What are the best home loan for first-time buyers in Australia?
The best home loan options typically feature competitive interest rates, low fees, flexible repayment options, and potential government grants or incentives. Here are some of the top options as of now:
- Commonwealth Bank (CBA) - First Home Buyer Loan
- ANZ First - Home Buyer Loan
- NAB First - Home Buyer Loan
- Westpac Bank - First Home Buyer Loan
- Bank of Queensland (BOQ) - First Home Buyer Loan
- George Bank - First Home Buyer Loan
- Macquarie Bank - First Home Buyer Loan
How do I apply for a first-buyer home loan in Australia?
At first you should check your credit score and ensure it's in good standing. Ensure you have enough savings for a 5-20% deposit. Calculate your monthly income and expenses to determine how much you can afford to borrow.
Compare different home loan products from various lenders.Consider interest rates, fees, repayment options, and special offers for first-home buyers. Consider using a mortgage broker to help you find the best mortgage loan and guide you through the application process.
Apply for a loan pre-approval from your chosen bank or financial company. This gives you an idea of how much you can borrow and shows sellers you are a serious buyer. Provide proof of income, savings, and identification. This typically includes payslips, bank statements, and ID documents.
Look for properties within your budget and preferred location. Attend property inspections and get building and pest inspections done for any properties you’re seriously considering.
Decide on the lender and home loan product that best suits your needs. Submit a formal application with all necessary documentation (income proof, savings, ID, etc.). The lender may conduct a property valuation to ensure the property’s value matches the loan amount.
If your application is approved, you’ll receive a formal loan offer. Carefully review the mortgage offer, including terms and conditions. Hire a conveyancer or solicitor to handle the legal aspects of the property transfer. Sign the contract of sale and pay the deposit. On the settlement date, your lender will transfer the loan amount to the seller, and you’ll receive the keys to your new home.
Arrange for automatic repayments from your bank account. Ensure you have adequate home and contents insurance.
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 100,000 | 5.05% | 50,921 |
| 100,000 | 5.15% | 51,929 |
| 100,000 | 5.25% | 52,938 |
| 150,000 | 5.35% | 80,919 |
| 150,000 | 5.45% | 82,431 |
| 150,000 | 5.55% | 83,944 |
| 200,000 | 5.65% | 113,942 |
| 200,000 | 5.75% | 115,958 |
| 200,000 | 5.85% | 117,975 |
| 250,000 | 5.95% | 149,990 |
| 250,000 | 6.05% | 152,510 |
| 250,000 | 6.15% | 155,031 |
You can also get more detailed calculations by using our financial calculators.
Are there no deposit first-home buyers loans in Australia?
No-deposit home loans, where borrowers can purchase a home without a deposit, are generally not available in Australia. However, there are some alternative options and strategies that can help you enter the property market with minimal upfront costs:
1. Guarantor Loans
2. First Home Loan Deposit Scheme (FHLDS)
3. Using Other Grants and Schemes
4. Builder or Developer Incentives
5. Low-Deposit Loans
What is the first-home loan deposit scheme?
The First Home Loan Deposit Scheme (FHLDS) is a government initiative in Australia designed to help eligible first-time home buyers purchase a home with a deposit as low as 5%, without having to pay for Lenders Mortgage Insurance (LMI).
The FHLDS is a valuable program designed to make home ownership more accessible for first-time buyers in Australia. If you meet the criteria, it could significantly reduce the barriers to entering the property market.
Eligibility Criteria:
- You must be a first-time home buyer, meaning you haven’t owned property in Australia before.
- There are income limits, which vary by region.
- There are also price caps on the property value, which differ depending on the location.
- The property must be purchased as your primary place of residence. Investment properties are not eligible.
See the similar FAQs about Australian banks:
- Beyond Bank broker contact number
- Borrowing capacity at Westpac: where to find calculator
- CBA property report: how to get?
