Estimate your monthly repayments and total loan costs. Plan your property purchase with confidence.
Monthly Repayment
$3,792
$45,509/year
Your borrowing power depends on several key factors. Here is what lenders typically consider.
Lenders assess your gross income, employment stability, and type (PAYG vs self-employed). Most require at least 2 years of employment history.
Credit cards, personal loans, HECS/HELP, and car loans all reduce your borrowing capacity. Reducing debts before applying can help.
Lenders use the Household Expenditure Measure (HEM) or your actual expenses, whichever is higher, to assess serviceability.
A larger deposit means a lower Loan-to-Value Ratio (LVR). Below 80% LVR avoids Lenders Mortgage Insurance, saving you thousands.
This is general information only and does not constitute financial advice. Speak with a licensed mortgage broker for personalised guidance.
Buying your first home is exciting and overwhelming. Here are six essential tips to get you started.
Aim for at least 20% to avoid Lenders Mortgage Insurance (LMI). Some lenders accept as little as 5% for first home buyers.
The First Home Owner Grant (FHOG) and stamp duty concessions can save you thousands. Eligibility varies by state.
A pre-approval letter shows sellers and agents you are serious. It also helps you understand your true budget.
Stamp duty, legal fees, building inspections, and moving costs can add 5-8% on top of the purchase price.
Do not just go with the first rate you see. Comparison rates include fees and give a truer picture of costs.
Look at future growth areas, transport links, and local amenities. Your first home does not need to be your forever home.
Connect with a local agent who can guide you through the buying process and help you find the right property within your budget.
