First Home Owners

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Buying your first home is a big step to take, a very exciting step, but one that comes with endless questions and options and decisions on how to finance it, how mortgages work and how to find the right one for you and the big question on how much you may be able to borrow.

That's where we come in, our job is to take the stress away and do all the legwork for you in terms of comparing home loans from over 800 products available from Australia's leading lending institutions.

Spend a few moments checking out our site's clever loan options tool and explore our range of calculators.  Then just get in contact with us - you can do this by calling or simply asking us a question at any time by emailing us through our Contact page. We look forward to walking you through the options available that will suit what you're looking to do.

How Much Can I Borrow?

How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.

How Much Do I Need To Save For A Deposit?

The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally you will require a minimum of 5% of the property value.

How Much Do I Need To Set Aside For Stamp Duty?

Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory the property is situated in.

What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?

As a rough guide, you should budget approximately 5 % of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5% , the balance may include;

  • Building and pest reports
  • Valuation fees
  • Lenders mortgage insurance (LMI)
  • Solicitors fees
  • Insurances
  • Utility connection fees - phone/gas/electricity
  • Council and water rates
  • Removalist costs

How Do I Choose Which Home Is Best For Me?

When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.