If you’re looking for a home loan, Money Saver Home Loans is here to help

Check out our FREE factsheet HERE. 

You’re borrowing capacity will be different with different lenders, as they all calculate borrowing capacity differently.  Contact us today, we can help with calculations based on your circumstances.

This depends on what you are looking for both now and into the future.  We work with you to get this right now and to set you up for the future.

Usually between 5% – 10% of the value of a property, though the more you have the better.  In some circumstances, your deposit can also be in for the form of equity in an existing property, or from a parent’s or a sibling’s property. Contact us to discuss your options.

Most lenders offer flexible repayment options to suit your circumstances. We recommend paying weekly or fortnightly, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

There are a number of fees and costs involved when buying a property. The usual costs are:

• Stamp duty—rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself.

• Legal/conveyancing fees— Generally around $1,500 – $2000, these fees cover all the legal requirements around your property purchase, including title searches.

• Pest and Building inspection— This should be carried out by a qualified expert.  Your Contract of Sale should be subject to a pest and building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties.

• Lender costs— some lenders charge establishment or application fees to help cover the costs of their own valuation as well as administration fees.

• Lenders Mortgage Insurance— If you borrow more than 80% of the purchase price of the property, you’ll may need to pay Lender Mortgage Insurance.

• Ongoing costs— You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.