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Frequently Asked Questions
How Much Can I Borrow?
How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.Am I Eligible For The First Home Owners Grant?
You are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.What Will My Repayments Be?
It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments. Use our handy repayment calculator to find out your capacity!How Much Do I Need To Save For A Deposit?
The amount you need as a deposit will depend on the type of home loan you require, the lender you select, and your current financial situation. Generally you will require a minimum of 10% of the property value.How Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property. Use our Stamp Duty Calculator to find out Stamp Duty amounts!What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?
As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include:
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- Insurances
- Utility connection fees - phone/gas/electricity
- Council and water rates
- Removalist costs
How Do I Choose Which Property Is Best For Me?
When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.To help you decide on the right home for you, call the team at Alpha Timor TM Capital for a free consultation.
What Should I Do Now?
You can make an appointment with an Accredited Mortgage Consultant by calling 9690 8877.