First-Time Home Buyer Loans

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First Home Buyer Loans

What Is a First Home Buyer Loan?

This is a loan that is given to a borrower who has never purchased a property before. This loan is universal as we have all experienced this stage of the finance highway of life.

What is typical when you’re at this stage and looking to get a home loan to buy your first home? As the statistics bear out, only 5% of us in this first home-buyer stage actually have all of the capital required to purchase the property outright. This page is not for you as this applies to the other 95% of us looking to get their first home.

“We were so hesitant going into our first mortgage, but Zanda Wealth helped make the process easy and stress-free. They calculated our borrowing power and made our dream home a reality.”

Andrew & Michelle
Allenby Gardens

What To Look For In a First-Time Loan?

Don’t just take the first loan that comes your way! You’re leaving money on the table if you do this. Take advantage of what’s out there to help you, the internet in particular can be a gigantic help! There are comparison websites such as ours out there to shop around and get the best possible deal for yourself.

One of the first things you should do is to check your Equifax credit score to get a rough idea of your creditworthiness. This score will also give you a glimpse into what kind of lending rates that you may be offered on your loan. You can use our site to provide you a list of all current loans and rates throughout Australia.

Interest Rate Comparisons

Interest is one of the biggest money makers for lending institutions and banks. It’s easy to see why when you run the numbers on a 30-year note and see how much interest in total is paid out. This is why interest rates are so important for a home loan as every percentage point counts in terms of interest payments. The difference between a 7% APR and a 8% APR over 30 years could mean thousands of dollars in interest accrued.

You can use our site’s many financial tools to help you in your search for your first loan. We have a useful mortgage calculator which can show you how much your monthly payments will be with the data provided. This data comes in the form of principal of the loan, credit score, how long the loan will be.

First Time Home Buyers

Feature Comparison

You can compare a litany of features that are applicable to your own financial situation and apply these parameters to your loan search. These parameters include:

  • Customer Service
  • Portability
  • Offset account
  • Ability for additional repayments
  • Interest rates
  • Redraw facility
  • Loan & lender fees
  • Top up facility
  • Split loan facility

You can ask us to show and compare your full range of loan options available as first time home buyer.

What Are First-Home Buyer Grants?

There are a few schemes and government grants that are available to first-home buyers. These grants can reduce the cost of your property and the principal needed for the loan. Some of these grants include:

FHOG – First Home Owners Grant: This is a one-off grant for first-home buyers for purchasing or building their first home

Stamp duty concession or exemption: Stamp duty is exempt for first home buyers up to a certain price cap. The cap depends on the state that the property is purchased in and whether the home is new or already established.

FHLDS – First Home Loan Deposit Scheme: This allows first-home buyers to purchase a home with 5-20% deposit while being exempt of Lenders Mortgage Insurance premiums.

We can compare all of the loan options available to you as a first-home buyer! If you have questions, contact us and let us help you today!

First Home Mortgage

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