First Home Buyers

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Types of First Home Loan Products

  Variable Loans

A variable rate move up or down based on how the RBA sets its cash rate. A Variable Rate is generally flexible.

  Fixed Loans

Fixed Interest rates offer stability and flexibility in your repayment schedule.

  Construction Loans

Building your own home? Buying a House and Land Package? The construction loan is likely for you.

  Split Loans

A split loan is part fixed and part variable. It offers the benefits of both loan types.

Download our complimentary First Home Buyer Guide. The 40-page of information will guide you on your buying journey.

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First Home Buyer Considerations

Stamp duty is a tax charged by State and Territory governments on the purchase of property. The amount of duty charged will depend on the State government’s formula and the sale price. There are usually concessions for first-home buyers, ranging from discounts to extended payment periods. A good rule of thumb is to tuck away… [ Learn More ]

The First Home Loan Deposit Scheme, which started on 1 January 2020, will be targeted towards first home buyers earning up to $125,000 annually or $200,000 for couples. The value of homes that can be purchased under the Scheme will be determined on a regional basis, reflecting the different property markets across Australia. The First… [ Learn More ]

The First Home Owners Grant is a national scheme funded by the States and Territories and administered under their own legislation. The grants differ from State to State, and can take the form of a discounted or reduced property transfer fee, and maybe a one off tax-free payment to first home buyers in Australia, who… [ Learn More ]

Your home is likely to be your biggest ever purchase, so it’s well worth protecting with insurance. There are a number of factors that will affect the size of your home insurance premium, including location, the home’s age and building material, the rebuilding value and the size of the excess you choose. Your lender will… [ Learn More ]

Often lumped in together, these inspections provide very different information and are worth every cent. Don’t think you need one or the other. You need both, and each should be carried out by a suitably qualified and licensed expert. Often a building inspector is also qualified for pest inspections. A pest inspection costs about $300-400… [ Learn More ]

The Mortgage Registration Fee is a charge by the State or Territory land titles office to register the lender's mortgage on the property’s title record, and is paid by the borrower in full at the time a loan is transacted. Should you default on your loan to the limits of bank policy, the registration of… [ Learn More ]

Lenders will require you to take out this rather costly insurance cover if they are lending you more than 80 per cent of the value of the property (or you have a Loan to Value Ratio (LVR) of more than 80%). LMI is a double-edged sword. It permits entry into the property market for… [ Learn More ]

Your loan itself may come with additional costs, including application fees, set-up fees and a property valuation. Depending on the type of loan, there may also be monthly account fees. [ Learn More ]

You will need a solicitor or conveyancer to handle the legal transfer of the property title and make the necessary searches. Legal fees can vary widely. You are entitled to a quote up front, and should always ask for one. The more complex the transaction, the higher the fee. But don’t be tempted to cut… [ Learn More ]

First Home Buyer Frequently Asked Questions

We encourage you to call us for a better understanding of your financial position. Each client and product pairing presents vastly different options. A well informed understanding will assist with your research.

A Risk Fee is a once-off charge payable by you when the amount of money you borrow for the purchase of a home or asset if higher than that lender's acceptable LVR . For a home loan, this is usually 80% of the value of the home (80% LVR). The fee is charged to reduce… [ Learn More ]

When you apply for a home loan, a lender will take a large number of factors into consideration when deciding whether or not to approve your application. The Serviceability assessment determines if you can comfortably "service" the loan repayments after considering all of your income, expenses and liabilities. Each lender has its own risk assessment… [ Learn More ]

Conveyancing is the legal process of preparing and organising the required documents involved in the transfer of property from one person to another. The conveyance of a property is undertaken by both those who are selling and those who are buying property, and is conducted by a conveyancer, solicitor, or the individual buying or selling… [ Learn More ]

Low doc (low documentation) home loans can benefit people who don’t have access to the level of information banks and lenders often require for your standard home loans. If you are a business owner, contractor, seasonal worker or freelancer, you may not have all the documentation usually required or the employment history often requested. Your… [ Learn More ]

A 'Split Home loan', 'Split Facility’, or 'Split Mortgage', is a home loan that combines a Fixed Home Loan and a Variable Home Loan . In essence, a Split Loan allows you to split a home loan into two accounts, both of which attract interest rates and features that are specific to that loan.… [ Learn More ]

A construction loan, also known as a building loan, is a lending option that provides you funds to pay your Licenced Builder (or fund your Owner-Builder project) throughout each stage of your build or renovation process. It has a vastly different loan structure to home loans designed for people buying an existing home. Building a… [ Learn More ]

A fixed rate loan, as opposed to the Variable Rate Home Loan , is one where the rate is fixed for a defined time period. Not as popular the variable product, Fixed Rate loans still offer a range of features that make the loan type worthy of consideration, particularly if you're looking for certainty in… [ Learn More ]

