Why Choose Greenline Home Loans for your First Home Loan?

Here at Greenline Home Loans, we are committed to providing each and every one of our clients with the right first home loan to meet their needs. Along with providing our clients features like low rate home loans, redraw facilities and unlimited additional deposits, our team here at Greenline Home Loans are knowledgeable experts ready to provide you with customer service that you will value as first home buyers for the life of your first home loan.

From the loan application all the way to post-settlement, Greenline Home Loans will guide you through the entire loan process. We place our clients at the heart of everything we do. It’s what sets us apart from most!

Greenline Home Loan Rates

Owner Occupied

6.29

Variable Interest Rate*

6.34

Comparison Rate*^

Investment

6.69

Variable Interest Rate*

7.07

Comparison Rate*^

*Rates are accurate as of 19th June 2023. ^Rates Based on Principle and Interest Repayments and a loan to value ratio of 60%. The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Types of Home Loans

Product Features

As a first home buyer, manoeuvring through the market can be very stressful. There are multiple mortgage products and home loan features that you have to investigate in order to search for the best deals. One of the first things first home buyers should take into consideration when choosing a mortgage is to understand the various features they offer, as different features can cater for different types of buyers.

Redraw Facility

This home loan feature permits borrowers to withdraw additional payments if a demand arises. Redraw facilities are practical for home loans due to the fact that any payments made over the minimum will build up redraw, and hence can be accessed whenever needed. This feature is, in essence, a safety net for borrowers, particularly first home buyers who do not have much money left after their home purchase.

Interest Only

A majority of people who take out a home loan generally pay back the amount borrowed on top of the interest charged by the bank for issuing the loan. First home buyers can benefit from paying interest only as it lowers the continuous repayment amount and also makes it easier to budget.

Portability

Portability is great as it lets you keep your loan when you decide to sell your home or investment property, even if you purchase another. This is also referred to as security substitution. Portability is more beneficial for a borrower who intends to move houses frequently or who generally invests in properties and trades them regularly.

Additional Repayments

The power to make additional payments is an excellent home loan feature for first home buyers. It can save you money on the interest that you pay over the term of your loan. To see how much you could save by adding extra money to your home loan, check out our loan repayments calculator.

Making the Great Australian Dream Possible.

Become a first home buyer with Greenline Home Loans.

First Home Buyers Assistance Scheme

The first home buyers assistance scheme is designed to provide a full or partial stamp duty exemption for first home buyers up to the value of $800,000.

First Home Owners Grant
(New Home)

The First Home Owners Grant (FHOG) scheme was introduced to offset the outcome of GST on home ownership. This is a national programme that is subsidised by states and territories and is managed under their own legislation.

Family Guarantor

Family members can act as a guarantor and use a portion of their own home's equity to help their loved ones, the borrower, to secure a home loan. This can reduce the borrower’s loan to ratio value and can also help save a large sum of money by reducing or even avoiding the need to pay Lender’s Mortgage Insurance.

Frequently Asked Questions.

What Are The Benefits Of Being A First Home Buyer?

First-time home buyers are often the most excited about buying their first home. They are usually looking for a place that suits their needs and is in an area where they want to live.

The following are the benefits of being a first home buyer:

  • First-time home buyers have the opportunity to buy a new property with no history and make it their own.
  • First time home buyers can take advantage of lower interest rates and better mortgage terms than those offered to other borrowers.
  • There is also tax relief for first time homeowners, which means that they will pay less tax on their income.

What Are The Challenges Of Being A First Home Buyer?

Buying a home is one of the most significant investments that you will make in your life. It can also be one of the most stressful experiences if you don’t know what to expect.

Below are a few challenges of being a first home buyer that you should be aware of before making the decision to buy a home.

  • The lack of understanding on how mortgages work and how they are different from other loans.
  • There is no clear path to purchase properties and it can take time for buyers to find the right property for them.
  • There are many potential costs associated with buying a property such as legal fees and commissions, appraisal fees, taxes, and more.
  • Many people do not have enough savings for their down payment which can make it difficult for them to qualify for loans or mortgages.
  • People without experience in real estate may not know what questions to ask when looking at properties or may not know how

How Much Does A Typical First Home Cost For First Time Buyers?

To answer this question, we have to know what a typical first home is. A typical first home is an average-sized house with three bedrooms and two bathrooms. The average price of these homes in Sydney is $525,261.

How Do You Find The Right Mortgage As A First Home Buyer?

The first step of the process is to find a lender. A mortgage broker can help you find the right lender. They will also be able to help you with the paperwork and application process.

The next step is to set up a meeting with your potential lender. They will need information about your income, credit score, and other financial information in order to determine what kind of loan you qualify for and how much you can borrow.

Next, they will figure out how much money you need for a down payment. The amount could change depending on your credit score, income, and loan type.

Finally, they will work out an approximate monthly payment so that you know what your budget needs are going into this purchase.

Apply for your First Home Loan Today!

As a first home buyer, you may be eligible for a duty exemption, concession and/or a grant. It is important you understand what options are available to yourself so that you can make the right decision. Our expert brokers here at Greenline Home Loans are here to help!

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