The All Finanz Group

The All Finanz Group

Finance - Residential

There are many factors which determine your eligibility for a home loan, most importantly your income and deposit. (If your are a First Home owner you may be eligible for the First Home Owners Grant of $7,000.00)

As a general rule, you’ll need to put down at least 5% of the purchase price for owner occupied properties. Then you’ll need 5% for upfront costs, although this figure varies from state to state.

Take a look at the quick reference table to give you an idea of your price range, based on your deposit.
 

Quick Reference

Mortgage Insurance lets you borrow more against a property than you could otherwise borrow. Generally, you'll need to put down at least 5% of the purchase price as your deposit with mortgage insurance.