Frequently Asked Questions
The amount you can borrow, commonly known as your borrowing capacity or borrowing power, will differ from lender to lender and person to person. Our home loan calculator will give you an initial rough idea of how much you can borrow. Contact us for a complete individual assessment of your situation.
Using our unique Loan Qualifier software, plus our 30+ year’s experience, we can help you find which of the thousands of home loans offered by our lenders will best suit your needs.
The answer to this question is dependent on your own individual circumstances and goals which must be taken into consideration with the type of Fixed Rate loans on offer at the time. Ask yourself the following questions, and talk to me about your answers. In conjunction with our overall needs assessment, these questions will help you to decide what is the best course of action for you: How would you feel if variable rates went below the rate that you fixed? How would you feel if variable rates rose, and you hadn’t fixed? Will you still have the property at the end of the fixed rate term? How important is it for you to know for certain what your repayments will be for the term of the fixed rate? How likely will it be that you will make additional repayments over the fixed rate term?
The deposit required depends largely on the type of home loan and, of course, the lender you select. As a general rule, if you are an owner-occupier you’ll require 5-10% of the purchase price as a deposit. If you are an investor, you’ll ideally require 10% of the purchase price, although it’s sometimes possible to purchase with less. Make sure you also allow for lender fees, government charges, solicitors fees, moving costs etc as well as Lenders’ Mortgage Insurance (compulsory if you’re borrowing more than 80 per cent of a property’s value).
Apart from saving for your deposit, you need to plan for other costs: Lender application and/or establishment fees | Building and contents insurances | Personal Insurances | Government charges (stamp duties, registration and land transfers) | Conveyancing costs | Property inspection costs (pest, building etc) | Property rates and maintenance issues that you will need to attend to as soon as you take ownership