A. 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 your borrowing power.

A. You can start to look at buying once you have around 5% of the purchase price.


With our home loan, you typically need a deposit of at least 5% of the property’s value – plus enough to cover stamp duty & other costs associated with buying your home. If your deposit is less than 20% of the property value then you may have to pay for Lenders Mortgage Insurance.


The estimates below do not take into account the money you need for upfront costs.

Purchase Price Minimum Deposit With Mortgage Insurance Minimum Deposit Without Mortgage Insurance
$200,000 $10,000 $40,000
$300,000 $15,000 $60,000
$400,000 $20,000 $80,000
$500,000 $25,000 $100,000
% of purchase price 5% 20%


If you have a deposit of over 20%, you can avoid the extra costs of Lenders Mortgage Insurance. Alternatively you can use our Get Ahead Start option to bridge the deposit gap.

A. The First Home Owners Grant (FHOG) is a government initiative which offers financial assistance to those buying their first home. It helps thousands of Australians reach their property dreams each year.


While the concept is pretty simple - the government gives you a one off payment towards buying your first home, in practice there’s a bit more to it. There are plenty of conditions, eligibility criteria and a strict application process to follow, and these differ from state to state.


The grant amount can vary depending on the state you're in, the type of property you're buying or building, and whether it's in a rural; or urban location. The grant can range from around $7,000 to $25,000 in some circumstances.


Here's a breakdown of what is available to help you on your way towards raising your deposit.


To see if you are eligible or to obtain more information about the FHOG visit the Australian Government's First Home Owners Scheme website www.firsthome.gov.au


You can apply for the grant directly through us or by submitting a First Home Owner Grant (New Homes) Application form  at NSW Office of State Revenue. As G&C Mutual Bank is a registered agent for the FHOG, you can apply for your grant when you apply for a loan to buy or build your first home.


Applications must be lodged within 12 months of completion or settlement of your new home.

A. There are several costs associated with buying a home. The deposit for your home purchase, which is usually at least 5% of the purchase price, will be one of your biggest initial outlays. You should also allow approximately 5% for taxes, legal costs and insurance associated with buying a property. These costs include:

  • Stamp duty on a property purchase
  • Stamp duty on a mortgage
  • Transfer registration fees
  • Registration of mortgage fees
  • Title search fee
  • Solicitors/conveyancers fee
  • Loan approval fee
  • Lenders Mortgage Insurance premium (LMI)
  • Pest inspection costs
  • Building report costs
  • Strata search fees

A. The stamp duty total cost varies from state to state and depends on the type and value of property or land being purchased. You can obtain an estimate on your potential stamp duty using our Stamp Duty Calculator. Some states require the stamp duty to be paid prior to settlement of the property purchase. Your solicitor/conveyancer can provide advice on this.

A. Certain fees apply throughout the life of your loan. These include fees for redrawing or increasing your loan, or for breaking a fixed rate mortgage before the end of the fixed rate period. Other fees may also apply and should be discussed with your G&C Mutual Bank lender.

A. You can apply online and one of our Mortgage Consultants will call you or arrange a workplace or home visit at a time convenient for you. Or you can visit any of our Service Centres or call us on 1300 364 400.

A. Basic documentation requirements include proof of income (for example, salary statements, rent received, etc.) and evidence of savings. Self-employed and company applicants need to provide copies of recent tax returns and financial statements. Copies of the Contract of Sale or Building Contracts for new homes are required.

A. The length of a G&C Mutual Bank mortgage is generally up to 30 years. You can choose a shorter period which will result in higher monthly loan repayments.

A. With a fixed rate loan, your loan interest rate is fixed for a specified period of time, usually between 1 and 5 years. For example, if a 2 year fixed loan rate is 3.99%pa, you will pay interest at 3.99%pa for two years – even if the interest rates change within those two years. This ensures you are paying the same amount in repayments each month for the 2 year period.


However, the interest rate for a variable rate loan will change throughout the life of your loan as interest rates are adjusted for changes in economic conditions. Your monthly interest repayments will fluctuate accordingly.

A. A comparison rate is an indicative rate that is calculated by taking into account both the interest rate and the fees & charges related to the loan product. A comparison rate includes certain fees & charges but not all fees & charges. You should ensure that you understand the applicable fees and charges before applying for a loan.

A. Principal & interest repayments include both the interest payable for a period and repayment of a portion of the loan balance (the principal). The loan balance will therefore reduce over time.


Interest-only repayments relate to only the interest charge and the principal does not therefore reduce over time.


Principal & interest repayments are generally higher than interest-only repayments.

A. If you are ahead of repayments on your variable rate mortgage, you can redraw those additional funds from your mortgage (subject to certain daily limits). This redraw facility enables you to access those additional funds to cover you for unexpected expenses.

A. An offset account is a transaction account linked with your mortgage, where the balance in the transaction (or offset) account is offset against your mortgage loan balance with interest being calculated on the net amount. This helps you reduce interest payments while maintaining funds in your offset account for your day-to-day or unexpected expenses.

A. If you are borrowing more than 80% of the value of your property you are required to obtain Lenders Mortgage Insurance which protects G&C Mutual Bank from losses on the loan. It’s the insurance the lender takes out for the mortgage to protect itself. This enables some first home buyers to buy their property with less than 20% deposit.

A. The time between exchanging contracts and settlement varies. Four to eight weeks is normal. Settlement time can be negotiated between a buyer and seller depending on their circumstances.