Home Loans for First Home Buyers


What is a first home buyer home loan?

Gold 2017 Bank of the Year First Home BuyersThere 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.

Learn more about how home loans work here.

Compare First Home Buyers Loans

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.

With CANSTAR’s expert star ratings of home loans and Choosing A Home Loan Checklist, you have all you need to compare home loans.

CANSTAR currently compares and rates hundreds of approximately more than 400 home loans available for first home buyers in Australia, to provide you with certainty and confidence when you compare mortgages and interest rates.

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:

For our First Home Buyers Award, CANSTAR cherry-picks the features of utmost importance to first home buyers and evaluates how lenders match up in their offerings. Follow our Choosing A Home Loan Checklist to make sure you’ve considered all factors when comparing home loans.

We summarise the features that CANSTAR researches and rates in an outstanding value home loan in the Methodology attached to our First Home Buyers Home Loans Award report.

You can compare first home buyers using the comparison selector tool at the top of this page.

Compare First Home Buyers Loans

Written by: TJ Ryan

Buying a property – especially first time around – is a big decision. Thankfully, CANSTAR has developed some handy checklists to help you through the process of buying your first home:

We also have a whole bunch of other priceless tips for first home buyers in articles on this section of our website, including the following:

Please note that these are a general explanation of the meaning of terms used in relation to home loans or mortgages.

The wording of loan terms and conditions may use different phrases or terms, and you should read the terms and conditions of the relevant loan to understand the features and cost of that loan. You cannot rely on these terms to the