- CBA refinance rebate
- Commbank cashback for home loans
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank of Queensland
Head office’s address: 100 Skyring Ter
Contact center: 61-1300-557-272
Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006
Web-site: http://www.boq.com.au/
Stock code: BOQ
ABN: 32 009 656 740
BSB: 124-001
Bank of Queensland
Head office’s address: 100 Skyring Ter
Contact center: 61-1300-557-272
Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006
Web-site: http://www.boq.com.au/
Stock code: BOQ
ABN: 32 009 656 740
BSB: 124-001
Bank of Queensland
Head office’s address: 100 Skyring Ter
Contact center: 61-1300-557-272
Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006
Web-site: http://www.boq.com.au/
Stock code: BOQ
ABN: 32 009 656 740
BSB: 124-001
Bank of Sydney
Head office’s address: 62 Pitt Street
Contact center: 61-13-95-00
Phone: 61-2-8262-9191
Mail address: 62 Pitt Street, Sydney, NSW
Web-site: http://www.banksyd.com.au
Swift code: LIKIAU2S
ABN: 44 093 488 629
BSB: 942-202
Bank of Sydney
Head office’s address: 62 Pitt Street
Contact center: 61-13-95-00
Phone: 61-2-8262-9191
Mail address: 62 Pitt Street, Sydney, NSW
Web-site: http://www.banksyd.com.au
Swift code: LIKIAU2S
ABN: 44 093 488 629
BSB: 942-202
Bankwest
Head office’s address: 300 Murray St
Contact center: 61-131719
Phone: 61-8-9449-2840
Mail address: Bankwest PO Box E237 Perth WA 6841
Web-site: http://www.bankwest.com.au/
Swift code: BKWAAU6P
ABN: 48 123 123 124
BSB: 325-185
Bankwest
Head office’s address: 300 Murray St
Contact center: 61-131719
Phone: 61-8-9449-2840
Mail address: Bankwest PO Box E237 Perth WA 6841
Web-site: http://www.bankwest.com.au/
Swift code: BKWAAU6P
ABN: 48 123 123 124
BSB: 325-185
Beyond Bank Australia
Head office’s address: 100 Waymouth St
Contact center: 13-25-85
Phone: 61-8-8205-8888
Mail address: GPO Box 1430 Adelaide SA 5001
Web-site: http://www.beyondbank.com.au
Swift code: CUSCAU2S
ABN: 15 087 651 143
BSB: 805022
Beyond Bank Australia
Head office’s address: 100 Waymouth St
Contact center: 13-25-85
Phone: 61-8-8205-8888
Mail address: GPO Box 1430 Adelaide SA 5001
Web-site: http://www.beyondbank.com.au
Swift code: CUSCAU2S
ABN: 15 087 651 143
BSB: 805022
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
Gateway Bank
Head office’s address: 68 York St
Contact center: 1300 302 474
Phone: +61 2 9307 4200
Mail address: GPO BOX 3176 SYDNEY NSW 2001
Web-site: https://www.gatewaybank.com.au/
Swift code: ASLLAU2CGTW
ABN: 47 087 650 093
BSB: 676-000
Gateway Bank
Head office’s address: 68 York St
Contact center: 1300 302 474
Phone: +61 2 9307 4200
Mail address: GPO BOX 3176 SYDNEY NSW 2001
Web-site: https://www.gatewaybank.com.au/
Swift code: ASLLAU2CGTW
ABN: 47 087 650 093
BSB: 676-000
Gateway Bank
Head office’s address: 68 York St
Contact center: 1300 302 474
Phone: +61 2 9307 4200
Mail address: GPO BOX 3176 SYDNEY NSW 2001
Web-site: https://www.gatewaybank.com.au/
Swift code: ASLLAU2CGTW
ABN: 47 087 650 093
BSB: 676-000
G&C Mutual Bank
Head office’s address: 201 Elizabeth Street
Contact center: 1-300-364-400
