How much money can I borrow?

The amount of money a bank will lend you depends on factors like your income, your other debts (credit card, personal loans and any other loans) and your living expense. This varies from one lender to another and the difference can sometimes mean that you can borrow the extra money to buy your dream house.

Use our How Much Can I Borrow calculator for a basic assessment of your borrowing capacity.

Can I consolidate debts with my home loan?

When you are first home buyer, lenders will typically only lend up to a maximum of 95% of the value of the property. Debt consolidation applies when you have had your home loan for a while and have equity in your property.

How much do I need for a deposit?

The minimum deposit that you need is 5% for First Home Buyers and 5% – 10% for investors. This can vary between lenders and it is important to choose a lender who will let you buy now with the deposit you have.

What is the First Home Owner’s Grant?

The First Home Owner Grant scheme is a one-off payment to assist eligible first home owners with purchase or construction costs. Check First Home Owner’s Grant [Tab 2] for more information.

How do I know which loan suits my needs?

Using state-of-the-art software called FLEX, we are able to find the right loan for you from amongst the 800+ loans available from nearly 30 different lenders.

How much money will I need to set aside for stamp duty?

Stamp duty is a state Government tax that you pay on the property price. When you purchase an established property the stamp duty is usually higher as it is calculated on the whole purchase price unlike construction, where the duty is only on the land. Different states have different rules and regulations and some also offer concessions for First home buyers.

Use our iPhone app “Smart Loan Helper” or android app “Smart Loan Helper” to have a tool that enables you to calculate stamp duty on the go.