Home > Loans > Home Loans > My First Home Loan
My First Home Loan
Complete package especially for first home buyers
If you are eligible for the First Home Owners Grant, consider My First Home Loan to provide you with everything you need.
The package includes
- Discounted variable interest rate
| Exclusive to first home buyers, we are offering a discounted standard variable interest rate. This means your monthly repayments will be less and you have the flexibility of a variable interest rate loan. Remember, a variable rate will be affected when the Reserve Bank increase interest rates. |
| Close |
- 40 year term
| A longer term means your regular payments will be less. Calculate the difference in your repayments over a 30 year term and a 40 year term. |
| Close |
- Borrow up to 100% Lenders Mortgage Insurance (LMI) ^
| You can borrow up to 100% of the value of the property with Lenders Mortgage Insurance. This type of insurance protects the lender should the Home Loan not be repaid in full. Without LMI you can borrow up to 85% of the property value. |
| Close |
- These fees on us # - we pay for valuation, title searches, settlement and registration costs
| We aim to provide services with the least amount of fees. When you apply for a Home Loan various documents need to be written, information needs to be searched and your loan needs to be registered. All of these processes are a cost to us which we usually pass onto the Member. With My First Home Loan we pay them for you. For more information see our fees and charges. |
| Close |
- Split option - part variable and part fixed
| This feature allows you to divide your loan into two parts variable (My First Home Loan) and fixed for 3 years (Teachers Fixed Option). The variable part (which means your interest rate could go up or down) allows you to make extra repayments and use Redraw so you can effectively get ahead in your repayments saving you time and money. The fixed part (your interest rate will not change during the 3 years) allows you to budget knowing that your repayments will not change. |
| Close |
- A no limit, no fee Redraw >
| Redraw allows you to withdraw advance repayments from your loan. You can use this feature to get ahead on your loan. For example you can put all of your salary on your loan and pay for expenses with your Teachers Credit Card. At the end of the month you can redraw the amount owing on your credit card. As interest is calculated daily, in time this will reduce the amount of interest you pay on the loan and shorten the term. |
| Close |
- Repayment pause < on the variable portion of your loan
| If you decide to start a family or a parent or partner becomes ill, you can apply to temporarily stop your variable loan repayments. This allows you to take the time you need to care for a loved one without the strain of Home Loan repayments. |
| Close |
- Pre-approved $5,000 Teachers Credit Card ºº
| When you apply for a My First Home Loan, we offer you an award-winning Teachers Credit Card. Used in conjunction with redraw you can save time and money on your Home Loan. |
| Close |
- Teachers Credit Union Insurance offer a discount of up to 10% on new home and contents insurance policies*
| Before settlement you will need to insure your new home. Teachers Credit Union Insurance is offering My First Home Loan applicants a discount of up to 10% on new home and contents insurance policies. |
| Close |
- Up to 10% discount on environmental products purchased through Neco **
| On settlement of your loan, you will receive a voucher offering you a 10% discount when you shop online at Neco (www.neco.com.au). Neco is Australia's leading online eco store with over 1,500 products. Neco has a superior product range that, although ultra-efficient, won't compromise on style or performance. Neco deliver directly to your door, and have everything eco for your home from lighting and water recycling to home assessments and waste reduction products. Make your world a better place with Neco. |
| Close |
Compare Home Loans
Variable rate loans
Fixed rate loans
Split loans
Interest only
Costs
Deposit Power Guarantees
Insuring your assets
Mobile lending service
Loan calculators
Fees and charges and lending criteria apply. Terms and conditions available on request.
^ 100% LVR only available over 40 years if loan less than $500,000. If mortgage insurance not required no maximum limit.
# We pay one each of these fees per application; a standard valuation fee, a title search, the registration of mortgage documentation and settlement costs on the property being purchased. Any additional costs or fees will be 'charged at cost' to the applicant.
> Conditions apply.
< After the first 12 months.
ºº Pre-approved credit card in the name of the first borrower. Additional cards can be requested
* Insurance products are provided by Allianz Australia Insurance Limited AFS Licence No. 234708 ABN 15 000 122 850 (Allianz). NSW Teachers Credit Union Ltd., acts as an agent for Allianz and not your agent. We receive commissions on these insurance products as a percentage of the premium paid for each policy ranging from 5-20%.
Minimum premiums may apply. Any discounts/entitlements only apply to the extent any minimum premium is not reached. If you are eligible for more than one, we also apply each of them in a predetermined order to the premium (excluding taxes and government charges) as reduced by any prior applied discounts/entitlements. Discounts are available at the time of printing and are subject to change without notice.
A Product Disclosure Statement (PDS) for insurance products can be requested by email or by calling 13 12 21 8am to 7pm, weekdays or 9am to 3pm, Saturday or from any office. You should read and consider the PDS before deciding whether to acquire any insurance product mentioned here.
** The voucher may only be used once. The offer applies to stocked items and Home Assessments only (excludes referral products such as Rainwater Tanks and Greywater systems). Home Assessments are currently available in NSW and ACT. Northern Territory Home Assessments are subject to availability. The voucher expires at the end of the next calendar month from date of settlement.