July 2017: Featured first home loan offers
Are you currently searching for your first home loan or about to be in the market for a home loan?
If this is you, then this month’s specials are a must explore, as they have something for everyone. Whether you are looking for a no deposit loan, low deposit loan, fixed rate loan or a special loan for certain professions, we have 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 on offer through our exclusive first home buyer mortgage broking service – FHBA Mortgages. FHBA Brokers perform a number of tasks, from the moment you first seek them out until you settle on your first home (and even beyond that with ongoing loan reviews!).
1. First home loan with a 5% deposit + Ability to use the FHOG as deposit + Unlimited LMI capitilisation¹ + Competitive fixed rates² with offset account!
A mid-tier lending institution is currently offering a special product for aspiring first home buyers who are currently renting and have a good 6-month rental history behind them. This alleviates the ‘genuine savings’³ requirement for aspiring first home buyers.
This lender is offering the following fixed rates with a 100% offset account (which is very rare for fixed rates):
- 1 year fixed rate – 4.09% (comparison rate: 4.73%)
- 2 year fixed rate – 4.19% (comparison rate: 4.71%)
- 3 year fixed rate – 4.34% (comparison rate: 4.74%)
2. 5 year fixed rate offer under 4%
This offer has been extended and is available to first home buyers only for a limited time only!
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 (inclusive of LMI)
- Waiver of first year’s annual package fee
- $1,000 discount on the LMI premium (if applicable)
- Minimum lending amount required is $150,000
3. Big 4 Bank 95% Construction lending (Inclusive of LMI)
One big 4 bank on the FHBA Mortgages panel is offering a special low deposit home loan with a 5-10% deposit and allowing you to borrow up to 95% including Lenders Mortgage Insurance (LMI) for construction loans!
The product comes with the following features:
- A minimum 5% deposit must be made up of genuine savings or 6 months rental payments history. Genuine Savings must be savings or shares that you have held or accumulated over a period of 3-6 months
- LMI can be capitalised onto the loan up to 95% of the property purchase price
- For owner occupiers only
- Competitive fixed and variable rates
- Interest only option available during construction (helps your cash flow while you are renting at the same time as your home is being built!)
4. Special LMI waivers for Medical Professionals + Accountants + Legal Professionals
The above professionals (regardless of seniority in their roles) may be eligible for 90% loans (90% of the property value, 10% deposit) without paying any Lenders Mortgage Insurance. This waiver is available with a large number of lenders (including the Big 4 Banks!)
Click below to find out if your occupation allows you to borrow 90% of the property purchase price and not have to worry about paying a cent of LMI!
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.
In other exciting news, we are proud to announce that we will soon be launching a weekly segment which will feature our ‘First home buyer home loan of the week‘, proudly brought to you by FHBA Mortgages. Stay tuned!
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.
First Home Buyers Australia