The end of the financial year (EOFY) is upon us again! Some lenders have increased the discretionary discounts for first home buyers, especially those looking to take advantage of the Federal Government’s HGS (FHBG) Scheme. Furthermore, lenders on the FHBA Mortgages panel have updated their lending policies allowing first home buyers with complex situations get their first home loans.
In the June meeting, the RBA kept interest rates on hold at 4.35%, meaning it has been steady for 7 consecutive months now. Many economists are predicting for interest rates to stay on hold till 2025, with the next move still likely to be a rate cut.
Some lenders are looking to start the new financial year of 2024/25 with a bang; therefore, they are offering some special deals/incentives for first home buyers as they consider first home buyers to be an important part of their offering. Our FHBA Coaches 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. Federal Government Housing Guarantee (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 LMI³ and helps you buy your first home with a 2% or 5% deposit (depending on which scheme you are eligible for)?
6.18% Variable Rate – With a 100% offset account, allowing you to save on your interest costs
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 3 business days!
2. Parent Guarantor Loan
You may not qualify for the HGS due to your income or desired property purchase price being above the threshold. Don’t stress, the parent guarantor loan may also be an option for you to avoid LMI³.
You can buy your first home without a deposit, in fact you will even be able to borrow up to 107% of the property purchase price, allowing you to cover the costs of stamp duty. You also won’t have to go with the same lender your parents may be with, giving you flexibility.
6.09% Variable Rate (Comparison Rate 6.12%) – No application fees
5.79% Fixed Rate (Comparison Rate 6.46%) – No application fees
Find out if you qualify for these special rates for parent guarantor loans
3. Loans for registered nurses, midwives, speech pathologists + many more
Professionals that can get LMI waivers up to 90% of the property value include:
- Registered Nurse
- Midwife
- Speech Pathologist
- Podiatrist
- Physiotherapist
- Chiropractor
The good news is that there are no property purchase price limits for professionals looking to take advantage of the LMI waivers.
6.15% Variable Rate (Comparison Rate 6.23%) – No application fees
Get your LMI Waiver home loan approved within 1-2 business days!
4. Fixed Rate² 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: 5.79% 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. Loans for new casual employees
Have you recently approached a lender about your new casual employment and been knocked back?
The good news is that at FHBA we may have solutions if you have employment history in the same industry and have only recently started your new casual employment.
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). AKAL & 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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