First Home Buyer
Never owned a home? Get a Home Buyer Loan and buy your first home with UM Oceania!
First Home Buyer
Your income is a good guide when figuring out how much you can afford to repay on your loan every month. Look at your living expenses and financial commitments to assess how much of your salary you have left over to cover home loan repayments. A sound budget will give you confidence that you won't be overstretching yourself.
First Home Buyer Borrowing Power Calculator
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Home Loan Top Banks
- Mortgage Ezy Home Loan
- Bank of Queensland Home Loan
- MKM Capital Home Loan
- Virgin Money Australia Home Loan
- La Trobe Financial Home Loan
- FirstMac Home Loan
- Bank of Melbourne Home Loan
- Better Mortgage Management Home Loan
- Heritage Bank Limited Home Loan
- Liberty Financial Pvt Ltd Home Loan
- Keystart Home Loan
- BankSA Home Loan
- ING Australia Home Loan
- Suncorp Group Home Loan
- Bluestone Group Home Loan
- Beyond Bank Australia Home Loan
First Home Buyer Bank Offerings
|Rate of Interest
Mortgage Ezy First Home Buyer
Bank of Queensland First Home Buyer
4.34% - 6.3%
4.45% - 6.18%
MKM Capital First Home Buyer
5.49% - 5.5%
Virgin Money Australia First Home Buyer
La Trobe Financial First Home Buyer
4.99% - 6.99%
5.26% - 7.24%
FirstMac First Home Buyer
6.54% - 6.74%
5.9% - 6.3%
Bank of Melbourne First Home Buyer
Better Mortgage Management First Home Buyer
Heritage Bank Limited First Home Buyer
Liberty Financial Pvt Ltd First Home Buyer
5.09% - 5.19%
5.16% - 5.48%
Keystart First Home Buyer
6.76% - 6.86%
BankSA First Home Buyer
ING Australia First Home Buyer
4.34% - 6.35%
4.36% - 6.37%
Suncorp Group First Home Buyer
Bluestone Group First Home Buyer
5.24% - 6.54%
5.29% - 6.59%
Beyond Bank Australia First Home Buyer
4.34% - 5.4%
4.37% - 5.77%
About First Home Buyer
First Home Buyer is a loan offered to people purchasing homes for the first time. It is also a scheme provided by the Australian government. The project is only eligible for Australian residents or permanent Australian citizens.
If you are a first time home buyer, you may receive an exemption from paying it completely or a concession transfer duty rate under the First Home Buyers Assistance scheme (FHBAS).
Several banks and NBFCs in Australia provide this loan at different interest rates, subject to market conditions. You can choose one that suits you the best.
Read to know about the First Home Buyer loan and scheme’s eligibility criteria, benefits, how to apply for the first home buyer loans, and more!
Eligibility Criteria for First Home Buyer
One of the eligibility criteria for First Home Buyer lies in the name of the scheme itself. You must be buying the first home in Australia you or your spouse have co-owned. However, there are a few exceptions.
The First Home Buyer eligibility criteria for FHBAS and First Home Buyer loans include the following conditions:
- Only an individual can qualify for the loan. Companies or trusts are not allowed.
- The applicant must be a permanent resident of Australia or an Australian citizen.
- You must have attained an age of 18 years.
- You must have shifted into the property within one year and stayed there for a minimum of six continuous months.
- The agreement must be dated on or before July 1, 2017, and the contract should be made for the entire property.
- You and your spouse/partner should never have received a concession or exemption under the First Home Buyer Assistance Scheme.
- You and your spouse/partner should never have been an owner or co-owner of residential property in Australia.
What are the Benefits of a First Home Buyer?
If you are a First Home Buyer seeking a loan under FHBAS, you will get the following benefits:
- First Home Owner Grant (FHOG): First home buyers are privileged to receive the First Home Owner Grant, a government assistance scheme that offers the borrowers with one-off payment towards the deposit of their first home.
- Lowest Deposit Amount: First-time buyers may be able to purchase a newly constructed home or build a new home with as low as a 5% deposit, with the government guaranteeing the additional 15% deposit needed by participating lenders.
- Save Money: The program allows first-time home buyers to save hefty LMI (Lender’s Mortgage Insurance) Fees ranging between $10,000 and $30,000.
- Government Incentive: If you're a first-time home buyer and your property's worth is below a specific amount, a reduced rate of transfer duty (commonly known as stamp duty) will apply. The state government is offering this incentive to tempt first-time homeowners to purchase a property of their own. Both new and existing residences are eligible for this incentive.
- Grant Fund towards the Deposit: We advance the grant amount from your loan account to your settlement agent so you can utilise it toward your deposit. We charge interest on the advance amount because we are extending this money on your behalf until we receive your grant money from the Office of State Revenue.
Interest Rate for First Home Buyer Loans
Various companies in Australia offer First Home Buyer loans. The interest rate for each of them varies.
Things to Know about First Home Buyer
Before you approach the lender to avail of the First Home Buyer loan, then you must keep the following in mind:
- You must be a permanent resident or citizen of Australia.
- The candidate will receive the loan or home under the FHBAS scheme only if you or your spouse purchase a home for the first time.
- After buying the property, you or your spouse must move into the property within 12 months.
- The property owner must live in the house for at least six continuous months.
- Australian Defence Force applicants buying a house for the first time and you and everyone buying the property with you are on the NSW (New South Wales) electoral roll; you don’t have to meet these living requirements.
- The First Home Buyer Assistance Scheme is applicable only when 50% or more buyers are eligible.
