First Home Buyer Home Loans

Key features

First Home Buyer Home Loans generally allow for borrowings up to 95% of the value of the property. Some lenders will also offer a discount period for the 1^st 6 or 12 months to assist new borrowers. Both state and federal governments provide some assistance towards the applicable government charges, however these are usually far short of what is required.

First Home Buyers should aim to have a minimum of 10% cash available of the property’s purchase price. This may involve gifts from parents and the like to assist with the purchase.

Most loan products are available for first home buyers and a good mortgage broker will assist first home buyers with the ideal home loan to suit their needs.

Advantages

Borrow up to 95% of a property’s value and receive the First Home Owners Grant from the government.

Considerations

Basic Home Loans and Pro Packs need to be investigated, as these products generally suit first home buyers. The key is to establish your requirements from a home loan in relation to future family and possible income reductions as a result, versus the features available in the home loan. It is best to consider more than just which lender has the cheapest rate.

Suitable for

First Home Buyers.

First Home Buyer Home Loans

Institution	Actual Rate	Comparison Rate *	Institution	Actual Rate	Comparison Rate *
	7.80%	7.90%		7.80%	7.87%
	7.67%	7.80%		7.80%	7.87%
	7.70%	7.91%		7.81%	7.94%
	6.99%	7.13%		7.86%	7.99%

* Comparison rates are based on a loan amount of $300,000 over a 30 year term. Comparison rate schedules are available via each lender’s website or by contacting Compare-Homeloans. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates are effective as of 11-01-2011.

All information provided is a guide only and may not be complete for your purposes. Whilst displayed rates are regularly updated, neither Compare-Homeloans nor the Providers warrants the accuracy of any information and you should confirm it with the Provider before acting on it. Except for responsibilities implied by law which cannot be excluded, neither Compare-Homeloans nor the Provider is responsible for any loss, damage, cost or expense incurred by you as a result of any error, omission, or misrepresentation in relation to the data herein.