurance (health, house, car, travel etc) You should include yearly expenses such as car registration and insurance in your budget. You can divide these totals by 52 for the amount to budget for each week (or divide by 26 for the amount to budget each fortnight or by 12 if your budget is calculated on a monthly basis). Subtract regular payments for lifestyle bills and expenses: Entertainment; Clothing; Personal grooming; Home appliances If you are not sure as to how much you spend; either make an estimate and review it after 3 months; or consider tracking your spending for a month. Allocate additional funds to cover Loan repayments; Additional superannuation contributions The amount of money that is left can be used to buy things that you want or to save. Online budget calculator To help you plan your budget, you can utilise our budget calculator which takes into consideration all of your general expenses and gives you an idea as to how much you could save. Check our online calculators here. Saving Saving may appear to be difficult and disciplined, but think of the feeling of being able to afford to buy something you have wanted for a long time. Here are some tips to help you on your way. Set yourself a savings target Aim to save 10% of your gross annual income. This breaks down to 5% for short-term goals and 5% for long-term goals. Tip - the 10% rule If you've never been a successful saver before, start off slowly. Leave committing to medium or long-term goals for a while until you're confident a saving strategy is within your reach. Set yourself one short-term goal - perhaps 3 months away - that requires only a small amount of cash; Then set aside 10% of your income each week in a separate savings account; At the end of 3 months, withdraw the cash to pay for your small goal - perhaps a weekend away or a new piece of clothing - and if there is any money left over make that the first instalment in your next savings goal. Develop a safety buffer The key to successful money management is to put funds aside during the good times and to minimise financial stress during bad times. Remember to allow for unexpected debts and emergencies e.g. illness in the family, loss or breakage of possessions, career interruptions etc. Tip - how much is enough? Singles and couples should consider developing an emergency fund equal to 2 months take-home pay in case of retrenchment or emergencies. Those with young families should aim to build up an emergency fund equal to 3 months take-home pay. Quick budget reminders Don't make your budget so tight that it's impossible to keep; A budget is not set in stone. It is there to help, not hinder you. A sign of a successful budget is one that is flexible during tough times and able to reward you when your prospects are brighter; If you blow your budget one month, try to make up for lost finance in areas that are more flexible e.g entertainment or eating out; Revisit your budget every 3 months to see if there are any areas you can tighten up to improve your financial flow. Explore a Range of Savings Accounts for Your Financial Goals - Learn more.