RateCity
First Mortgage
Applying for your first mortgage is both an exciting and daunting time. Your first home loan is a major life changing decision that you shouldn’t take lightly and you need to ensure that you are financially stable and ready to take on. To be eligible to apply for your first mortgage, most banks require a deposit of at least 20 percent of the total amount you wish to borrow. However the amount may differ for each lender so ensure that you are aware of this before applying.
The Government also offers a first home owners grant which was introduced in July 2000 to offset the effect of GST on home ownership where eligible first home buyers are given up to $7000 to put towards their first home.
There are a range of first mortgages available for first home buyers to enter the property market, but it is a good idea to do your homework before taking the plunge.
If you are a first-home buyer and are in the market for your first mortgage then check out the table below which shows some of the best mortgages currently available for first home buyers.
Refine your search
Monthly repayments are based on advertised rate, loan amount and selected payment frequency over 25 years.
The comparison rate is based on secured credit of $150,000 and a term of 25 years. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
