Top home loans for first home buyers: Mozo Editors’ picks
30 Jan 2019
If you’re planning to break into the property market for the first time this year, you probably already know that saving up a lump sum deposit can be a case of “easier said than done.”
But the good news is that many lenders are looking to attract first home buyers with competitively priced loans that let you borrow with as little as 5% or 10% deposit.
So if you’re looking for a low deposit home loan to help you take that first step onto the property ladder, check out these first home loan picks from our Editors.
Bank Australia Basic Home Loan

3.89% p.a. fixed rate for 3 years (3.99% p.a. comparison rate*)
Borrow with as little as 5% deposit
Split your loan between fixed and variable rates
What we think:
If you want to enter the market with the certainty of a fixed rate behind you, then check out Bank Australia’s Basic Home Loan. With a low-interest rate and no upfront application or ongoing service fees, this is a budget-friendly option which lets you borrow up to 95% of the property’s value.
Where do I get it? Find out more at Bank Australia >>
Newcastle Permanent Discounted Variable Home Loan

3.89% p.a. interest rate (4.29% p.a. comparison rate*)
Borrow with as little as a 10% deposit
No upfront application fee ($395 annual service fee)
What we think:
There’s no reason you should miss out on features for the sake of great value, right? The Newcastle Permanent Discounted Variable Home Loan Premium Plus Package is available for loans from $150,000 and has a low-interest rate and no upfront fee. It also packs a full offset account, plus free extra repayments and a redraw facility.
Where do I get it? Find out more at Newcastle Permanent >>
HSBC Discounted Home Value Loan

3.59% p.a. interest rate (3.61% p.a. comparison rate*)
Borrow with as little as a 10% deposit
No ongoing monthly service fee
What we think:
When it comes to home loans, finding a low-interest rate is ideal, but finding a low comparison rate is essential (and often overlooked). With a competitively low-interest rate of 3.59% p.a. which is closely followed by a 3.61% p.a. comparison rate*, what you see is what you get with the HSBC Discounted Home Value Loan. Offering just about everything you’d want in a home loan, from flexible repayment options to a free online redraw facility, no upfront or ongoing fees, and unlimited free extra repayments, the HSBC Discounted Home Value Loan truly lives up to its name.
Where do I get it? Find out more at HSBC >>
NAB Base Variable Rate Home Loan Special Offer

3.99% p.a. interest rate (4.03% p.a. comparison rate*)
Borrow with as little as a 5% deposit
No ongoing monthly service fee ($600 upfront fee)
If you’re a Big-4-Bank-baby through and through, then the NAB Base Variable Rate Home Loan could be the one for you! With a competitive 3.99% p.a. interest rate (4.03% p.a. comparison rate*), the ability to borrow up to 95% of the property’s value, and an assortment of flexible features to play around with, the NAB Base Variable Rate Home Loan is definitely worth having a second look at.
Where do I get it? Find out more at NAB >>
^See information about the Mozo Experts Choice Home loans Awards
Didn’t find quite what you were after? Head over to our first home loan comparison table to take a look at some more options.