With talk of a potential RBA interest rate cut later in 2024 hitting the wires there are more specials available to first home buyers looking to buy this year! Furthermore, lenders on the FHBA Mortgages panel have introduced some new policies which help those with unusual circumstances.
Whilst first home loan offers aren’t a formal product category, many lenders have certain products that only first home buyers can take advantage of. We have handpicked some of the latest home loans offers that are currently available through our exclusive & complimentary first home buyer home loan service – FHBA Mortgages, below:
If you want to discuss how you can get a ‘home loan pre-approval‘ or just want to know what specials you may be eligible for, why not give us a call on 1800 342 287 (1800FHBAUS).
1. HGS Loan – FHG, FHBG, RFHBG
Are you looking to take advantage of the Federal first home buyer Government Guarantee Scheme, which allows you to avoid LMI and helps you buy your first home with a 2% or 5% deposit (depending on which scheme you are eligible for)?
6.14% Variable Rate – No application or ongoing annual fees
You can borrow:
- Up to 95% LVR with no LMI for First Home Guarantee (FHBG) and Regional First Home Buyer Guarantee (RFHBG)
- Up to 98% LVR with no LMI for Family Home Guarantee (FHG)
This special is for a short time only and we can turn around a fully assessed pre-approval within 5 business days!
2. Clean Energy Home Loan
The Clean Energy Home Loan is all about rewarding people who do the right thing for our planet.
For new builds that achieve 7.5+ star NatHERS rating plus solar panels; or Green Star Homes certification, you may be eligible for the below product:
5.88% Variable Rate (Comparison Rate 6.38%) – No application fees
Find out if your property is eligible for these special loan offers!
3. LMI Waivers for professionals & health employees
Professionals that can get LMI waivers up to 90% (or in some cases 95%) of the property value include:
- Medical professionals (including doctors, nurses and 20 + other medical professionals)
- Legal professionals
- Accounting and Finance professionals
- Entertainment personnel
- Professional athletes
- Mining specialists
The good news is that there are no property purchase price limits for professionals looking to take advantage of the LMI waivers.
6.10% Variable Rate (Comparison Rate 6.18%) – No application fees
Get your LMI Waiver home loan approved within 1-2 business days!
4. Fixed Rate home loans under 6%
Whilst speculation about the next interest rate move being a rate cut by the RBA mounts, some first home buyers may still be looking for a fixed rate loan for certainty of repayments.
FHBA Mortgages has the following fixed rate offers for eligible first home buyers:
3 year fixed rate: 5.69% Fixed Rate
2 year fixed rate: 5.79% Fixed Rate
1 year fixed rate: 5.89% Fixed Rate
Find out if you qualify for these low fixed rate offers!
5. Probation & Casual employee loans
Have you already approached a lender who hasn’t used your income because you haven’t worked enough and are still under probation? We find this is very common for aspiring first home buyers who approach banks directly- not all banks will consider this!
At FHBA Mortgages we have access to a few lenders who will take still approve your first home loan if you only have one payslip and are subject to a probationary period. 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 very low rates from 6.10%.
If you are employed in a casual role for a minimum period of 3 months you may qualify for a home loan. We have lenders that will annualise your income earned year to date (YTD) and use that income for the purposes of determining your borrowing capacity.
Simply click below to contact us, so we can assist you with your short-term employment situation – we are the short-term employment specialists!
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 LMI – Insurance premium charged by mortgage insurers – this protects the bank in the event of the borrower defaulting on their home loan obligations.
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.
Written By,
First Home Buyers Australia
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