Home loan jargon for first home buyers
Comparison rate
This rate can help you identify the true cost of a loan. It is calculated using a formula that includes the interest rate as well as certain fees and charges relating to a loan.
LVR – Loan to value ratio
LMI – Lenders Mortgage Insurance
Deposit
Stamp Duty
Stamp duty is an additional cost which is the tax imposed by state governments on the purchase of real estate assets. Check how much stamp duty is payable using our easy to use stamp duty calculator.
It’s very important for first home buyers to think about all the costs involved in buying their first home before committing to something. Depending upon the property price and deposit, you might be able to avoid LMI and Stamp duty. From October 1st, the First Home Buyer Guarantee Scheme has been expanded, allowing more first home buyers to purchase their home with a 5% deposit.
Please contact us if you’re unsure about any of the above. As your local mortgage broker, we provide free consultation tailored to first home buyers in Schofields, Akuna Vista, Riverstone and nearby suburbs.
We’ll help you understand your options, navigate the complexities of buying your first home, and secure a loan that works for you.
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