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First Home Loans

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Introduction

Buying your first home is a big step, but it can be made easier with the right financial help. There are a number of government incentives and schemes available to first home buyers, as well as a variety of lenders offering competitive home loans.

Government Incentives

The Victorian government offers a number of incentives to help first home buyers get into the market. These include:

  • The First Home Owners Grant (FHOG): This is a one-off payment of $10,000 that can be used towards the purchase of your first home.
  • The First Home Loan Deposit Scheme (FHLDS): This scheme allows you to purchase a home with a deposit of just 5%, with the government guaranteeing the remaining 95%.
  • The Homebuilder Grant: This grant is worth $25,000 and can be used towards the construction of a new home or the renovation of an existing home.

Lenders

There are a number of lenders that offer competitive home loans for first home buyers. Some of the most popular lenders include:

  • CBA
  • ANZ
  • Westpac
  • NAB
  • ME Bank
  • Bank of Melbourne
  • Suncorp
  • AMP
  • ING

What to Consider

When choosing a first home loan, there are a number of factors to consider, including:

  • The interest rate
  • The loan term
  • The size of the loan
  • The fees and charges
  • The government incentives that you are eligible for

It is important to shop around and compare different loans before you make a decision. You can use a loan comparison website to help you compare different loans and find the best deal for you.

Here are some additional tips for first home buyers:

  • Start saving early for your deposit.
  • Get pre-approved for a loan before you start looking at properties.
  • Work with a qualified mortgage broker who can help you find the best loan for your needs.
  • Be prepared to compromise on your dream home.
  • Do your research and understand the property market.
  • Be patient and don’t give up!

Loan Process

We follow a systematic process that keeps everything on track and discipline is what drives us forward.

Contact our dedicated lending specialist

01

Send your documents

02

We provide you with options.

03

Aprroval

04

Settlement

05

Loan types and features.

There are a number of loan types available to you; variable rates, fixed rates, guarantor loans and more, scroll through some of the options below to get a better understanding of what the differences are. We’re here to answer your questions when you’re ready.

Variable rate loan

As the name suggests, the interest rate can change over the life of the loan. This gives you flexibility, but can also leave you open to rate rises. These loans offer more flexible features like unlimited additional repayments, redraw, and offset accounts.

Fixed rate loan

Basically, this is the opposite of a variable rate loan. Your interest rate and repayments will stay the same during the fixed term, no matter what. So no surprises.

Split loan

You’re able to fix part of your loan, while leaving the rest variable.

Packaged loan

Professional packages offer discounts on standard variable and fixed rates, the waiving of fees, and in some cases, great deals on other products from the same lender. A packaged loan usually comes with one annual fee for the bundled products.

FAQ

Typically lenders ask for 20% of the total house price before they’ll consider giving you a loan but there are a number of ways around this. Some lenders will accept a smaller deposit but it’s likely that you’ll need to pay Lenders Mortgage Insurance (LMI). There might also be grants that you can take advantage of. Get in touch to chat about your options.
Of course! Borrowing capacity refers to how much you can borrow from a lender. To get an estimate of your borrowing capacity go to our calculator: How much can I borrow? If you want to get an in depth review of your borrowing capacity, get in touch today.
With over 60 lenders, you and I are spoiled for choice. I narrow my search down through talking to you about your wants and needs. I will show you your options, listing the pros and cons of each loan and ultimately we will come to a decision together.
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