Phone: 61-2-9307-5400
Mail address: PO Box A253, Sydney South NSW 1235
Web-site: http://www.gcmutualbank.com.au/
Financial institution code: SGE
ABN: 72 087 650 637
BSB: 659-000
G&C Mutual Bank
Head office’s address: 201 Elizabeth Street
Contact center: 1-300-364-400
Phone: 61-2-9307-5400
Mail address: PO Box A253, Sydney South NSW 1235
Web-site: http://www.gcmutualbank.com.au/
Financial institution code: SGE
ABN: 72 087 650 637
BSB: 659-000
Geelong Bank
Head office’s address: 107 Gheringhap Street
Contact center: 1300-361-555
Mail address: PO Box 1130 Geelong VIC 3220
Web-site: https://geelongbank.com.au/savings-loans/home-loans/1-2-home-loan/?gclid=EAIaIQobChMI54i5ytaa_wIVi9SyCh2KPAJ_EAAYAiAAEgL0v_D_BwE
Geelong Bank
Head office’s address: 107 Gheringhap Street
Contact center: 1300-361-555
Mail address: PO Box 1130 Geelong VIC 3220
Web-site: https://geelongbank.com.au/savings-loans/home-loans/1-2-home-loan/?gclid=EAIaIQobChMI54i5ytaa_wIVi9SyCh2KPAJ_EAAYAiAAEgL0v_D_BwE
Greater Bank
Head office’s address: 103 Tudor Street
Contact center: 13 13 86
Phone: +612 4921 9111
Mail address: Greater Bank PO Box 173, Hamilton NSW 2303
Web-site: https://www.greater.com.au/
Swift code: ASLLAU2CGBS
ABN: 88 087 651 956
BSB: 637 000
IMB Banking
Head office’s address: 47 Burelli St
Contact center: 61-133-462
Mail address: 47 Burelli St, Wollongong, NSW, 2500
Web-site: https://www.imb.com.au
Swift code: IMTIAU21
BSB: 641-800
IMB Banking
Head office’s address: 47 Burelli St
Contact center: 61-133-462
Mail address: 47 Burelli St, Wollongong, NSW, 2500
Web-site: https://www.imb.com.au
Swift code: IMTIAU21
BSB: 641-800
IMB Banking
Head office’s address: 47 Burelli St
Contact center: 61-133-462
Mail address: 47 Burelli St, Wollongong, NSW, 2500
Web-site: https://www.imb.com.au
Swift code: IMTIAU21
BSB: 641-800
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
Members Equity Bank (ME Bank)
Head office’s address: 360 Elizabeth Street
Contact center: 13-15-63
Phone: 61-3-9708-4001
Mail address: PO Box 1345 Melbourne, VIC 3001
Web-site: http://www.mebank.com.au/
Swift code: MEQBAU3M
Financial institution code: MEB
ABN: 56 070 887 679
BSB: 944-300
Members Equity Bank (ME Bank)
Head office’s address: 360 Elizabeth Street
Contact center: 13-15-63
Phone: 61-3-9708-4001
Mail address: PO Box 1345 Melbourne, VIC 3001
Web-site: http://www.mebank.com.au/
Swift code: MEQBAU3M
Financial institution code: MEB
ABN: 56 070 887 679
BSB: 944-300
NAB
Head office’s address: 800 Bourke Street
Contact center: 13-22-65
Phone: 61-3-8566-7023
Mail address: Level 4, 800 Bourke Street, Docklands, VIC
Web-site: http://www.nab.com.au/
Swift code: NATAAU3303M
Financial institution code: NAB
Stock code: NAB
BSB: 086-027
NAB
Head office’s address: 800 Bourke Street
Contact center: 13-22-65
Phone: 61-3-8566-7023
Mail address: Level 4, 800 Bourke Street, Docklands, VIC
Web-site: http://www.nab.com.au/
Swift code: NATAAU3303M
Financial institution code: NAB
Stock code: NAB
BSB: 086-027
NAB
Head office’s address: 800 Bourke Street
Contact center: 13-22-65
Phone: 61-3-8566-7023
