Explore Home Loans

How much can I borrow?

There are a number of factors that will determine the amount you can borrow, including (but not limited to) your current income and the purchase price of the property, so it’s best to chat through your options with your mortgage broker.

How do I choose which loan type is right for me?

To find out more about the different types of home loans, head over to our “Loan Types” page.

How much do I need for a deposit?

Usually between 5 – 10% of the value of the property, although this will vary between lenders. Your mortgage broker will be able to give you more information about this.

How much will my repayments be?

Your repayments will depend on the type of loan you are taking out, the amount of the loan and the length of the loan term.

How often will I need to make repayments on my loan?

Most lenders will let you choose your repayment cycle, although if possible, it is a good idea to think about aiming for fortnightly payments rather than monthly, as you will make more repayments over the year which will shorten the length of your loan.

What is the First Home Owner Grant and am I eligible?

The First Home Owner Grant was introduced by the Australian Government to help Australian’s with their first home purchase. The Grant is available across Australia, although the total amount and legislation varies for each state. You can read more about the FHOG here.

What types of additional fees and costs might there be when buying a property?

There are a few fees and costs that you may need to budget for. Some of these include:

1. Lender Costs

Lender costs vary and cover of costs for administration fees as well as the lender’s own valuation.

2. Legal and Conveyancing fees

You’ll generally want to hire a conveyancer and/or a solicitor to help you with the complex contractual side of the home-buying process. While the cost of these services can vary from case to case, you may pay in excess of $1,000 for them.

3. Mortgage Insurance Costs

If your loan-to-value ratio (LVR) is higher than 80% and you’re not eligible for the Government’s Home Guarantee Scheme, you may have to pay lender’s mortgage insurance (LMI) on your home loan. The exact cost of LMI varies from case to case, but is generally in the thousands or the tens of thousands.

4. Building Inspection and Report

This should be done before you purchase the property and should always be done by a qualified expert. The Contract of Sale should take into consideration the building inspection, giving you the option to withdraw the offer without any significant penalties.

5. Pest Inspection

Again, this should be done before you purchase the property to make sure the property you are buying is problem-free when it comes to pests. The Contract of Sale should also take into consideration the Pest Inspection, giving you the opportunity to withdraw if pests are found to be a problem with your property, without incurring any major costs.

6. Stamp Duty

Stamp duty rates are dependent on the value price of the property and are set by each state and territory. There may also be a stamp duty on the mortgage.

7. Ongoing Costs

When applying for your home loan, it is a good idea to also start looking at Home and Contents insurance. Some lenders require a minimum sum insurance policy, which will cover the building should anything go wrong. However it is a generally advisable to insure for more than the minimum sum to cover the costs should you be required to rebuild. This also applies for contents insurance, ensuring you are covered if you need to replace your belongings should the unexpected happen.

Once you have settled into your property, you will also need to budget for council and water costs along with your regular loan repayments.

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