first home buyer loan comparison guide for confident decisions

What to weigh up

Choosing your first mortgage is more than chasing the lowest headline rate. A solid comparison weighs fees, features, and your timeline. Look at the comparison rate, which blends interest and most charges, and ask how long you’ll keep the loan before refinancing.

Popular options at a glance

Variable loans offer flexibility, often with offset accounts and redraw, but rates can rise. Fixed loans deliver repayment certainty, though break costs apply and extra repayments may be capped. Package loans bundle credit cards or discounts for an annual fee; simple no-frills loans trade features for a sharper price.

• Check fees: application, monthly, annual, and discharge.
• Test features: 100% offset, unlimited extra repayments, free redraw.
• Consider LMI versus saving a bigger deposit or using a guarantor.
• Explore national and state schemes that reduce deposit hurdles.
• Model scenarios: rate rises, job changes, and future renovations.

Before applying, seek pre-approval, verify borrowing limits, and compare at least three lenders-major banks, challengers, and credit unions-to balance service, policy, and price.