Mail address: Level 4, 800 Bourke Street, Docklands, VIC
Web-site: http://www.nab.com.au/
Swift code: NATAAU3303M
Financial institution code: NAB
Stock code: NAB
BSB: 086-027
Pepper money
Head office’s address: 177 Pacific Highway
Contact center: 13 73 77
Mail address: 177 Pacific Highway Level 27 North Sydney, NSW 2060
Web-site: https://www.pepper.com.au
Swift code: PEGPAU2S
Financial institution code: WBC
Stock code: PEP
BSB: 032-813
Pepper money
Head office’s address: 177 Pacific Highway
Contact center: 13 73 77
Mail address: 177 Pacific Highway Level 27 North Sydney, NSW 2060
Web-site: https://www.pepper.com.au
Swift code: PEGPAU2S
Financial institution code: WBC
Stock code: PEP
BSB: 032-813
Queensland Country Bank Limited
Head office’s address: 333 Ross River Road
Contact center: 1800 075 078
Phone: +61 7 4412 3526
Mail address: PO Box 679 Aitkenvale QLD 4814
Web-site: https://www.queenslandcountry.bank/
Swift code: QCCNAU41XXX
ABN: 77 087 651 027
BSB: 654 000
Queensland Country Bank Limited
Head office’s address: 333 Ross River Road
Contact center: 1800 075 078
Phone: +61 7 4412 3526
Mail address: PO Box 679 Aitkenvale QLD 4814
Web-site: https://www.queenslandcountry.bank/
Swift code: QCCNAU41XXX
ABN: 77 087 651 027
BSB: 654 000
Queensland Country Bank Limited
Head office’s address: 333 Ross River Road
Contact center: 1800 075 078
Phone: +61 7 4412 3526
Mail address: PO Box 679 Aitkenvale QLD 4814
Web-site: https://www.queenslandcountry.bank/
Swift code: QCCNAU41XXX
ABN: 77 087 651 027
BSB: 654 000
Queensland Country Bank Limited
Head office’s address: 333 Ross River Road
Contact center: 1800 075 078
Phone: +61 7 4412 3526
Mail address: PO Box 679 Aitkenvale QLD 4814
Web-site: https://www.queenslandcountry.bank/
Swift code: QCCNAU41XXX
ABN: 77 087 651 027
BSB: 654 000
Queensland Country Bank Limited
Head office’s address: 333 Ross River Road
Contact center: 1800 075 078
Phone: +61 7 4412 3526
Mail address: PO Box 679 Aitkenvale QLD 4814
Web-site: https://www.queenslandcountry.bank/
Swift code: QCCNAU41XXX
ABN: 77 087 651 027
BSB: 654 000
RAMS Home Loans
Head office’s address: 321 Kent St, Sydney
Phone: 61-137267
Mail address: 321 Kent St, Sydney, NSW, Australia, New South Wales
Web-site: https://www.rams.com.au
Swift code: NATAAU3R
Stock code: RHG
BSB: 082-459
Regional Australian Bank
Head office’s address: Technology Park, New England,
Phone: +61-132067
Mail address: Technology Park, New England, Madgwick Dr, Armidale NSW 2350
Web-site: https://www.regionalaustraliabank.com.au
St. George Bank
Head office’s address: 275 Kent Street
Contact center: 13-33-30
Phone: 61-2-9553-5333
Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485
Web-site: http://www.stgeorge.com.au/
Swift code: SGBLAU2S
Financial institution code: STG
Stock code: SGB
ABN: 33 007 457 141
BSB: 112-908
Suncorp Bank
Head office’s address: 80 Ann Street
Contact center: 13-11-55
Phone: 61-7-3362-2222
Mail address: PO Box A50 Sydney South NSW 1235
Web-site: http://www.suncorpbank.com.au/
Swift code: METWAU4B
ABN: 66 010 831 722
BSB: 484-799
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063