Basic mortgages may be best for first-time buyers

When it comes to a mortgage, simple is best. Considering the features of the loan you will need, as well as those you don't, is important. If your budget is already cut close to the bone, it's probably not worth signing up for a product that allows you to make extra repayments, or redraws, as you won't make use of those expensive bells and whistles. Basic loans have rates as low as 6.2 per cent.