First Home Buyer
First home buyer help to choose the right home loan
This page guides you to
- First home buyer grants and transfer stamp duty concessions
- What to look for in a home loan
- Austral recommended home loans for first home buyers
- The buying and borrowing process
Checking out and comparing the many loans available in the market can be a daunting task when you are new to the market and unsure of what sort of features you need in a home loan. You should be looking for features in a home loan that give you flexibility and savings wherever possible.
Austral products have some unique features which are not generally available through the major banks or other lenders.
First Home Buyer Grants and Transfer Stamp Duty Concessions
- All States in Australia currently offer FHOGs to qualifying first home buyers to assist them with the purchase of acceptable property. Most States do not offer the FHOG when purchasing an existing home.
- The amount of Grants and how they operate varies between the States.
- All States, except Northern Territory, offer varying Transfer Stamp Duty concessions to first home buyers.
- Both the grants and stamp duty concessions change from time to time.
Read more about first home buyer grants
What to Look for in a Home Loan
Regular home loans
In reality most standard home loans are very similar and should include the following features.
- Ability to make extra repayments
- Ability to redraw extra amounts you have paid over and above your minimum repayments
- Option to fix your interest rate at any time.
- No on-going monthly fees or charges.
- Ability to substitute security – this may not been in your plans right now, but if down the track you sell your first home and upgrade to a new property, you want to minimise cost by being able to substitute the new property and increase your existing loan if additional funds are required.
Home loan with a 100% Offset Account
This home loan has all the features of a standard loan with the additional benefit of an offset facility which can save you interest and reduce the term of your mortgage.
There are two different types of offset accounts – a 100% Offset and a Partial Offset Account. Look for the 100% Offset which will give you maximum savings
See the savings you can make…
- Sam and Sally have a 30 year $300,000 mortgage @ 6% p.a and $20,000 saved in a linked 100% Offset Account.
- The $20,000 is offset against their loan balance so that their interest is calculated on $280,000
- They continue to make monthly principal and interest repayments on $300,000 but this is more effective in reducing their loan faster because the interest component of the monthly repayment is less, while the principal component is more.
- Over the term of the loan Sam and Sally can save up to $84,153 and pay out their home loan almost 5 years sooner.
Take a look at the Austral FHB 100% Offset home loan
Austral recommended home loans for first home buyers
If you qualify for a First Home Buyer Grant in your state we recommend the
If you don't qualify for a First Home Buyer Grant in your state we recommend the
The Buying and Borrowing Process
Austral Mortgage has specialised in home loans and other mortgage lending for over 20 years. We have honest, experienced and helpful staff on board to give you guidance in all facets of arranging a suitable home loan when buying your first home property.
Read our first home owner's guide and checklist for some awesome free advice when you're buying your first property.
Residex reports provide you with valuable information, statistics and trends on suburbs where you might be considering buying.
Call us on (02)92991833 to check out how we can help with a Residex Report on the suburb in which you are planning to buy. These reports provide invaluable up to date information on suburb properties, values and trends.
Our easy to use home loan calculators will give you an indication of how much you can afford to borrow and how having an Offset Account can save you significant interest.
See our loan calculators here
Austral’s Deposit Power Guarantee (also known as a Deposit Bond) is a fast, convenient and inexpensive way for you to arrange the 10% deposit required when you sign contracts on your new property.
Home Buyers Checklist
Buying your first home can be really daunting...
Here's a simple guide to how to apply for a Home Loan and a quick checklist outlining what you will need to provide with your loan application