- If you are purchasing a property with others who don't qualify, you are still allowed to apply for the program, provided that other qualified buyers are buying at least half of the home. This is known as a shared equity arrangement.
- Shared equity will not be applicable if your partner or spouse doesn't qualify as the buyer.
- You won't be eligible for the programme if you can't move into the property within a year due to a change in circumstances or if you can't stay there for six months straight.
- In case of any misleading or false information when applying for the FHBAS, you may have to pay a substantial penalty. The government regularly scrutinises your applications for discrepancies and matches your data from businesses and other government agencies.
- If you are not satisfied with a decision or an assessment that a government body has made, you can request a reassessment or lodge an objection.
How Does First Home Buyer Loan Affect Your Finances?
The First Home Buyer loan will not affect your finances much compared to other loans. You can obtain this loan with as low as 5% of your deposit. Plus, the interest rates on such a loan are comparatively low.
Sure! You may find it difficult to manage your monthly budget, but you must plan it in advance and cut some unnecessary expenses. This way, your finances won’t suffer.
Why is First Home Buyer Loan Comparison Important?
The interest rate, loan tenure, and processing fees differ for different banks/lenders. When you compare them, you know what you want the most. Some banks may offer lesser interest rates on loans but may have higher processing fees and lower tenure, while others may have longer tenure and higher interest rates.
Therefore, based on your financial goals, you can decide which one’s the best, and it is only possible when you compare the data of different lenders.
In a nutshell, First Home Buyer loan comparison helps you choose the best lender.
Compare First Home Buyer Loan Providers in Australia
Various banks and lenders offer First Home Buyer Loans in Australia. The top ones are listed below:
How to Apply for First Home Buyer Loan?
Before you apply for a home loan, you must keep all the supporting documents handy. Then, visit Urban Money Oceania’s official website. Follow the steps below to apply for First Home Buyer Loan:
Step 1: Navigate to Urban Money Oceania’s home loan page.
Step 2: Compare the interest rates, processing fees, and loan tenure of various banks offering the loan.
Step 3: Choose the one that best suits your goals and click on the “Apply Now” button.
Step 4: You will be taken to the next page where you have to choose from the options like whether you are a salaried individual or self-individual, etc.
Step 5: Keep moving ahead by furnishing the information required.
Step 6: Once you have submitted the application form, one of our customer care representatives will contact you soon. You can provide the loan details and enquire in case of any confusion.
If you have all the supporting documents required and your credit score is higher, your loan will be sanctioned instantly.
Documents Required for First Home Buyer
If you want to avail of the First Home Buyer loan, you must submit the following information:
- Proof of Identity that may include your driving licence, passport, etc.
- Residential proof
- Citizenship proof
- Recent bank statements
- Evidence of your income
- Passport sized photographs
You may have to submit other documents as requested by the lender.
Frequently Asked Questions
What is a First Home Buyer Loan?
First Home Buyer loan refers to loans obtained by borrowers obtaining a home loan for the first time in Australia.
Which bank is the best for the First Home Buyer Loan?
Every bank has different interest rates and USPs (Unique Selling Points). You need to decide which is best for you based on your financial goals.
How do First Home Buyer loans work?
First home buyer loans are offered to an Australian citizen who has never owned a home in his/her entire life. The condition also applies to the borrower’s spouse.
How do I get a First Home Buyer Loan?
It’s simple. Visit Urban Money Oceania’s home loan page. Choose the First Home Buyer loan category and then pick the bank you want to go with. You will have to submit a few documents and fill out the loan application form. If your documents are valid and the application form is furnished completely, your loan will be sanctioned sooner. Also, you will receive a call from Urban Money Oceania’s customer executive enquiring about the loan you need.
How to apply for a First Home Buyer Loan?
Either you can follow the above-mentioned process or click on the ‘Apply Now’ button for the chosen bank. Then, proceed with the instructions.
What is the interest rate on the first home buyer loan?
The interest rate on the First Home Buyer loan differs from one bank to another. It also depends on the borrower’s credit score. The applicant with a good credit score can fetch loans at lower interest rates.
How to calculate first home buyer loan repayment?
Use Urban Money Oceania’s First Home Buyer loan calculator. It’s free and easy to use. Moreover, it will provide you with precise values.
Why use us?
The customised financial services from UrbanMoney Oceania caters to the varying requirements of the applicant on their fund procurement journey.
Low interest rates
The intricate online model ensures the best interest rates are offered to the customers. The services aim to diminish the overhead costs.
Urban Money Oceania Exclusive Deals
The customers can avail of various exclusive offers available to the customers by UrbanMoney Oceania designed to cater to their budgetary needs.
Australian based support team
Our support team offers tailor-made services to customers intending to conclude loan transactions without any hassle. Available to customers at their convenience.
What Our Clients Say About Us
Mr Roshanlal & Mrs Tina Gupta
Nishani and Tanmay's team is an excellent property mortgage expert who helped me buy our first investment and self-occupying homes. Being a first home buyer (investor and self-property owner both), it's essential to have a trusted property mortgage expert who can help complete this journey hustle free. Their wide range of mortgage products with a broader reach to the various lenders and their ability to help me understand various mortgage aspects/processes up to my satisfaction level was a great experience. Thank you, Tanmay and Nishani, for an excellent property mortgage purchasing experience. I highly recommend your services.
Dr Zafar Abbas Zaidi Syed
Something I really appreciate about your business and efforts is that you guys are very devoted with your responsibilities and always play in front to provide a best guidance to the customers. I think Nishani and Tanmay did a great job when you help me to take a first step for the mortgage for my first home, it showed that you had professional skills to take your customers ahead.