FAQs

How much can i borrow?

Your financial circumstances will be taken into consideration to complete a lenders serviceability calculator. Income, assets, liabilities and monthly living expenses can affect your borrowing capacity. Lenders all have different criteria’s and ever-changing policies in regards to their serviceability, each client will be assessed based on the information and documents they provide to us.

How much will my repayments be?

The repayments will be determined by your total loan amount and your current interest rate.
In our opinion extra or additional repayments are essential in reducing the interest paid to the lender and reducing the loan term, depending on the loan type you have.

How much will I need for a deposit?

The deposit you’ll need depends on the type of home loan you’re applying for. Most owner occupied and investment loans require at least a 5% deposit plus costs, depending on the lender. Generally, lenders won’t go above 95% of the property value (including LMI).
If you’re using a guarantor loan, there are options that allow you to borrow up to 100% – even 110% of the purchase price.
First home buyers may also qualify for government schemes that only require a 5% deposit and no Lenders Mortgage Insurance (LMI), helping you get into your first home sooner.

How much stamp duty will i pay?

Stamp duty is based on the property purchase price and varies from state to state, it also may be reduced or exempt if you are a first home buyer.

What is lenders mortgage insurance?

Lenders mortgage insurance is a fee charged by the lender when the borrowers are deemed to be high risk due to borrowing over 80% (LVR) of the value of the property.
It’s insurance the lender uses to protect itself, the LMI is worked out from the lender’s calculator, the more deposit you have the less the LMI will be.
LMI can also be avoided with a guarantor loan, a bigger deposit or a non-refundable gift deposit.