The Variable Home Loan rate is the most popular home loan type in Australia. An interest (and comparison) rate is set for a particular product and will vary depending upon cash rate changes as dictated by the Reserve Bank of Australia . The variable rate set by a bank doesn't necessarily move proportionally to official… [ Learn More ]

Most home loans are based on principal and interest. That is, you pay off the principal amount (the amount you have borrowed) in addition to the accumulated interest. However, when servicing an interest only loan you will only pay off the interest component for a period of time, thus greatly reducing your monthly obligations. While… [ Learn More ]

A Home Loan Package is a home loan bundled with other financial or banking services and products with the main attractive feature usually being an included discount on the home loan interest rate. At the time of this writing, the interest rate reduction was around 0.8% to 1.4% for a variable rate home loan. Examples… [ Learn More ]

A Basic (or No Frills) Variable Rate Home Loan is a straight forward non-complicated loan with minimal features, a competitive interest rate and no annual or monthly fees. Payment of an establishment or application fee varies between lender with some charging $0. These loans have minimal features (eg no offset accounts) and hence the lower… [ Learn More ]

A Guarantor Home Loan, or 'Family Pledge' Home Loan, allows family members or, in some cases, someone else who is close to you, to 'guarantee' your home loan. This means they will be responsible for servicing the loan if you can't. A guarantor will usually has to offer equity (such as a percentage of their… [ Learn More ]

The Loan to Value Ratio (LVR) is the amount you're borrowing represented as a percentage of the property’s value. The loan amount is divided by the purchase price of the valuation amount, then multiplied by 100 to make a percentage. For example, if you're purchasing a home worth $500,000 and you wish to borrow $400,000… [ Learn More ]

A comparison is the true cost of a loan every year, including fees and charges, and taking the product attributes into account. While an interest rate may be low to lure you into that product, the comparison rate provides a more realistic understanding of the cost of a loan, and allows you to more easily… [ Learn More ]

Buying a new home is the foundation for future wealth, and expert guidance by one of our team will invariably save you thousands. Not unlike buying a car, there are a number of ‘on-road considerations’ that should be taking into account when determining affordability. [ Learn More ]

Pre-approval simply means that the lender has evaluated your property purchase, your basic details, and has obtained other early details, in order for you to start looking for property. It provides you with an informed and reliable estimate of your true borrowing capacity, but it doesn't necessarily fully consider your serviceability or credit history (the… [ Learn More ]

When purchasing land before a build you will generally have to pay a deposit of 10% of the purchase price, with the balance being payable on settlement – this way you pay stamp duty only on the land, rather than on the construction cost of the house. When building on your existing land you will… [ Learn More ]

Home loan products evolve, as do conditions and your own circumstances. We keep track of your borrowing and keep in touch regularly to assess your suitability for a new product or rate – we never want you paying more than you have to. After your income improves, and you have demonstrated your ability to pay… [ Learn More ]

A disability pension is a valid income source for the purpose of making a loan application with many banks. As with any loan application the amount of income from a disability pension, or from any other source, factors into the amount you can borrow and affects eventual the terms of the loan. These loans, however,… [ Learn More ]

Stamp duty is a tax charged by State and Territory governments on the purchase of property. The amount of duty charged will depend on the State government’s formula and the sale price. There are usually concessions for first-home buyers, ranging from discounts to extended payment periods. A good rule of thumb is to tuck away… [ Learn More ]

The First Home Loan Deposit Scheme, which started on 1 January 2020, will be targeted towards first home buyers earning up to $125,000 annually or $200,000 for couples. The value of homes that can be purchased under the Scheme will be determined on a regional basis, reflecting the different property markets across Australia. The First… [ Learn More ]

The First Home Owners Grant is a national scheme funded by the States and Territories and administered under their own legislation. The grants differ from State to State, and can take the form of a discounted or reduced property transfer fee, and maybe a one off tax-free payment to first home buyers in Australia, who… [ Learn More ]

Your home is likely to be your biggest ever purchase, so it’s well worth protecting with insurance. There are a number of factors that will affect the size of your home insurance premium, including location, the home’s age and building material, the rebuilding value and the size of the excess you choose. Your lender will… [ Learn More ]

Often lumped in together, these inspections provide very different information and are worth every cent. Don’t think you need one or the other. You need both, and each should be carried out by a suitably qualified and licensed expert. Often a building inspector is also qualified for pest inspections. A pest inspection costs about $300-400… [ Learn More ]

The Mortgage Registration Fee is a charge by the State or Territory land titles office to register the lender's mortgage on the property’s title record, and is paid by the borrower in full at the time a loan is transacted. Should you default on your loan to the limits of bank policy, the registration of… [ Learn More ]

Lenders will require you to take out this rather costly insurance cover if they are lending you more than 80 per cent of the value of the property (or you have a Loan to Value Ratio (LVR) of more than 80%). LMI is a double-edged sword. It permits entry into the property market for… [ Learn More ]

