If you are in the market for your first home, now is a pretty good time to act. Interest Rates are at historical lows, property prices have slowed, you will be exempt from Stamp Duty (subject to price limits) and the Government is contributing up to $24,000 to help you bridge the deposit gap through the First Home Owner’s Grant and associated supplements.

What this means is that balance used for the calculation of interest on your loan account will be reduced by the balance of your savings account. This calculation is done daily.

If you have not yet been able to save a deposit for your first home, don’t despair. There may still be a solution for you without having to pay a hefty mortgage insurance premium. Mum and dad might be able to help if they are in a position to use the equity in their own home to bridge this deposit gap.

This is a variable rate home loan where the interest rate on the loan may vary during its term.