Estimate your home loan repayments, check your LVR, and understand First Home Buyer Deposit Scheme eligibility.
*Results are estimates only. Consult a financial professional for personalised advice.
Your mortgage interest rate is determined by the Reserve Bank of Australia's (RBA) cash rate, your lender's funding costs, and your individual risk profile (credit score, LVR, income). Variable rates move with the RBA, while fixed rates are locked for a set term. Current variable rates typically range from 5.5, 7% depending on lender and loan features.
Loan-to-Value Ratio (LVR) is your loan amount divided by the property value. If your LVR exceeds 80%, lenders typically require Lender's Mortgage Insurance (LMI), which protects the lender if you default. LMI can cost tens of thousands of dollars. First home buyers may avoid LMI under the First Home Guarantee (FHLDS) scheme.
The First Home Guarantee (formerly FHLDS) allows eligible first home buyers to purchase with as little as a 5% deposit without paying LMI. The government guarantees up to 15% of the property value. Income limits apply ($125,000 for singles, $200,000 for couples) and property price caps apply per state.
Making fortnightly payments (26 per year) instead of monthly (12 per year) means you effectively make one extra monthly payment per year, reducing your loan term and total interest. Weekly payments compound this further. The savings can be significant over a 30-year loan term.
Most lenders require a minimum 5, 10% deposit. To avoid LMI, you'll need at least 20%. First home buyers may qualify for the First Home Guarantee (5% deposit, no LMI) or state-specific stamp duty concessions. You should also budget for stamp duty, legal fees, building inspections, and moving costs, typically an additional 3, 5% of the purchase price.
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