First Home Loans

The epic step of buying your first home is finally here. There are plenty of sweet home loans out there in the bustling home loan market that offer no ongoing fees, a low interest rate and let you borrow at least 90% of the property value. Start your search below.

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What does loan to value ratio (LVR) mean?

Loan to value ratio or LVR basically equates to how much deposit you have. For example if you're buying a $300,000 apartment, you should aim for a deposit of $60,000 (20% of the value of the property), which would make your LVR 80%. Generally, if your LVR is more than 80% , which it often is for first home buyers, you'll have to pay lenders mortgage insurance.

How do I choose a first home buyers home loan?

Taking the plunge into the property market and investing in your future is exciting. But for mortgage newbies selecting the right home loan can be a bit of a daunting task. Take a glance at the table below to compare the variable and fixed rate home loans on offer right now for first home owners. Look for a home loan with a low application fee and no ongoing fees.

Can I apply for a first home owners loan online?

Yes and it's never been easier! Click on one of the "go to site" buttons below to start your path to greater financial independence.

First home loan comparisons on Mozo - rates updated daily

Want more? Compare all 503 home loans in the Mozo comparison engine.

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*WARNING: This comparison rate applies only to the example or examples given. 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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

 

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Home Loan Resources

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First home loans

Congrats, you've started your journey to purchasing your first home - an exciting time indeed! So what's next?

We understand that purchasing your first home and getting a mortgage can be a daunting prospect, that's why we've created this quick cheat sheet to run you through everything you need to know about getting your first home loan.

We also suggest you take some time to have a read through our First Home Buyers hub, as we've developed a number of in depth articles and checklists that cover all the first buyer steps from saving for your deposit, working out how much you can borrow to organising insurance once you've found your dream home.

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Home Loan Reviews

AMP
AMP home loan review
Overall
0/10
AMP is highly disappointing

Looking forward to a better bank!

Looking forward to a better bank!

Price
-1/10
Features
0/10
Customer service
0/10
Convenience
9/10
Trust
0/10

Jo | QLD

reviewed 11 days ago

Bendigo Bank
Bendigo Bank Basic Home Loan (Fixed, Owner Occupier, Principal & Interest) home loan review
Overall
10/10
Fantastic service throught out

The service at the Bendigo Bank are a lot better in East Gippsland than other banks.

The service at the Bendigo Bank are a lot better in East Gippsland than other banks.

Price
9/10
Features
9/10
Customer service
8/10
Convenience
10/10
Trust
10/10

Leonard | VIC

reviewed 2 months ago

ANZ
ANZ Simplicity PLUS (Owner Occupier, Principal & Interest) home loan review
Overall
2/10
I feel like we have been mislead

They started out as a great choice with excellent customer service at our local branch but has...

They started out as a great choice with excellent customer service at our local branch but has since let us down tremendously. One of the comments made by a loan staff employee at our last meeting not only was extremely offensive but also out of line in so many ways.

Price
5/10
Features
3/10
Customer service
3/10
Convenience
5/10
Trust
2/10

Geraldine | QLD

reviewed 2 months ago

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