First Home Buyer

Financing Your First Home can be a daunting experience. First of all you need to make sure you are getting all of the government concessions and grants that are applicable to your circumstances. Secondly, you need to determine a budget and mortgage borrowing capacity. How much can you comfortably afford to borrow for your first home? What risks would you actually face if mortgage interest rates rise? How can you protect yourself from a rise in interest rates, or the loss of an income?

As part of our free service to you, UniQ Finance does not simply arrange a home loan. We also help you to work through these questions. Our goal is to help you secure the purchase of your first home. We help you identify and obtain concessions and grants available to you in your state. We then explain the benefits and costs of the features that different mortgage lenders offer you. Our goal is to ensure you understand the benefits and potential risks when financing your first home.

It is critical that you feel comfortable that the home loan you obtain is not simply providing you with a great rate. It also needs to match your current needs. For example, if one partner needs to stop work for a period of time, can the mortgage repayments be made flexible?

To get a good deal that fits your lifestyle you will need to understand the different options available to you, since selecting some of these options could save you $1,000′s or lock you in unnecessarily. Before you get a Home Loan you need to understand things like Honeymoon Rate, Offset Facilities, Redraw Facilities, Fees, and Penalties.

This is where we help. Our Home Loans specialist will explain the options and help you decide on the best Home Loan in the market to suit your needs. There are literally Hundreds of Home Loans in the market to choose from.

As a First Home buyer you should consider the following types of Home Loans:

Standard Variable Home Loan

This is the most popular mortgage product in Australia. The interest rate on these home loans varies at anytime depending on the market forces.

Basic Variable Home Loan

Basic Variable Rate Home Loans are sometimes referred to as the ‘No Frills’ alternative to the Standard Variable Rate Home Loans.

Honeymoon Rate Home Loan (Introductory Rate)

An Introductory Variable Rate on a mortgage product generally offer’s a guaranteed low rate for an initial period of time (usually 12 months) after which most interest rates will revert to the Standard Variable Rate.

Fixed Rate Home Loan

Fixed Rate Mortgage products are funds that are lent over a set term at a set interest rate. This gives the borrower the certainty of knowing exactly what their monthly repayments will be should their circumstances change.

Redraw Facility

When a borrower pays extra or additional repayment on their home loan they have the ability to redraw or withdraw the extra repayments that they are in advance.

Split Loans

A Split Home Loan is ideal for a borrower who wishes to have two loan products rather than one. It give you some comfort in repayment certainty but can also gives you the flexibility to make extra repayments.