First Home Loan

AI Financial Services

As a broker, I understand how important it is for first home buyers to get the best deal – one that suits you, and can help save thousands in interest and fees over the term of your first home loan.

 

There are numerous lending institutions in the marketplace and finding the best solution to suit your borrowing needs is vital, but at times not obvious. It is not simply a matter of comparing interest rates. As a first time buyer, you might not be aware of the types of mortgage to consider (table, reducing, revolving credit, interest-only or reverse annuity mortgages), the term of the mortgage and repayment options.

 

Hence first time home buyers seek the help of a professional mortgage advisor.

 

There are lots of different home loan options available when buying your first home. Each has different structures, rates, and fees. My goal is to find the best first home mortgage for your needs.

 

Some of the common ones are:

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Table Loans for a First Home Purchase

Have repayments that remain constant at the level you choose. For the first few years, most of your repayment pays off interest and only a small amount is allocated to reducing principal. Over time, this changes so that later payments are mostly paying off principal.

Reducing Loans

Your repayments change each payment period. Principal payments are constant, while interest payments gradually reduce. So your first mortgage payments start relatively high and reduce over time.

Interest Only Loans for First Home Buyers

As the name suggests, on this loan, you only pay the interest – not the principal. This is usually an interim measure, for example as bridging finance while another home is sold. Not advisable for most first home loans.

Transactional Loan

Combines all your bank accounts in one. While the interest rate is a little higher, your savings and salary directly off-set your mortgage, reducing your interest.

Revolving Credit

This is a bit like an overdraft. Like a transactional loan, all your accounts are combined in one. Unlike a transaction loan, however, there is no scheduled reduction in your loan balance.

Securing your first home loan?

Whether it’s your first mortgage or your fifth, you can trust AI Financial Services to get you the best deal. As a qualified mortgage broker and financial advisor with a well-established history of success; you can trust us to evaluate your mortgage options and select the best for your unique needs as first home buyers.

For insurance and mortgage advice choose AI Financial Services. Our mortgage and insurance brokers take the personal approach and our financial services include: