When looking for the best first home buyer home loans, it might be difficult to actually find the right one. Deciding the type of home loan to go for as a first-time home buyer is a difficult task. There are a lot of first home buyer’s home loans that can be accessed online or through banks. This is why we have decided to simplify this task for you.
This article will explore the five best first home buyer home loans in Australia that offer reasonable rates.
5 Best First Home Buyer Home Loans 2023
Here are the best first home buyer home loans you can access in Australia.
1. Bendigo Bank
Bendigo Bank is one of the best first home buyer home loans for occupiers, with an LVR below 90%. It was crowned Australia’s Home Lender of 2023 due to its outstanding mortgage products and services.
Bendigo Bank offers variable rates from 4.97% pa., free extra repayments, and a redraw facility. Also, it comes with an offset account that you can utilize to reduce the interest you will pay on the loan.
When accessing home loans from Bendigo banks. You must plan for a $250 settlement fee, a $350 discharge fee, and a $10 monthly service fee. It is super flexible for a first-home buyer.
Another suitable first-home buyer home loans lender is loans.com.au, which offers competitive loans at the rate of 5.10% p.a; for individuals with an LVR of 70 or below.
The platform does not demand an application fee; it comes with no ongoing, discharge, or upfront fees. This is the best platform for sourcing home loans for minimal charges.
However, this platform will charge you an extra 0.10% p.a. on your home loan interest rate to offset an account. Also, the settlement fee is $3000; you need a budget for a $300 valuation.
Another reliable first-home buyer home loan provider is Unloan. Unloan offers a competitive home loan for individuals starting from 4.85% p.a. The loan doesn’t incur upfront fees or any form of upfront, ongoing, or discharge fee, which saves money.
Also, this platform offers fee redraw facilities and extra repayments to aid you in offsetting your mortgage faster. Also, you get a nifty annual discount of 0.01% p.a; to 0.30% p.a max for up to 30 years.
Occupiers with LVR less than 60=% can access Suncorp for home loans. Suncorp is one of Australia’s best and most prominent financial services brands offering home and motor insurance.
Its variable rates are from 5.17% p.a., with no service fees or upfront charges. Also, it offers accessible redraw facilities, extra repayments, and an option to split your loan. You can access this loan with an LVR of less than 60%. However, you should keep aside $350 as a discharge fee that will be paid at the end of the loan.
5. HSBC Bank
HSBC bank offers discounted home value loans for Australians with an LVR of less than 60%. HSBS is a multinational bank that started operations in Australia in 1965 and has expanded its range of services and earned the people’s trust.
Its variable rates start from 4.59% p.a; with free extra repayments and a redraw facility. Its free additional repayment allows you to pay off your mortgage sooner. Also, you can part the account, giving your loan a fixed and variable rate.
Also, it demands a discharge fee of $300 be paid at the end of your loan.
Best Home Loan for First Home Buyers Australia
There are lots of home loans for first-home buyers in Australia. Some of the best home loan for first home buyers Australia include;
- Bendigo bank
- HSBC bank
- Macquarie’s fundamental home loan
First-Time Home Buyer Home Improvement Loan
First-Time Home Buyer, Home improvement loan refers to financing options for improving or renovating first-time homes. There are both secured and unsecured loans that you can access for this purpose.
This type of loan can still be accessed via the banks above that offer home loans to individuals and organizations.
First Home Buyer Home Loan Calculator
One of the best home loan calculators is the Bankrate Mortgage Calculator. This calculator estimates mortgage insurance, property taxes, and homeowner’s association fees. Also, this calculator helps you to determine your interest and repayment fees. The beauty of this is that the calculator can be accessed online.
First Home Buyer Scheme
In Australia, you may be given a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase a first home. Your first new home can be an apartment, a house, townhouse that is newly built, substantially renovated, or purchased off the plan.
With home buyer home loans, you can be a homeowner in Australia, living in your dream house. The fact remains that you must be willing to abide by the loan terms and conditions that you sign into. So ensure to read them before signing them or going for them carefully.