Loans for First Home Buyers
There is a range of standard and specialised home loans suitable for first home buyers. Some of the specialised options are discussed below - you can read more about standard loans in our home loans section.
Introductory or Honeymoon rate home loans
Introductory or Honeymoon Rate home loans typically offer a discount off the standard variable interest rate for the first 6-12 months of your loan term of anywhere up to about 1% per annum. After this period has finished, your home loan generally reverts to the lender’s standard variable interest rate. An introductory or honeymoon rate may be fixed, variable or capped.
find the right first home loan
To match your situation to the right first home loan, or to discuss budgeting, deposit options or securing pre-approval, talk to your mortgage broker or call us on 13 LOAN (direct +61 2 9249 3739) and we will return your call within 2 business hours.
Limited Guarantor Loans - Family Pledge, Equity Guarantee
Limited guarantor loans, also known as ‘family pledge’ loans or equity guarantee loans, allow an immediate family member to ‘pledge’ assistance to the borrower, either as a guarantor providing support through repayment assistance or as a guarantor providing additional security. Family pledge is typically a feature as distinct from a loan, and can be applied to most loan types once approved.
Shared equity home loans
Shared equity home loans, also called Equity Finance Mortgages (EFMs), share part of the cost of your property purchase, usually, 10, 15 or 20 per cent, with a lender. The other 80 per cent of the cost of the property is secured using a regular home loan.
Low and no deposit home loans
Low or no deposit home loans allow you to purchase property with little or no deposit. In many cases you will be able to capitalise Lenders’ Mortgage Insurance onto your loan balance to avoid having to pay this cost upfront.
For more information on first home buyer loans
For more information on how to get into your first home, or the home loan that is in your best interest, talk to your local mortgage broker and we will return your enquiry within 2 business hours. Or call us at any time on 13 LOAN or direct on +61 2 9249 3739.
