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Home Loans For First Time Buyers [Best Mortgage Deals for 2019]

What is the best type of home loan for first time home buyers in 2019?

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There are many different types of home loans based on the borrower type (first home buyer, construction loan, owner occupier, property investment, refinancing, or interest only) and the interest rate type (variable rate, fixed rate, split rate). Find out which loan type is most suitable for first home buyers.

A home loan is secured against your property, so if you are unable to continue paying the loan, the lender may ultimately require you to sell the property to settle the debt.

What should first home buyers look for in a home loan?
First home buyers should be looking for a combination of competitive pricing (low interest rates and fees) and the features that will make their loan suit their budget.

Comparing interest rates
Home loan interest rates can vary significantly between home loan providers. Because home loans are a long-term debt, even small differences in interest rates can make a big difference to the total amount you will pay on your loan over its lifetime.

Check what home loans fees apply to your loan and how much the average home loan costs over time.

Use our Mortgage Calculator to help you work out what your interest rate will cost you, both in monthly repayments and over the life of the loan.

Comparing features
You can use our website to compare the features of the home loans available for your situation, such as:

Lending terms including interest rates
Loan fees
Ability to make additional repayments
Redraw facility
Offset account
Split loan facility (part of loan charged at fixed interest rate, part at variable rate)
Top up facility
Portability (ability to switch your loan to a new property when you move house)
Construction loan features
Fixed rate lending terms and conditions
Customer service