First Home Buyer Loans
Step into your dream home sooner. We can help you get the funding you need to buy your first home, fast and hassle-free.
Getting a first home buyer home loan in Sydney
Securing a first home buyer home loan can be a lot to get in your head because it presents several challenges. One of the most significant is saving for a sufficient deposit, often 20% of the property’s value, to avoid Lenders Mortgage Insurance (LMI).
The strict lending criteria set by banks, which include demonstrating stable income, good credit history, and effective debt management, can also be daunting for many first-timers.
Not to mention, navigating the complex home loan market adds to the challenge as well. With its myriad of products and fluctuating interest rates, first-time buyers like you might find it overwhelming to make informed decisions among these options.
That is why we’re here to help. We can provide guidance throughout the loan process and ensure you find a suitable loan for your situation.
Home loan options for first-time home buyers like you
Standard Variable Rate Loan
Popular due to its flexibility. You can make extra repayments, access a redraw facility, and potentially link an offset account to reduce interest.
Fixed Rate Loan
Favoured for the certainty it provides in repayment amounts, especially useful for budgeting and planning in the early years of homeownership.
Low Deposit Loan
This is a common choice for first-time buyers who may not have a large deposit saved up. It allows them to enter the property market sooner, though it often requires Lenders Mortgage Insurance (LMI) if the deposit is below 20%.
Guarantor Loan
Increasingly popular as it helps overcome the challenge of saving for a large deposit. A family member guarantees part of the loan, reducing the need for LMI.
First Home Loan Deposit Scheme (FHLDS)
This government initiative is particularly attractive as it allows first-time buyers to purchase a home with a deposit as low as 5% without paying LMI, with the government guaranteeing the difference.
First Home Owner Grant (FHOG)
Though not a loan, this grant is often utilised by first-time buyers to supplement their savings for a deposit. The eligibility criteria and amount can vary by state or territory. We can help you find and get the perfect home loan that will suit your budget and preferences. Speak with our experienced loan brokers today so we can help you fund your dream home as soon as possible!
How much will it cost you to own a home?
Your owner-occupied home loan repayments
Your estimated repayments:
Principal and interest periodComparison rate:
Total interest payable: 6.14% p.a.
6.14% p.a.
$571,628
Tips before buying your first home
Start with a budget
Before looking at properties, determine how much you can realistically afford. Consider your income, expenses, and lifestyle to set a practical budget.
Save for a deposit
Aim to save at least 20% of the property’s value for a deposit. A larger deposit reduces your borrowing amount and can help avoid Lenders Mortgage Insurance (LMI).
Check your credit score
Your credit score will impact your loan approval and interest rate. Obtain a copy of your credit report, check for errors, and work on improving your score if necessary.
Research the market
Understand the property market dynamics in your preferred areas. Look at recent sales, price trends, and future development plans.
Take advantage of government assistance
Investigate if you’re eligible for schemes like the First Home Owner Grant (FHOG) or the First Home Loan Deposit Scheme (FHLDS), which can provide financial support.
Understand all costs involved
Apart from the purchase price, factor in additional costs such as stamp duty, legal fees, inspection costs, and moving expenses.
Consider future needs
Choose a property that not only meets your current needs but also considers future possibilities like family expansion or work-from-home needs.
Leave some room for compromise
Finding the perfect home within budget can be challenging. Be prepared to compromise on certain aspects like location or property size.
Seek professional advice
Consult with home mortgage experts like us, especially if this is your first time applying for a home loan. We can guide you through the process and help you understand the loan options that are available to you.
Remember, buying your first home is a significant step, so take your time to research, plan, and make informed choices.
With 50+ lenders at your fingertips, you have the power of choice
When you set out on your own seeking a loan, banks have the power to reject you. But with us on your side, it’s the other way around. We choose the most suitable loan for your unique needs.
You’re only 3 steps away from your financial goal
Step 1
Reach out to us and let’s discuss your situation and what kind of loan you need.
Step 2
Sit back and relax while we search our network to find the perfect loan for you.
Step 3
Choose the best loan that suits your needs. Then we’ll submit a foolproof loan application to secure your financing.
Why Lend & Loan
10 years of experience
We’ve been doing this for a decade, so we’ve built strong connections with lenders and we know their lending policies inside out. This helps us find the right loans that suit your needs.
One-touch approvals
We know exactly what banks and other lenders require from the get-go. We’re experts at putting together foolproof loan applications that lenders approve without further questions.
Accessibility
We’re not like your typical 9-5 mortgage brokers. You can reach us when you need us, and we’ll get back to you within four hours.
Efficient processes
We understand that you’re busy, so we keep things simple. We try to avoid in-person meetings to save you time and make the loan process easy and stress-free.
Don’t take our word for it, take theirs.
We’ve helped hundreds of Australians
get approved for a loan and achieve their financial goals. Hear it from our
happy clients.
John has been absolutely brilliant! Helped me all the way through the application process and explained everything step by step. Great to have him in my corner navigating through interest rates, products, etc. Thank you!
- Peter Hanna
John and the team at Lend & Loan have been great through the process of our loan application. They were very responsive and always made my wife and I confident we were in the right hands. Highly recommended.
- Luke Saide
John from Lend & Loan was incredible during the process of buying our first home. He was very professional, quick at responding and was happy to answer any questions we had. I would highly recommend him to all my friends & family.
- Rachelle Obierzynski
John has been amazing to deal with from the beginning. He has been extremely patient, professional and optimistic throughout the whole process with our application and we can’t thank him enough for all his hard work! Highly highly recommend him. Thank you again!
- Maryanne Layoun
