Buying a House2

Purchasing a house?Let us do the homework for you!


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Is your home loan over two years old? If so, chances are you could be getting a better deal by refinancing the loan to another lender or product. Sticking with the same lender and lending terms year after year could mean you’re not getting the best loan terms you could be.

Refinancing your current home loan is a good idea if you want to lower your monthly repayments, access existing equity in your home loan or to consolidate debt. We provide free loan health checks for anybody wanting to see if they can get a better deal and are always looking for opportunities to save our clients’ money.

Our Lenders

The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-westpac-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-sun-corp-bank-lender
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The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-liberty-financial-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-ing-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-heritage-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-city-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-cba-commonwealth-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-bankwest-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-Bank-of-melbourne-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-anz-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-amp-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-Adelaide-Bank-lender

Why Should I Refinance?

Banks and lending partners regularly change their lending terms and offers to entice new customers. By switching (refinancing) your loan to be with a different bank or lending partner, you could take advantage of a lower interest rate or deal, and end up saving on interest.

How Often Should I Refinance?

It is generally recommended to check your home loan every two years – get in touch with us for a free Home Loan Health Check. We’ll review your current loan set up and see if we can make it better – we love saving our clients money!

Pay Your Home Loan Off Sooner

Pay Your Home Loan Off Sooner

Paying down the balance on your home loan can be difficult, but there are a few simple things you can do to help you pay off your home sooner.

1. Pay Fortnightly(your monthly repayment divided by two)

One of the easiest ways to pay your mortgage off faster is to pay fortnightly. But don’t let your lender work that figure out for you. Simply divide your monthly figure by two and pay that amount fortnightly. There are 26 fortnights in a year, so you will end up making the equivalent of 13 monthly payments for the year. This simple trick will knock years off your mortgage.

EXTRA REPAYMENT CALCULATOR
EXTRA REPAYMENT CALCULATOR

2. Pay more off your principle earlyThe first years of a mortgage are the hardest. It might even seem like all you are doing is paying the interest and the loan balance doesn’t seem to be coming down at all. Unfortunately, you would be right because this is the unfortunate effect of compounding interest. Getting stuck into the principle early is key to paying your home off sooner.

Every ‘extra’ dollar you pay off your mortgage (above your minimum payment) comes straight off your balance. This means that you will be paying less interest down the track. Extra lump sum payments and/or regular extra repayments could help cut years off your home-loan.

EXTRA REPAYMENT CALCULATOR
EXTRA REPAYMENT CALCULATOR

3. Look for a better dealIt goes without saying, the less interest you pay, the faster you can pay off your home loan. Most people don’t check their home loan often enough to know if they could be getting a better deal elsewhere. And others seem to be simply too loyal (or content) with their current bank to make a change. In reality, this could be costing them thousands (and years) when paying off their home loans.

The Broker Team is happy to review your home loan every year to make sure your current product is still suitable to meet your goals.

FIND A BETTER DEAL
FIND A BETTER DEAL

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First Home Owners Grant

First Home Owners Grant

Could You Be EligibleFor $10,000?

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.

 

Get in touch with us to find out if you are eligible and how to access the FHOG.

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First Home Owners Grant: Frequently Asked Questions

All above information published by The Broker Team has been supplied by State Revenue Office and was relevant at the time it was published. If you have any questions, please contact us

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Buying a House2

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Pay Your Home Loan Off Sooner

First Home Owners Grant

Stamp Duty

Guarantor Loans

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Stamp Duty

Stamp Duty

Calculate YourStamp Duty

Calculate how much stamp duty you can expect to pay on your property purchase.

 

The amount of stamp duty you pay on a property purchase varies on the property location, price, if you are a first home buyer, whether you plan to live in the property and more. Stamp duty can be expensive, and needs to be paid at settlement, so it’s important to know how much you’ll be up for.

 

The good news is, if you’re a first home buyer there are a exemptions and reductions you may be eligible to receive. Read on to learn more or use our instant calculator.

Stamp Duty Calculator (Victoria)

Property Use

First Home Buyer

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Stamp Duty

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Land Transfer Fee

$114.90

Mortgage Registration Fee

Disclaimer: From 1st July 2017, first home buyers will be exempt from paying stamp duty (land transfer duty) when purchasing a home with a dutable value of up to $600,000. For purchases between $600,000 and $750,000, there is a concession for first home buyers calculated on a sliding scale. Results from this calculator are to be used as an indication only and are not intended to be relied upon for the purpose of making a decision in relation to a financial product. For more information about government charges, exemptions and concessions please visit the state revenue office website www.sro.vic.gov.au or contact The Broker Team on (03) 5444 0104..

TIPS FOR BUYERS

Stamp Duty Exemption

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued up to $600,000, you are exempt from paying stamp duty on the purchase.

This duty exemption is separate from the First Home Owner Grant. The FHOG grant is a payment made to you, whereas the first home buyer duty exemption is a reduction in the amount of land transfer duty you pay. 

Stamp Duty Concession

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued between $600,001, and $750,000, you will receive a reduction on the amount of stamp you’ll pay for the purchase.

The amount of reduction is on a sliding scale and depends on the property value – use our stamp duty calculator to find out more.

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You May Be Interested In...

Buying a House2

Find Me A Better Deal2

Pay Your Home Loan Off Sooner

First Home Owners Grant

Stamp Duty

Guarantor Loans

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Let us find the right loan for you!

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Guarantor Loans

Guarantor Loans

Purchase your new home soonerAnd don't pay any Lenders Mortgage Insurance (LMI)!

