The last month of winter brings some stunning first home loan deals

 In First Home Loan, Interest Rates, Latest news, Market Update, Research, Tips

The last month of Winter (i.e. August) has already arrived. With Winter coming to an end, Australian lenders continue to focus their attention on owner-occupiers, especially the first home buyers. This is great news for first home buyers as you may have the opportunity to get a stunning deal for your first home.

As most first home buyers are already aware, the first step is the ‘home loan pre-approval‘. At FHBA, our team of expert FHBA Coaches, who are also fully qualified Lending Advisers (Mortgage Brokers), always suggest our clients get a home loan pre-approval before taking on the more exciting step of searching, inspecting & bidding for your first home. This will ensure you only focus on properties that are within your pre-approval budget.

With the Spring selling season upon us, more listings will likely enter the market, which means it is a good idea to get your pre-approval sorted now if you are planning to buy. We have handpicked some of the latest first home loan offers that are currently available through our exclusive first home buyer home loan service – FHBA Mortgagesbelow:

1. No Fee (& No Frills!) Big 4 Bank Products

Several Big 4 lenders are showing a greater commitment towards owner-occupiers. We have some historically low-interest rates from the major lenders and some of their subsidiaries:

  • Very special 2-year introductory rate – 3.59% (4.42% comparison rate)
  • Low variable rate with no fees and no introductory period – 3.64% (3.65% comparison rate)
  • Low variable rate with no fees and no introductory period – 3.65% (3.69% comparison rate)
  • Low variable rate with a $600 application fee and no introductory period – 3.69% (3.73% comparison rate)
  • Very special 4-year introductory rate – 3.79% (4.17% comparison rate)
  • Very special 5-year introductory rate – 3.79% (4.48% comparison rate)

Most products mentioned above will allow first home buyers to borrow up to 95% of the property value. Get in touch with an FHBA Coach (at no cost to you) to discuss which option is best for you.


2. Cash Back offers from the Big 4 Banks

In addition to the above rates, the Big 4 banks are also offering some special rewards for first home buyers who are looking to take advantage of their package products, which may attract higher interest rates but they do provide an offset account:

  • Conveyancing/Solicitor Fees Rebate of $1,000
  • $1,250 cash back after settlement
  • 40% off Samsung products (perfect for electronics & whitegoods)
  • $500 Samsung Cashback where you spend more than $500 on Samsung goods
  • 200,000 Velocity Points (which you can use for flights) if you choose the packaged product – please note the rates may be slightly higher under a package


Get cracking on your first home loan pre-approval right here, some pre-approvals are valid for 180 days!


3. Earning overtime income and have only just started your job?

Have you already approached a lender who has not accepted your income because you haven’t worked enough for the lender to accept your overtime income?

At FHBA Mortgages we have access to a few lenders who will take into account 80% or even 100% of your overtime income for the latest financial year, allowing you to maximise your borrowing capacity. The good news is that you won’t need to pay a higher rate in order to get your overtime income assessed at the higher level – you will be eligible for rates from 3.69!

Simply click below to contact us, so we can assist you with your overtime income situation


4. Special 5 year fixed rate offer

Are you a first home buyer who is worried about rising interest rates and would like to fix your interest rates to provide you with a certainty of repayments? We have access to one offer that may be one to seriously consider – see below!

Key features of this offer include:

  • 5 year fixed rate at 3.99% (comparison rate 4.38%)
  • Can borrow up to 95% of the property purchase price (LMI Capitalisation¹ is an option!)
  • Waiver of the annual package fee for the life of the loan
  • The minimum lending amount required is $150,000
  • Non Genuine Savings³ is available on this product
  • You can split this with a variable rate product at 3.79% (comparison rate 3.79%) to take advantage of the offset account

This offer has been extended and is available to first home buyers only, until further notice!


4. Fixed rate² on a construction loan? And interest only during construction? YES PLEASE!

If you are looking for fixed rate certainty while you are renting and constructing your first home then we have some options available to you, and that too with a mainstream lender.

The 3 year fixed rate first home buyers are eligible for is 3.79% and you will be eligible to pay only interest during the construction period, assisting you by giving you an exact indication of your repayments so you can budget the construction period accordingly.

You can borrow up to 95% of the property purchase price with this particular lender. To find out more about this product, please click below:


Glossary of Terms:

¹LMI Capitalisation –  Whereby the Lenders Mortgage Insurance premium is not paid upfront by the borrower but instead added onto the total loan balance and therefore paid over the term of the loan by the borrower

² Fixed Rate – A fixed interest rate loan is a loan where the interest rate doesn’t change during the fixed rate period of the loan giving you certainty in your repayments

³ Non-Genuine Savings – These are sums of money that may have been gifted to you or received as a lump sum from a transaction, but have not been genuinely saved over time, e.g. Gifts, tax refunds, inheritances etc…


Every aspiring first home buyer’s situation is different, therefore it is important to get some expert advice on which product is suited to your needs. Are you looking to compare these different home loan products? Perhaps you just want to know your borrowing capacity or get a better understanding of how your first home loan works? Click here to speak with an FHBA Mortgage Broker.

Disclaimer: The information on our website including this page is general in nature and should be solely relied upon. The advertised rates above were true and correct at the time of the publication. The rates do not take into account other fees and charges which you should also consider. The comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The credit license responsible for the mortgage service offered to clients is Mortgage Australia Group Pty Ltd, Australian Credit License (ACL) number 377294, Australian Business Number (ABN) 99 091 941 749. Mortgage Australia Group Pty Ltd is a member of the Mortgage & Finance Association of Australia (MFAA). FHBA Pty Ltd is an authorised credit representative of Mortgage Australia Group Pty Ltd. You should seek professional advice when obtaining finance and purchasing your first property. 

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First Home Buyers Australia

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