Getting your head around buying your first home can be tough
If you’re not sure, our borrowing calculator is a great place to start. This will give you an idea about how much you can borrow, as well as giving you an idea of what your repayments might be. How much you borrow can also depend on things like your income, expenses, deposit, the number of kids you have and the type of house you want to buy.
You can get an even better picture by booking a free appointment with an Aussie Broker. You broker will look at your finances and home loan needs and crunch the numbers to help you find the right loan.
Our brokers can also give you some tips if you’re not quite ready to take out your first home loan. They can show you how to cut down your everyday expenses by doing things like taking your lunch to work and using public transport. They might also be able to show you ways to pay off your other loans faster or reduce your credit limits. These are some of the steps that can help you get your dream home sooner.
Your deposit is dependent on a variety of factors including the type of home you want to buy, its value and your finances. Most lenders want you to have at least a 20% deposit so you don’t have to pay lender’s mortgage insurance (LMI). This protects the lender if you can’t keep up with your repayments. But if you’re happy to pay LMI, a 5% to 10% deposit might be enough . Having a guarantor can also reduce the deposit you need .
The property price is just one of the costs when you buy a home. Some of the other expenses include;
These costs are different in each state and territory and vary depending on who you use to provide them. Your expenses also depend on the area you want to buy in, the type of property you’re buying, your home loan and your deposit. Your broker can also give you an idea about costs.