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Your guide to buying a house
Purchasing a home is an exciting yet significant decision. This guide will help you understand your options, prepare for the costs, and plan for a smarter purchase.
Renting vs buying
Owning your own home is the great Australian dream, but it's not always the most economical route. Renting may work out to be a better deal than buying if:
- You're buying in an area with limited potential for capital growth, such as a heavy industrial area.
- You're buying at the top of the property market, as property values may fall soon after.
- You're renting in an area where home prices are expensive
Ten steps to buying a home
- Choose a property, but don't fall in love with it yet!
Keep a clear head to make objective decisions. - Research the market
Understand property values in your desired area. - Secure pre-approval for a loan
Know your budget before you start house hunting. - Inspect the property thoroughly
Check for structural issues and necessary repairs. - Make an offer and negotiate
Be prepared to negotiate terms and price. - Conduct legal checks
Ensure there are no legal issues with the property. - Finalise your loan
Complete the necessary paperwork with your lender. - Sign the contract
Review all terms before signing. - Settle the purchase
Transfer funds and take ownership. - Move in
Celebrate your new home!
Finding the right home loan
With numerous loan options available, finding the right one can be confusing. Many borrowers mistakenly believe that the best mortgage is the one with the most added features, such as credit cards and offset accounts.
It's essential to compare different loan products and choose one that suits your financial situation and long-term goals.
Transport Mutual home loan options
Transport Mutual offers a range of home loan products to suit various needs:
- Basic variable home loan: A flexible loan with a rate that changes according to the financial market.
- Fixed home loan: Enjoy the certainty of knowing exactly what your repayments will be.
- Standard variable home loan: A flexible loan with all the features that you need.
- Home equity loan: Access the equity in your home for other financial needs.
- Interest only home loan: An interest-only loan can help you free up the funds you need.
Explore our home loan options to find the best fit for your needs
Is a home loan right for you?
A home loan may be suitable if you:
Prefer to keep your savings intact for other expenses.
Desire predictable monthly payments.
Want to establish or improve your credit history.
Aim to purchase a higher-quality property than you could with cash alone.
Use our loan calculator to estimate your repayments and see what fits your budget.
Why Transport Mutual?
We’ve been helping transport workers, their families, and the wider community reach their financial goals for over 50 years. As a member-owned credit union, everything we do is designed to benefit you - not big bank profits.
