Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
No ongoing feesFree redraw facility

Live-in Variable Loan (Principal and Interest)

No ongoing feesFree redraw facility
VariableMore details
FREE REDRAW FACILITY
  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FREE REDRAW FACILITY
VariableMore details
NO ONGOING FEES100% FULL OFFSET ACCOUNTFREE REDRAW FACILITY

Ocean Owner Occupied (LVR < 60%)

NO ONGOING FEES100% FULL OFFSET ACCOUNTFREE REDRAW FACILITY
VariableMore details

Basic Variable Owner Occupier Principal & Interest (LVR ≤ 80%)

VariableMore details
GET A DISCOUNTED GREEN RATE*

Green Home Loan (Principal and Interest)

  • Fast turnaround, can meet a 30-day settlement
  • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
GET A DISCOUNTED GREEN RATE*

Green Home Loan (Principal and Interest)

  • Fast turnaround, can meet a 30-day settlement
  • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR < 60%)

100% FULL OFFSET ACCOUNT
VariableMore details
NO ONGOING FEES

Budget Home Loan (Principal and Interest) (LVR < 80%)

NO ONGOING FEES
FixedMore details
No ongoing feesFree redraw facility

Live-in Fixed Loan (Principal and Interest) 1 Year

No ongoing feesFree redraw facility
FixedMore details

Fixed Options Home Loan (Principal and Interest) 1 Year

VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR 60%-70%)

100% FULL OFFSET ACCOUNT
FixedMore details

Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR < 80%)

VariableMore details
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • Easy, digital application
  • No on-going fees
  • Market leading app to help you pay off your loan sooner
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • Easy, digital application
  • No on-going fees
  • Market leading app to help you pay off your loan sooner
VariableMore details
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 95%)

NO UPFRONT OR ONGOING FEES
FixedMore details

Fixed Rate Home Loan 2 Years (LVR 80%-95%)

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 1yr

  • Fast turnaround times, can meet 30-day settlement
  • No ongoing fees
  • Extra repayments + redraw services
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 1yr

  • Fast turnaround times, can meet 30-day settlement
  • No ongoing fees
  • Extra repayments + redraw services
FixedMore details

Fixed Home Loan 2 year (Principal and Interest) (LVR < 70%)

Fixed Home Loan 2 year (Principal and Interest) (LVR < 70%)

    VariableMore details
    AN EASY ONLINE APPLICATION
    • Unlimited additional repayments
    • Unlimited free redraws
    • Optional 100% offset can be added for $120 p.a.^
    AN EASY ONLINE APPLICATION
    FixedMore details

    Fixed Rate Home Loan (Principal and Interest) 1 Year

    VariableMore details
    NO UPFRONT OR ONGOING FEES

    Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 90%)

    NO UPFRONT OR ONGOING FEES
    VariableMore details
    NO ONGOING FEES

    Basic Flyer Home Loan (Principal and Interest) (LVR 60%-70%)

    NO ONGOING FEES
    VariableMore details

    Extra Home Loan (Principal and Interest) (LVR < 70%)

    FixedMore details

    Fixed Home Loan 3 year (Principal and Interest) (LVR 80%-85%)

    VariableMore details
    UNLIMITED EXTRA REPAYMENTS

    Basic Home Loan (Principal and Interest) (LVR < 60%)

    UNLIMITED EXTRA REPAYMENTS
    VariableMore details
    NO UPFRONT OR ONGOING FEES

    Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

    NO UPFRONT OR ONGOING FEES
    FixedMore details

    Fixed Rate Home Loan 1 Year (LVR 80%-95%)

    VariableMore details
    NO UPFRONT OR ONGOING FEES

    Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

    NO UPFRONT OR ONGOING FEES

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 18, 2022. View disclaimer.

    What is a first home buyer loan?

    While some lenders offer home loans specifically marketed towards first home buyers, a ‘first home buyer loan’ isn't really a thing – first home buyers simply take out regular owner-occupier home loans. But there are some specific things a first home buyer might want to seek out when searching for a good value home loan, such as:

    Read our tips on each of these below.

    Interest rates

    By far the biggest cost factor of a home loan is the interest rate. You only have to spend a few minutes on one of our calculators to see that having a home loan with an interest rate that’s a single percentage point higher than another home loan’s (e.g. 5% instead of 4%) can cost you tens of thousands of dollars extra in interest over the life of the loan.

    Of course, not everyone can qualify for the lowest interest rate on the market. Your interest rate is often determined by a range of factors, including your LVR (loan-to-value ratio), credit score, income, expenses, suburb you're buying in, and so on.

