Home Loan Rate – Australia

When getting a loan, especially for your first home, you would like it to be as easy on the budget as possible.  This is because if it is a first home purchase, this would mean that you are just starting out, and you may not be as financially capable now as there are a lot of expenses to attend to.  The nice thing about purchasing your first home even on a loan is the fact that the government is more than willing to help out.  First home buyers often get a home owners grant, and discounts on lenders mortgage insurance.

Another thing about purchasing a first home is it would be ideal to pair it with a 90% home loan.  These loans are the most common, and banks and lenders are not that conservative when granting first home buyers a 90% loan.  Of course they require some items such as at least 5% genuine savings, and deposits are normally required especially without LMI premium payments.

Of course whether or not to pay LMI is a personal decision, and not necessarily required when applying for a 90% home loan.  This is particularly true where a deposit has already been made, as LMI is often required only when no deposit, or only a minimal deposit is made.

Those who are financially capable may try for an even larger loan of 95% of the value of the property, in that way they only need to worry about 5% of the purchase price as the 95% in already covered by the loan.

For more information on 90% home loans it would be best to consult the experts on home loans.  They can provide you with the necessary information required on how to get a 90% loan.  They can likewise advise and update you on the benefits and discounts that first home owners get when purchasing their first home.  In this way your dream of owning your own home may finally become a reality.