Top 4 home loan tools for first home buyers

A couple standing in front of a blue house

So, you're about to buy your first home and currently feel like a new parent that's in way over their head? Firstly, congratulations! Buying your first property is an incredible achievement and massive milestone in your life, which you should be super excited about.

Secondly, if you're on the brink of becoming a first-home buyer, then it's only natural you'd be feeling a little confused about the whole thing. So, to help make buying your first home a total breeze, here are the top 4 home loan tools for first home buyer's. With the help of these top tools, the only thing you'll need to worry about is picking carpet or floorboards.

UBank Mia AI

Got questions about the home loan process? The rise of AI and new technology in finance means you might not even have to pick up the phone to get the answers you need.

For example, UBank’s Mia (A.K.A. 'My Interactive Agent') is the world's first "digital human" home loan application assistant, powered by artificial intelligence. Mia will guide you through the online home loan application process, answering any questions you verbally ask her via your computer or smartphone. Think of her as the Siri for home loans!

“Our research showed us that the majority of home buyers, particularly first time buyers, are asking the same questions. They want practical, accessible and relatable tools to help them on the journey,” said UBank CEO, Lee Hatton. 

“They often want to ask questions they might see as “silly” or embarrassing in a safe environment.”

Urban.com.au

Before you even get to the stage of buying a property, you’ve got to find the right one. There are plenty of services to find houses, apartments and other properties for sale, but if you’re looking to buy a property straight off the plan for your first home, a service specialising in new builds could be useful.

Urban.com.au is an online property match tool designed to help you find the right property to purchase off the plan suited to your specific individual needs. With over 5000 projects in its’ digital marketplace, if it’s a brand new off the plan home that you’re after, Urban.com.au can help you find just that.

“Compared to [2018, in 2019] the mix of first home buyers enquiring on new developments on Urban.com.au has increased by almost 40%. Even though property price growth has softened recently it has still been challenging for some buyers to purchase their first home,” said Craig Holmes, Executive General Manager at Urban.com.au.

“New apartments and townhouses can be a great option for first home buyers with potential savings in stamp duty, often lower outgoings with greater energy efficiency standards, and some developers offering special incentives to help reduce the overall cost of purchase."

First Home Loan Deposit Scheme

As a first time home buyer you may qualify for the government’s First Home Loan Deposit Scheme (FHLDS). If you have less than 20% of a deposit saved up got your future home purchase, chances are you will be required to purchase Lenders Mortgage Insurance. This insurance protects the lender, not you, incase you default on the loan. However with FHLDS, if you are a first time home buyer with at least a 5% deposit you can avoid paying this insurance.

There are several requirements you need to meet before qualifying for FHLDS, but if you this scheme will help you save several thousands of dollars.

First Home Buyers Assistance Scheme

If you’re buying for the first time, one thing you might not have thought of is the extra costs that go into buying a home, like transfer duty (previously known as ‘stamp duty’). But did you know that if you’re a first home buyer, you might qualify for an exemption, concession and/or grant on transfer duty under the First Home Buyers Assistance Scheme?

To be eligible in NSW, you must be an over 18-year-old Australian citizen or permanent resident of Australia buying the first home that you or your spouse have owned/co-owned in Australia. You’ll need to move into the property within 1 year of purchase and live there for at least 6 continuous months. Just make sure to check the eligibility requirements as they can vary from state to state.

Make sure you check out our first-time buyer guides or hit up our first home loans comparison table to find a hot home loan to help seal the deal.

Home loan comparisons on Mozo - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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    Details
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    Mozo Experts Choice 2021
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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    Details
  • Hot DealFor a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)
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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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    Details
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    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.

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    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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    Details
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    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

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    Details
  • Hot Deal$3,000 cashback offer when you refinance your home loan to BOQ. To qualify, apply by 31 October 2021, T&Cs apply.
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    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR, Debt to Income ratio <6

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a. variable
    2.15% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    Details