Your loan itself may come with additional costs, including application fees, set-up fees and a property valuation. Depending on the type of loan, there may also be monthly account fees. [ Learn More ]

You will need a solicitor or conveyancer to handle the legal transfer of the property title and make the necessary searches. Legal fees can vary widely. You are entitled to a quote up front, and should always ask for one. The more complex the transaction, the higher the fee. But don’t be tempted to cut… [ Learn More ]

This is a tough question to address without an understanding of your circumstances, For a first home a deposit of anywhere between 5% and 20% will be required, with the lower rate predicated upon Government assistance or grants. Generally speaking, a deposit of 20% of the value of the property will save you from incurring… [ Learn More ]

Equity is the value of an asset (e.g house, car) minus any debts attached to that asset. For a property, the equity would be the current market value of the property minus the balance of any loans attached to that property. As an example, say we have a property as follows: The current value of… [ Learn More ]

Lenders assess mortgage applications differently based on the location of the property being offered as security. A lender, or the Lenders Mortgage Insurance provider, will apply more rigid lending policies in high-risk locations to limit their risk. This risk assessment often means that your maximum permissible LVR (and your borrowing amount) to be lower.… [ Learn More ]

If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made to put toward a home deposit. Through the First Home Super Saver Scheme (FHSSS), first-home buyers may be able to use Australia’s superannuation system as a tax-effective way to save for part of their home deposit. The FHSSS… [ Learn More ]

Getting into the property market is difficult when you're paying rent because you're still required to save a 5% deposit towards a new home. While the deposit is still usually required, many lenders will accept your rental history as a substitute for your 'Genuine Savings ', meaning that any required deposit may be non-genuine savings.… [ Learn More ]

Self-Managed Super Funds are often used by investors as a means to take control over their superannuation for the purpose of investing in property of their own choosing. However, Self-Managed Super Funds - particularly when used for investing - is a complex subject that requires the guidance of a suitably qualified professional. A Self-Managed Super… [ Learn More ]

The term Genuine Savings refers to the funds that you have saved genuinely and gradually over time, usually between three to six months. It excludes gifts, tax refunds, one-off payments from the sale of assets, such as you car, Home Owner Grants , and work bonuses. The term 'Genuine Savings' is one that is quite… [ Learn More ]

We believe that former adversity shouldn't impact upon your ability to get a home loan, and we specialise in sourcing suitable products for those that have experienced adversity via a less-than-stellar credit history, bankruptcies, defaults, Part IX debt agreement, or judgments. Sometimes life gets in the way of your wealth creation or home-ownership goals, so… [ Learn More ]

A Guarantor Loan, Family Pledge Loan, Limited Guarantee, or "Equity Guarantor" loan is one where the guarantor enables entry to the property market to a buyer by offering your own fully or partially-owned property as security. You are essentially co-borrowing without the financial commitment; should the borrower fail to meet their obligations you inherit the… [ Learn More ]

When you apply for a home loan your lender will get an independent valuer to assess the bank valuation of the property you wish to buy. For the bank, property valuation risks are their main priority, so the bank valuation is a conservative estimate of the property's value and is different to a market valuation.… [ Learn More ]

Selling your existing home and buying a new home simultaneously can be a little difficult in that the sale of your property, and finding a new property, rarely occur simultaneously. With a bridging loan, you can avoid the stress of matching up settlement dates, move quickly to buy your new home and give yourself more… [ Learn More ]

As listed on our FAQ on your Credit Score , a credit report may list overdue payments of any kind (by 14 days), unreliable or missed payments, or defaults. That report holds information on your profile as a credit risk and will impact upon your suitability for certain types of loans and rates. The nature… [ Learn More ]

Your credit score is your credit history converted to a number between 0 and 1000 or 0 and 1200, depending on which credit score provider produced the credit score. The higher the score, the better your credit rating. It is one of the factors used by lenders to determine how likely you are to repay… [ Learn More ]

Buying a new home is the foundation for future wealth, and expert guidance by one of our team will invariably save you thousands. Not unlike buying a car, there are a number of ‘on-road considerations’ that should be taking into account when determining affordability.

Selected Home Loan Products

Example Fixed Rates
Interest*
5.25%
Comparison*
3.42%
   
5.09%
3.55%
   
5.44%
3.74%
   
4.69%
3.78%
   
Example Variable Rates
Interest*
2.89%
Comparison*
2.89%
   
2.87%
2.9%
   
3.14%
3.16%
   
3.14%
3.17%
   
Investment Products
Interest*
5.35%
Comparison*
3.11%
   
3.59%
3.48%
   
3.49%
3.5%
   
3.67%
3.55%
   
Big Bank Rates
Interest*
3.19%
Comparison*
3.2%
   
3.29%
3.3%
   
4.7%
4.74%
   
5.08%
5.13%