    To give yourself the best chance of qualifying for a low interest rate, you should aim to have at least a 20% deposit (putting your LVR at 80%), having a good track record of paying bills on time and managing your spending. You should also try to avoid buying in suburbs that are at risk of price falls (e.g. buying an apartment in an area where lots of other apartment buildings are under construction).

    Fees

    While it's the biggest expense, the interest rate isn’t the only thing that’ll cost you. Most home loans include upfront and ongoing fees as well as incidental fees, such as the extra costs of lenders mortgage insurance (LMI) or refinancing. A helpful guide to the relative cost of a home loan is its comparison rate, which takes the upfront and ongoing fees into account on top of the interest rate. So if a home loan’s comparison rate is significantly higher than its advertised interest rate, you might expect high fees.

    Features

    Flexible features such as an offset account or redraw facility can help first home buyers save thousands in interest over the life of the loan and pay it off years earlier. Such features may come with added fees or a higher interest rate on the loan, but given the savings they can help you generate, they can end up being worth the extra cost.

    Guarantor

    If you’re really struggling to cough up the dough for a deposit, then you can always speak to someone (usually your parents) about whether they’d consider going guarantor for your home loan.

    A guarantor acts as a guardian angel for both you and your lender. They sign an agreement stating that they will make any repayments that you fail to meet yourself, protecting both parties from a default. Having this safety net can help you secure a home loan with a small deposit, exempt you from having to pay LMI or even qualify you for a low interest rate.

    Obviously, going guarantor isn’t something to be taken likely as it’s a huge responsibility. But if you have someone that’s willing, you should seek out a home loan that will accept them as a guarantor. While most lenders allow guarantors, they often have restrictions around who can act as one. For instance, most do not allow non-family members to go guarantor, but some do.

    Save on your first home loan with the First Home Owner Grant

    Each state and territory in Australia has a First Home Owner Grant (FHOG) for first home buyers. These grants have varying restrictions but in most cases, they’re applicable to those building or purchasing new property. We’ve written about what the grant offers in each state in greater detail, so it’s worth looking at how much you can qualify for. If you haven’t owned a home in Australia before, you could be granted upwards of $20,000 in some states – likely to be the biggest grant you’ll ever get from a state government!

    Read more about First Home Owner/Buyer Grants:

    Read more related guides:

    Frequently Asked Questions

    Eligibility for the First Home Owner Grant (FHOG) depends on the state/territory you live in. But to give you a general idea, eligibility criteria typically includes:

    • Being an Australian citizen
    • Being at least 18 years old
    • You must intend on living in the property (owner occupier)
    • You can apply as a couple but you must be de facto or married
    • You must be a first home buyer

    If you’re thinking about applying for the FHOG, visit your state/territory’s page for more details/eligibility requirements.

    There are a number of grants and incentives geared towards helping first home buyers purchase their first homes. To give you a quick overview of the government assistance that may be available to you, grants and incentives could include:

    • New Home Guarantee Scheme: Allows first home buyers to buy or build a brand new home with as little as a 5% deposit without needing to pay LMI
    • First Home Loan Deposit Scheme: Allows you to buy your first home (doesn’t have to be brand new) with a deposit as little as 5% without paying LMI
    • First Home Super Saver Scheme: Allows first home buyers to use their super fund to help them accelerate their deposit savings by around 30% through lower taxes and a deemed rate of return.
    • First Home Owner Grant: One-off payment to help eligible first home buyers purchase their first home

    While not specifically for first home buyers, you could potentially look into the Family Home Guarantee Scheme, which allows single-parent families to purchase a home with as little as a 2% deposit.

    As a first home buyer, you may be able to purchase a home with a deposit as low as 5%. Some lenders will offer home loans with a 95% loan-to-value ratio (LVR), meaning you only need to have a 5% deposit. Typically, these loans are less common and can come with a higher interest rate. Some lenders also offer 85 to 90% LVR home loans, meaning you need a 15 to 10% deposit to purchase respectively.

    However, purchasing with a deposit of less than 20% typically means you need to pay lenders mortgage insurance (LMI). But as a first home buyer, there are government grants and incentives that can allow you to purchase a home with as little as a 5% deposit without needing to pay LMI.

    First home buyer home loan eligibility can vary, but generally speaking you must:

    • Have at least a 5% deposit, but 20% is ideal

    • Be at least 18 years old

    • Be an owner-occupier (meaning the home will be your primary residence)

    • Be an Australian citizen or permanent resident

    • Provide proof of income and ability to service the loan

    Government assistance such as first home buyer grants and a home guarantee scheme may boost a first home buyer's eligibility for a mortgage, as would having a guarantor for the home loan.

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    Disclaimers

    The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.