Get a first Home Loan this weekend
Have you been looking around for a first home?
Maybe you are saving for a first home deposit and keeping an eye on the real estate listings, property market outlook and interest rates in Australia?
Depending on your income, expenses, savings history and credit rating, you can get a first home loan application lodged this weekend with approval shortly after. Many online lenders offer very short approval times. Conditional approval can be very quick.
What government assistance is there for first home buyers?
Firstly, have you checked out the First Home Loan Deposit Scheme?
And do you know about state government stamp duty concessions for first home buyers? Check out the InfoChoice Stamp Duty Calculator for more information.
First Home Owner Grants
You may be eligible for assistance from your state government. Eligibility requirements vary between states.
This is a full list of links to state government first home buyer assistance schemes in Australia:
Can my parents help me get a first home loan?
Most first home buyers in Australia receive assistance from their parents. 70 per cent of first home buyers do not fund all their own deposit themselves with 57 per cent relying on family assistance according to research by LMI provider Genworth in September 2019.
Some lenders support applications from people getting help from mum and dad, either through gifts of cash or by going guarantor on a home loan.
Where can I buy?
Your budget will help you decide what you can you afford and where. You can use the InfoChoice Where you can afford to buy calculator which will narrow down your property search.
And don’t forget to add in the cost of the reports you may have to get when you find a property you love.
Best home loans for first home buyers
The best home loans for first home buyers have low variable or fixed owner-occupier interest rates, reasonable fees (especially exit fees) plus offset and/or redraw facilities. The best rates for first home buyers in Australia now are under 3 per cent per annum. First home buyers can lock in sub-3% pa rates for up to 5 years.
Some of the leading featured mortgage offers for first home buyers (from products now listed on InfoChoice) include:
Commonwealth Bank has variable and fixed rate options for first home buyers and, with NAB is one of the two big banks participating in the federal government’s First Home Loan Deposit Scheme.
If you have a 30% deposit, CBA has a loan with offset charging 3.22% pa (comparison rate 3.23% pa)
Check out Commonwealth Bank’s home loan interest rates at InfoChoice.
NAB has a special rate for first home buyers with its NAB National Fixed Choice Package 2 Year – Principal and Interest – First Home Buyer Special. The current advertised two-year rate for this product is 2.88% pa (comparison rate 4.34% pa) with redraw but no offset.
Check out NAB’s current home loan interest rates at InfoChoice.
For people with a large deposit, St George has variable rate for owner occupiers under 3% – 2.99% pa (comparison rate 30.1% pa) on their Basic Home Loan (LVR 60 – 80%).
Check out St George Bank’s current home loan interest rates at InfoChoice.
FreedomLend’s Owner-Occupied P&I home loan has a maximum LVR of 80 per cent, redraw, offset and one of the lowest home loan rates in Australia – 2.79 per cent p.a. (comparison rate is also 2.79 per cent p.a.). The minimum loan amount is $50,000 and the maximum is $1,500,000.
Check out FreedomLend’s current home loan interest rates at InfoChoice.
Your home loan can earn you Virgin Velocity Frequent Flyer points with the RewardMe home loan from Virgin Money.