First home buyer loans with comparison rates from 3.04%* p.a.
Are you looking to buy or build your first home? With access to over 60 lenders, our team of brokers can help you navigate the government schemes you may be able to take advantage of as a first home buyer and find you the the best rate for your circumstances. Enjoy expert advice from application to settlement with our award-winning team.
Cashback offers up to $4000* • Comparison rates from 3.04%* p.a. • Access 60+ Lenders
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*Your complete financial situation will need to be assessed before acceptance of any proposal or product.
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Over 60 lenders means more choice, so you can pick the best rate.
Note that not all lenders offer all product types. Our team will present options that best suit your needs.
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By partnering with a multi-award winning aggregator, we ensure our team of brokers meet strict compliance standards from your first consultation all the way through to settlement, so you can rest assured you’re in safe hands.
Your Guide to Buying Your First Home
Why go with Comparison Rate for your new home loan?
⏳ Compare loan options tailored to your needs in less than 5 minutes. If you’re refinancing, you can even see how much you can save compared to your current loan.
👩💻 Once you’re ready, you can start your loan application straight away. An accredited broker from our team will be in touch to support you throughout the process. You’ll enjoy expert advice from application to settlement.
🤝 You’re in good hands with an award-winning team. By partnering with a multi-award winning aggregator, we ensure our team of brokers meet strict compliance standards from your first consultation all the way through to settlement, so you can rest assured you’re in safe hands.
👍 Happy customers are our best reference. The home loan application process can be intimidating without the right support. That’s why we make sure our team of brokers is right there with you on your home loan journey, answering any questions you have and ultimately ensuring you get a loan you’re happy with.
What is a first home buyer loan?
A first home buyer loan is a loan that considers the Australian governments first home buyer initiatives within the loan application and approval process.
There are a range of government schemes that you may be able to take advantage of. From the First Home Loan Deposit Scheme (FHLDS) that guarantees 10,000 low 5% deposit loans per year, to the government’s First Home Owners Grant (FHOG) that provides a lump sum towards the purchase of a new home you intend to live in, we’ll help you understand the process.
What is the First Home Owner Grant (FHOG)?
The first home owner grant is a lump-sum granted to home buyers that have purchased the first home they will live in. The exact process, eligibility, and value of the grant may differ by state. You can get more information from the Australian Government Website.
What are the benefits of the First Home Owner Grant?
With additional cash available to you towards the purchase of your home, you have the ability to bid that little bit more to secure the property. Alternatively, you can take out a slightly smaller loan and save thousands on interest over the course of the loan. For example, a $10K smaller loan can save you $5K in interest repayments on a 30 year 3.1% p.a. loan.
What is the First Home Loan Deposit Scheme (FHLDS)?
The National First Home Loan Deposit Scheme (FHLDS) is a government initiative that assists borrowers with purchasing their first home by guaranteeing a lower deposit than usually required. When purchasing a property, a 20% deposit is required, to avoid requiring Lender’s Mortgage Insurance to guarantee the loan. This insurance can be extremely expensive and prevents many people from purchasing their first homes. The FHLDS will guarantee up to 10,000 loans per year, meaning that you may be able to purchase a property with as little as a 5% deposit. Visit the NHFIC website for more information relating to eligibility and process.
What else should I consider?
Before making a decision on whether this type of loan is suitable for you, it is important for you to consider the above information and discuss the suitability of this loan type with your Mortgage Broker.
This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
With our process, in most circumstances your entire application can be signed digitally with software such as Docusign, however there are some forms with specific lenders that will need to be signed by hand.
