First Mortgage Loans Australia Wide

A first mortgage loan is the home loan you take out to buy your first home, which is secured against the property you choose to buy. First mortgage loans are extended to qualified applicants who meet the financial criteria of the institution providing the loan including paid income, insurance, and deposit requirements. First mortgages are slightly different from regular mortgages as they factor in government schemes which are available to assist first home buyers in entering the property market in Australia.

With a first mortgage loan it is important to look for competitive pricing both on the interest rate and the loan fees. As mortgages are a long-term debt, even the smallest fluctuation in interest rates can affect the amount you repay by a lot of money over the years and by shopping around you can be sure you are getting the best deal in the long run. There is no one-size-fits-all first mortgage loan that suits every home buyer, which is why it is important to work with an experienced mortgage broker to find the loan that is right for you.

First mortgage loans usually have lower credit requirements for the applicants and can be achieved with smaller deposits than regular home loans as they are geared towards a younger market. All mortgages come with their own unique set of features and we can help you to navigate the sea of lenders to find the features that are right for you. From floating to fixed interest rates, interest-only options, or offset accounts, let us be your guide in finding the first mortgage that is suitable for you.

First mortgage loans are a little less strict on the applicants in terms of credit scores and the deposits required to secure the loan. Deposits required for first home mortgages can be as little as 3.5% of the purchase price, however, for any mortgage with a deposit of less than 20% the lender will require you to have mortgage insurance to protect them in case of default.

With our experience in dealing with first mortgage lenders, our team can help you in finding the right mortgage for you, which will save you time now and money in the long run. Using an experienced broker allows you to find the best deal in the fastest possible time and gives you the benefit of receiving advice from industry professionals.

The pros of a first mortgage loan come with the flexibility from lenders on things such as credit scores and deposit percentages. If you are using an experienced broker such as our team at Universal Finance, we can help you to find the best deals and the best rates in the first mortgage market. The cons of a first mortgage usually present as high loan establishment fees and interest rates, which can be successfully navigated with an experience mortgage broker.