Best Lenders For First Home Buyers
Which lenders are best for first home buyers? A lender that caters for first home buyers understands the challenges of buying your first home. They will typically offer special introductory rates and may accept lower deposit amounts.
At the time of writing, one bank that is proposing something a little different to the other banks is St George. They are currently offering to cover the cost of Lenders Mortgage Insurance for only $1 on mortgages with a 15% deposit. This offer is comparable to the government’s First Home Loan Deposit Scheme (FHLDS). However, unlike the FHLDS, the minimum deposit is 15%, not 5%, but St George’s loan is available to Australian permanent residents.
Of course, there are many more great offers available from other lenders too. It is essential to shop around to ensure you get the best deal for your circumstances. The most effective way to do this is to use a mortgage broker. They can compare rates, fees and bonuses to ensure you get the best deal.
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