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.
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.
Search
Recent posts
-
Fixed vs. Variable Home Loans: Which is Best for You in Today’s Market?
-
How Property Investors Can Maximise Tax Benefits with Smart Mortgage Strategies
-
The Ultimate Guide to Refinancing Your Mortgage: Tips for 2025
-
New Year, New Home? How to Get Your Mortgage Pre-Approval in 2025
-
From Renting to Owning: How to Make 2025 the Year You Buy Your First Property