How much can I borrow?
The amount you can borrow depends on what you are buying and how much money you have left when you account for all your fixed commitments from your net income. As a general rule of thumb, you should be paying less than one third of your income on your mortgage repayments. Firstly draw up a weekly budget using our budget planner.
We can then help you work out how much you can borrow and what type of loan will suit your budget and lifestyle
How much deposit will I need?
Most lenders require 5% -10% deposit and a history of savings. If you are borrowing more than 80% of the purchase price you will most likely be required to pay Lenders Mortgage Insurance (LMI), which means an additional fee. The more you can put down as a deposit, the less you will have to borrow, the lower your repayments and the less you have to pay over the lifetime of your loan.
We will look at your personal circumstances and work with you to determine your deposit requirements.
A helping hand from parents
Parents now want to assist their children to help achieve the great Australian dream of home ownership. It is reported that 8 in 10 parents are prepared to lend a hand by providing some form of financial support in an effort to help their children enter the property market.
We can advise you and your parents on the options
First home owner grant
The FHOG scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, a one off grant is payable to first home owners who satisfy all the eligibility criteria. The payable grant amount can be between $5,000 and $22,000 which varies from state to state. There are also stamp duty concessions available. State governments are known to change their state grant from time to time, so please check the following website for the latest details: http://www.firsthome.gov.au
