First home buyers offered reward points for first home loans
Australian lenders are continuing the theme of offering providing more attractive offers to first home buyers as owner-occupier lending continues to be the area of focus for them. In November, FHBA Mortgages has access to some more special offers that will impress those aspiring first home buyers in the market for their first home loan!
Whether you are looking for a low deposit loan, construction loan, parent guarantor loan, fixed rate loan or a special loan for certain professions, we have got you covered.
Keep reading for the details! Our team of expert FHBA Coaches, who are also fully qualified Lending Advisers (Mortgage Brokers), have handpicked some of the more special home loan offers that are currently available through our exclusive first home buyer mortgage broking service – FHBA Mortgages. Regardless of what your financial position, FHBA is well equipped to provide qualified credit advice for all first home buyers. And if you are not ready just yet, we will tell you what you need to do in order to be ready!
1. 350,000 rewards points on your linked credit card
One Big 4 bank is offering a special product enabling borrowers to receive 350,000 rewards points on the credit card offered as part of the package, enabling you to use the points towards a big ticket item! Some special conditions apply:
- For owner-occupiers or rentvestors borrowing more than $250,000
- You must choose the package whereby you get the home loan, transaction account & credit card
- Available until 31 December 2017
- Borrowers must be eligible for a credit card limited offered by the bank (or you can choose a lower amount than the prescribed limit
Some of the benefits that you may be eligible to use these points for (if you want to use the points within 90 days of settlement)
Click below to see if you qualify for this special product.
2. Package Fee waived for the life of the loan
One mid-tier lender is offering a special product enabling borrowers to avoid fees associated with the loan, the features include:
- First home buyers only!
- Low variable rate of 3.79% (comparison rate 3.80%)
- Annual package fee ($375) waived for the life of the loan, resulting in savings of $11,250
- Minimum borrowing amount is $150,000
- Maximum borrowing is 95% of property purchase price
- Clean credit history
- 100% offset account is included in the package (ask your FHBA Coach for more info)
Click below to see if you qualify for this special product.
3. No-frills first home loan with a special introductory rate
Another big 4 bank has taken the unprecedented step of offering a very special introductory variable rate which allows first home buyers to lower their repayments in the initial stages of your home loan life. Some of the features include:
- 3.75% p.a. 2 year Introductory Variable Rate (Comparison rate: 4.44% p.a.)
- No establishment fee: Save $600
- Customers receive a 0.84% discount for the first 2 years of the first home loan
- Available for a limited time only
If you are interested in a home loan product without all the bells and whistles then this may well be worth exploring. Click below to book your complimentary session with an FHBA Coach.
4. Low 2 year fixed rate² offer for University Graduates, Education professionals & Emergency services personnel
One of our favourite lenders with three brands is offering first home buyers a certainty in repayments. All three brands are offering a 2 year fixed rate at 3.69% (comparison rate 5.10%). These products are particularly good first home buyers with low deposits. Some features include
- Minimum deposit required is 5%
- Non-genuine savings are acceptable
- Satisfactory rental ledger for the last 6 months can be used in lieu of genuine savings³
- 100% offset account available on fixed rates!
- LMI capitalisation¹ available above 95% of the property value
- Family members of University students/graduates or teachers are eligible for this product too!
Are you looking to fix your interest rate for a period of 2 years? Then click below to book your complimentary consultation with a FHBA Coach.
4. Aspiring first home buyers on maternity leave
Are you a first home buyer who is on maternity leave and looking to get your first home loan whilst on maternity leave? This may still be an option even though you don’t have any income. To qualify for this the lenders will usually require:
- A return to work letter from your employer confirming the date you will be resuming your job
- Enough savings to cover repayments during the time you are on maternity leave
- Deposit to cover your contribution to the loan (a minimum of 5%)
Alternatively, if you are still receiving maternity leave pay, either through your employer or from the government, some lenders will even consider this income when determining your borrowing capacity. Click below to find out more about this product:
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 Genuine Savings – Funds to be used as a deposit by a proposed borrower (for a property purchase) have been genuinely saved over time – usually between 3 and 6 months
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 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