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Home Loans for Buying your First Home – Mortgage options for first home buyers
It is a jungle out there! The Australian mortgage market can make it very confusing for first home buyers, which is why we established this website – to assist you as you make your way to finding the first home buyer home loan that best suits you.
Firstly, the Real Estate Institute of Australia has a lot of consumer advice on home loans and mortgages.
Now, we will try to make it a little easier for you to understand the different options and suggest you start by using a home loan calculator – and a list of Australian real estate agents in the desired city or area.
Basic Home Loan
The simplest of the first home buyer home loans is the basic home loan. It usually has the lowest interest rate but is not very flexible and applies charges if you wish to pay the loan faster than the agreed rate. To find out more about basic home loans, eChoice, a leading Australian online home loans provider can assist you.
Standard Variable Rate Home Loan
The most popular of first home buyer home loans is the standard variable rate home loan, which provides you more features and flexibility. For instance, you can make extra monthly repayments without any additional fees. The standard variable mortgage rate has variable interest rates which is explained at interest-rate.com.au.
Fixed Rate Home Loan
For those first home buyers who need the security of knowing what the exact home loan repayments are each month, there is a fixed rate home loan. Be sure to read more about fixed interest rates to fully understand the advantages of having a fixed interest rate on your home loan.
Split Rate Home Loan
Split rate home loans are a combination of both the standard variable rate and the fixed rate. For first home buyers, this is a good way to reduce risks of interest rises whilst having the benefits of lower interest rates.
If you would like to know more about different home loans such as line of credit, interest only, no doc or home equity home loans, please visit homeloans-australia.com.au.
How does a $7,000 first home buyer’s grant sound?
When applying for your first home loan, you may be eligible to receive a grant of $7,000. For more information go to firsthome.gov.au.
