- How much can you borrow?
- Beware that you may have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.
- Are you eligible for the First Home Owner Grant and how do you apply for it?
- Generally speaking, you will be eligible for the first homeowner’s grant of $7,000 if neither you nor your spouse have owned a home nor claimed the grant previously.
- Make sure you follow these steps:
- Step 1: Calculate your deposit
- Step 2: Calculate your borrow capacity, visit the page borrowing_power_calculator.htm
- Step 3: Select the right loan for your needs
- Step 4: Get pre-approval
- Shop around for the best possible home loan you can afford, both in the amount of deposit required and in ongoing monthly payments.
- Look at the fine print for monthly service fees and other charges.
- There are some hidden costs of buying, such as stamp duty, mortgage insurance, settlement agent fees, building inspection etc.
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