As the end of the financial year nears, lenders are continuing to show their commitment towards helping a greater number of first home buyers achieve their great Australian dream of home ownership, by introducing new specials with even lower rates.
As most aspiring first home buyers already know, the first and most important step of your first home buying journey 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.
For first home buyers who are looking to purchase their first home in the busy Autumn season, this is a must read edition of our home loan specials. 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 Mortgages, below:
1. Limited time offer – 3.58% Variable rate (comparison rate 3.59%)
One of the lowest rates on offer from one of Australia’s established lenders. This is no basic product, you get the following benefits with this product:
- 100% Home Loan Offset account
- Annual Package Fee waived for the life of the loan
- Split loans are available
- No upfront or valuation fees payable
2. Big 4 bank no-fee products + borrow up to 95% of the property value
At FHBA Mortgages, we are all about providing choice to our first home buyer clients. For example, we can compare options from the big 4 banks vs. options from smaller lenders in a comparison report tailored to your circumstances. Some of the majors are offering big specials to first home buyers right now. Here is an example:
- An exclusive 3 Year Fixed Rate² offer from 3.79% with:
- $0 Establishment Fee
- $0 Monthly Account Fees
- An exclusive 5 Year Introductory Variable Rate offer from 3.79% with:
- $0 Establishment Fee
- $0 Monthly Account Fees
- A 2 Year Introductory Variable Rate offer from 3.59% with:
- $0 Establishment Fee
- $0 Monthly Account Fees
An FHBA Coach can negotiate with all big 4 banks, ensuring you get the most appropriate product for your needs.
Furthermore, if you are looking to get your first home loan directly with your current bank, we may be able to get you a home loan with better rates & features than if you went straight to the branch- after all, we are the home loan specialists
3. 2% Deposit loans for low-income earners (WA first home buyers only)
This ‘Low Deposit’ home loan is a variable interest rate loan which can be used by first home buyers to buy an established home or build a new house.
Under this scheme, a low deposit home loan is available to help West Australians finance an affordable home where other home loan lenders cannot provide assistance.
The table above indicates the low deposit level required for this product!
4. Short term ‘casually’ employed applicants (3 or 6 months)
Have you only been in your casual job for a period of 3 – 6 months and have been knocked by most lenders?
We can help you! We have several lenders who are willing to lend up to 95% of the property value if you are concerned about not being able to get a loan due to the short-term nature of your job duration. You will still be eligible for the standard rates offered by lenders, starting from 3.59%!
Simply click below to speak to a first home buyer broker:
5. Various low fixed rates² for teachers & other professionals
One of our most popular lenders amongst first home buyers with three distinctly different brands is offering first home buyers a certainty in repayments with an offset account! These products are particularly good for first home buyers with low deposits. The fixed rate offers include:
- 3 year fixed rate of 3.79% (comparison rate 4.99%)
- 2 year fixed rate of 3.69% (comparison rate 5.10%)
- 1 year fixed rate of 3.79% (comparison rate 4.99%)
Key features include:
- Minimum deposit required is 5%
- Non-genuine savings³ are acceptable
- Lower your repayments with a 40-year loan term
- Satisfactory rental ledger for the last 6 months can be used in lieu of genuine savings (ask us about this!)
- 100% offset account available on fixed rate loan splits
- 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 1, 2 or 3 years? Then click below to book your complimentary consultation with an FHBA Coach.
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.
Written By,
First Home Buyers Australia
Get a great finance deal to assist you with your first home purchase
