A first home loan is the initial mortgage you obtain to purchase your first home. It’s the primary loan used to buy the property. The term “first” refers not only to the order in which the loan was obtained but also to the lender’s secondary position on the property. In the event of foreclosure and sale, the lender of the first mortgage has the first claim to the proceeds
We handpicked what we consider the best mortgage deals available right now. Our list of home loan offers applies to first-time homeowners looking to buy a new home.
We compare home loans from lenders all over Australia to help you find the best mortgage rates. We believe that the best mortgage offers will be the lowest priced, with low (or zero) fees and provided by a trusted lender.
If you’re an eligible first home buyer in Australia, you can potentially receive all of the following entitlements:
- The First Homeowner Grant (also known as FHOG, the first home buyer grant or the first home loan grant),
- A stamp duty exemption or reduction, and
- Participating in the First Home Loan Deposit Scheme.
If you’re buying your first home in Victoria, you’ll also be eligible for a stamp duty exemption (if it’s valued below $600,000) or a reduction if it’s valued between $600,000 and $750,000.
The First Home Loan Deposit Scheme is a federal government guarantee to help you avoid the cost of lenders’ mortgage insurance (LMI). The cost of LMI varies between lenders, but it can be $10,000 or more on an average home loan.
Tip: For buying a property through auction, consider applying for a pre-approval. Our first home buyer broker can assist you in obtaining a pre-approval, giving you the confidence to bid at auction knowing that your financing is secure.
