Mozo guides

From flat to family home - buying your first house

By Mozo Editorial ·
Fact Checked
Advertiser disclosure

Ready to own your nest? From finding a good loan to pinpointing your criteria, plus lifestyle factors to consider, see this checklist before you begin the big search.

Buying your first house is a significant step, and beyond the financial commitment, you’re making lifestyle choices too. If you have a baby on the way, or young children, you’re looking to put down some roots, so it’s important to get things right. Ask yourself:

Home Loan Comparison Table - last updated 19 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

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  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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How big a house do you want? Consider the size of your family – if you plan to have two children, for example, will a two-bedroom house give your brood enough space? Children can share a room while they’re young, but how soon will you be willing to move?

Where will your children go to school? Do you want to live within walking distance? Visit the schools in areas you’re considering; likewise, if you have a baby on the way and plan on going back to work, it pays to research local childcare options.

Are you ready for rate hikes? While we all want the cheapest home loan around, taking on a fixed interest mortgage can offer budgeting security while a variable home loan exposes your pay packet to rate hikes from the banks. To see how higher interest could affect your repayments, check out Mozo's rate change calculator.

Are you willing to spend more time commuting for more space? Inner-city living does come at the cost of space. Being close to work may free up more time for you to pick up children and arrange dinner, if you’re happy to live in closer quarters. But if your family needs room or you dream of a large yard, longer travelling times to work may be in order – will this leave you with enough time to carry out your daily errands?

Don’t choose designer features over child safety. Is the floor slippery? Are the stairs easy to navigate by young children? Are there sharp corners everywhere? And how child-proof is the lush white carpeting?

Mozo Editorial
Mozo Editorial

Mozo’s team of experienced journalists and money experts provide news, insights, practical guides and expert analysis to help you master your personal finances. We follow editorial guidelines that focus on accuracy, reliability and timeliness; helping you make informed financial decisions with confidence and the most of your hard-earned money.

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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