Mozo guides

From flat to family home - buying your first house

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:

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 22 June 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% 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
  • Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% p.a.

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

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    Details
  • The Better Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR<80%

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

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

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    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

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    Details

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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.