Loan repayment amounts shown are based on a simplified amortised schedule of repayments model. Actual loan repayments are subject to various internal and external factors including (but not limited to) changes in interest rates, fees and taxes. In particular, the model cannot predict future interest rates and therefore assumes the current variable rate for the remainder of the loan period.

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LMI protects the lender where the loan to valuation ratio (LVR) exceeds 80%. The risk is that the borrower is deemed more likely to default on their loan or be unable to make mortgage repayments. Transfer dutyTransfer duty (previously known as Stamp duty) is a government tax that varies between states and territories and can be quite a significant expense. It also varies depending on whether you’re a first home buyer or purchasing an investment property.

Simple process, faster approval

• Understanding your finances upfront can save you time and reduce stress later.
• However, as the borrower, you’re responsible for covering the premium.
• The guarantor is often a parent or other close family member of the buyer.
• Soon-to-be homeowners may also be asked to take out Lenders Mortgage Insurance (LMI) to ensure the bank is covered if the buyer defaults on their loan.
• Find information and tools for budgeting and saving, for your deposit and the other costs involved in buying a home.

Lenders generally accept genuine gifts from immediate family, but they’ll usually ask for a signed gift letter confirming the money doesn’t need to be repaid. If you’re saving for your first home, the First Home Super Saver Scheme (FHSSS) can help you build your deposit more efficiently by taking advantage of superannuation’s tax benefits. Your broker can help you explore which grants or guarantees you may qualify for and manage the paperwork to simplify the process. Whether you’re confused the purchase process, wondering what LMI or LVR mean, or are looking for help along the way, our resources are here to make sense of all that finance jargon.

Bonus interest savings account

If you’d like us to check your home loan eligibility and provide you with a home loan options, please submit an enquiry through the contact form. It relates to the amount of the loan against the value of Online slots Australia the property you are buying. For example, if the property you intend to purchase is valued at $600,000 and the loan you apply for is $480,000, your LVR is 80%. Our Home Loans Repayment Calculator can estimate your repayments on a certain amount over a particular timeframe.

Even if you haven’t reached a 20% deposit, there are still ways to move forward. A broker can explain how low-deposit home loans or government-backed schemes might suit your situation, and how to balance your repayments, risk, and flexibility. Low-deposit loans and government schemes can help you get your foot in the door sooner.