First Home Buyer Loan
Attractive variable rate, no monthly fees & access to multiple offset accounts.
Is this your first time in the property market? The First Home Buyer Loan offers an attractive variable interest rate, no application or ongoing fees, access to multiple offset accounts and a redraw facility.
5.64%
Variable interest rate (p.a.)
5.65%
Comparison Rate (p.a.)
Interest rate is based on an LVR of >60% to <=80%
Key Features
Flexible repayment options
Loan period flexibility
Redraw facility (minimum $500)
Access to multiple offset accounts
Proudly supporting the Australian Government 5% Deposit Scheme for First Home Buyers and Single Parents
Fees and requirements
No monthly account keeping fees
No establishment fees
To apply, you must be a minimum of 18 years of age & be a First Home Buyer in Australia.
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FAQ's
An offset account is a regular transaction account that’s directly linked to your home loan. Instead of earning interest, the balance in your offset account serves to reduce the balance of your home loan. This, in turn, lowers the amount of interest you pay each month. The more money you keep in your offset account, the less you’ll pay in interest.
This powerful little feature can help you save thousands over the life of your home loan.
An offset account is a regular transaction account that’s directly linked to your home loan. Instead of earning interest, the balance in your offset account serves to reduce the balance of your home loan. This, in turn, lowers the amount of interest you pay each month. The more money you keep in your offset account, the less you’ll pay in interest.
This powerful little feature can help you save thousands over the life of your home loan.
A redraw facility is a valuable home loan feature; it allows you to:
- make extra repayments to your home loan
- access the extra funds if you need to.
If you’ve paid more than your scheduled repayments and something comes up, you can redraw these funds to cover the costs. Paying more on your home loan each month will also help you reduce your interest payments. Or, if you want to make some home improvements, fund a large expense, or go on a holiday, the money is available for redraw.
Please note: The minimum redraw is $500. Redraw is free in Coastline Bank Online Banking, or you can redraw in the branch for a $20 fee.
The Loan-to-Value Ratio (LVR) measures how much of the property’s value is financed by the loan. It is calculated by dividing the loan amount by the property’s appraised value. LVR is displayed as a percentage. For example, if you borrow $300,000 to buy a $500,000 home, your LVR is 60%.
Banks and lenders also use LVR to assess risk, and if you’re thinking about applying for a home loan, understanding your LVR can go a long way.
Yes. At Coastline Bank, you can make extra repayments on your home loan without penalty. Paying more than the minimum monthly repayment will help you save money on interest and reduce the length of your loan. You can also make additional lump-sum payments to your home loan whenever you like.
Paying off your loan faster frees up funds for other financial goals, such as other investments or retirement. You'll also enjoy the peace of mind that comes with owning your home outright.
General advice warning
This advice has been prepared without considering your personal objectives, financial situation or needs. Before acting on it, you should consider whether it’s appropriate for your circumstances. For more information – including terms and conditions, Product Disclosure Statements, Target Market Determinations or Financial Services Guides – please refer to the details under ‘Important information’ on the relevant product pages.
All loan applications are subject to credit approval. Interest rates are subject to change, and fees and charges may apply.