Buying your first home is one of life’s most exciting milestones, but the road to homeownership often comes with many questions and challenges. How much can you afford? What kind of loan is right for you? And, most importantly, how can you save while making such a significant investment?
At Horizon Bank, we understand these concerns, and that's why we’re thrilled to introduce a loan specifically designed for first-time buyers, offering incredible savings to help you take the first step into homeownership. Here’s everything you need to know about our First home buyer loan.
What Makes This Loan a Top Money-Saver?
When you’re purchasing your first property, every dollar matters. That’s why this loan prioritises affordability with features that deliver real value.
Zero Horizon Fees – Yes, Really
One of the standout features of this loan is zero Horizon fees. That means no annual or monthly establishment fees or offset account fees. With the cost of buying a property often feeling overwhelming, these cost-saving features provide much-needed relief.
Flexible Loan-to-Value Ratio (LVR)
Achieving homeownership can feel out of reach when a large deposit is required. With this loan, you can borrow up to 95% of the property’s value, making it possible to get started with a smaller deposit. Keep in mind that anything above 80% will require LMI or guarantor.
Principal & Interest Repayments
This loan operates on principal and interest repayments, helping you gradually build equity in your property while keeping payments manageable.
Why This Loan Stands Out for First-Time Buyers
We understand that first-time buyers face unique challenges, so this loan is built to address your needs head-on.
● Affordability: The lifetime discount and zero fees significantly reduce your costs.
● Accessibility: A high LVR lowers the deposit barrier so you can enter the property market sooner.
● Certainty: With no hidden fees, you can plan your finances confidently.
The lifetime 1% discount meant Jessica saved $38,000 in interest over the 30-year term. The zero establishment fees gave her breathing room during the upfront buying costs. Now, Jessica is happily settled in her new home, and her repayments remain manageable thanks to the affordable terms.
How to Maximise Your Savings with This Loan
Saving with this loan starts with understanding your options and staying financially prepared. Here are some tips to ensure you get the most out of it:
Improve Your Credit Score
A strong credit score can help you secure even better terms on a loan. Before you apply, pay off smaller debts and maintain a clear credit history.
Set a Realistic Budget
Ensure you know how much you can afford monthly without stretching yourself too thin. Horizon Bank’s loan calculators can help you estimate your repayments.
Explore Government Support
First-time buyers in Australia may be eligible for government grants or stamp duty exemptions. Research what’s available in your state to complement your savings with this loan.
Ask Questions
If you’re unsure about any part of the process, contact Horizon Bank. Our experienced, friendly staff is here to help first-time buyers every step of the way.
Your Next Step Towards Homeownership
Making the leap to buy your first home can feel daunting, but with Horizon Bank’s First home buyer loan, you can confidently move forward. The savings on interest and fees and the flexibility of a high Loan-to-Value Ratio make it easier than ever to achieve your homeownership dreams.
To see how much you could save, try our loan calculators or speak with one of our friendly team members today. At Horizon Bank, our mission is to make your path to owning a home a smooth and rewarding experience.
Take the first step towards homeownership. Contact us today or visit one of our branches to explore your options. With Horizon Bank by your side, the future looks brighter.
Frequently Asked Questions
Q: What does 95% LVR mean?
A 95% Loan-to-Value Ratio means you can borrow up to 95% of the property’s value, leaving you to contribute the remaining 5% as your deposit. Remember, anything above 80% will require LMI or guarantor.
Q: Can I use this loan for an investment property?
This loan is available for owner-occupied homes or investment property for first-time buyers.
Q: Are there any hidden fees?
No, this loan comes with zero hidden fees. The focus is on transparency and cost-effectiveness for first-time buyers.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.