Saving for a deposit on a house can take a long time. Particularly if you are paying rent at the same time. To make things even harder, house prices can go up significantly while you’re busy saving. Meaning not only will it take longer, but you also miss out on that capital growth.

A guarantor loan could mean that you are in your home sooner and potentially save you thousands of dollars in expensive Lenders Mortgage Insurance (LMI).

Not all lenders offer loans with a security guarantee. It is important to shop around to find the right options for both you and your guarantors. There are a lot of things to consider before making an application for finance – that’s where we come in.

Guarantor Loans Explained

If you have a family member who is willing to help (i.e. a parent), and that person has equity in property, then they may be able to offer what’s called a ‘security guarantee’. This type of guarantee allows you to borrow a small amount of money secured against their property to help pay for your deposit and purchase costs.

Put simply, you borrow 100% of the purchase price (plus purchase costs). Of which 80% is secured by your new property and the other 20% (plus purchase costs) is secured against your family members property. Your family member is guarantor for the smaller loan only (not the full amount).

And because your total lending is under 80% of the value of the two homes combined, you don’t pay Lenders Mortgage Insurance (saving you thousands).

The example pictured demonstrates a possible guarantor structure for the purchase of a $400,000 property intended to be your principle place of residence. Purchase costs are estimated to be $20,000 (Stamp Duty, Government Fees, Solicitor Fees & Loan Fees).

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House Deposits

Deposit OptionsYou might not need as much as you think!

Saving for a deposit can be difficult, but there are a few options out there that might help you into your new home sooner.

Help From Family Members

Guarantor Loans

A family member who has equity in property might be able to provide assistance by way of a security guarantee. A guarantor loan of this type allows you to borrow funds to cover the full purchase amount of your new home, plus any related fees and charges, without the need of saving for a huge deposit. This option could also save you thousands in Lenders Mortgage Insurance (LMI). 

GUARANTOR LOANS EXPLAINED
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Funds gifted by a family member

This is a great option if you are just falling short of the funds you need. You might have a family member willing to assist in helping you into the property market. A gift is different to a loan and must not come with a condition to be repaid, but it might just make up the difference you need. We’ll let you know more about the funds you need and where they can come from.

Government Grants and Incentives

Are you eligible for a government grant or incentive? The Victorian government provides incentives for first home buyers to assist them into their first home. We can show you how you can use these incentives when making an application for a home loan.

Stamp Duty Reductions and Exemptions

If you are a first home buyer, you could be exempt from paying stamp duty, or get a reduction in how much you have to pay.

LEARN MORE
LEARN MORE

First Home Owners Grant

You could receive $10,000 via the First Home Owner Grant (FHOG).

LEARN MORE
LEARN MORE

Releasing Equity

Sale of an Asset

Although the sale of an asset might not be able to be used as ‘genuine savings’, you can still use these funds to complete your purchase and to reduce the loan size you need.

Equity from other property

If you already have property, don’t feel that you have to have traditional ‘savings’ in a bank account to use as a deposit. Lenders will look at equity within your existing property and might be able to use this equity to fund your deposit on your new property.

Don't have Genuine Savings?

Removal of the ‘genuine savings’ requirement

When applying for a home loan, most lenders will require that part of your deposit is made up of ‘genuine savings’ (i.e. not from sale of an asset or gift).

 

Genuine savings can be proved by providing bank statements over a 3 month period that shows a consistent savings plan that results in 5% of the purchase price. However, if you have been renting through a property manager for more than six months and your rental history has always been up to date, some lenders will remove the requirement of proving this 3 months savings history.

Deposit Calculator

Deposit Calculator

Purchase Details (Victoria)

Property Use
First Time Home Buyer (?) "From 1st July 2017, first home buyers will be exempt from paying stamp duty (land transfer duty) when purchasing a home with a dutable value of up to $600,000. For purchases between $600,000 and $750,000, there is a concession for first home buyers calculated on a sliding scale."

Loan to Value Ratio (LVR) (?)
Loan to Value Ratio is a calculation used by banks and lenders which calculates the percentage of debt in relation to the value of the property. Most lenders will only lend up to 95% of the value of the property inclusive of Lenders Mortgage Insurance (LMI). LMI is payable on most loans if you intend to borrow above 80%. The more you borrow above 80%, the higher the LMI you will pay. Adjust this amount on the dropdown menu to see the different results.

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Government Fees

$0.00

$0.00

$0.00

Loan Fees

Some lenders will charge an establishment fee depending on the product chosen. This fee is typically $600. A lot of home loan products these days will not charge an establishment fee. This is something to consider when selecting the right product for your needs.
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If you want to borrow more than 80% of the property value, then you will most likely have to pay Lenders Mortgage Insurance (LMI). Paying LMI does help you achieve home ownership sooner without the need for a 20% deposit. The more you borrow above 80% the higher the cost of the LMI, but lower deposit you will need to pay. This calculator provides an estimate only as each lender will calculate LMI differently.
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Other Fees

A conveyancer (or settlement agent) is a person who will act for you and on your behalf in the transfer of property. Conveyancing fees will vary depending on who you appoint to act on your behalf.
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Results

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The amount you will borrow plus Lenders Mortgage Insurance (LMI)
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This is an indication only of your potential monthly repayment amount based on a 30 year loan term with variable interest rate of 3.89%p.a. for owner occupied loans and 4.74%p.a. for investment loans. For a more accurate estimate of your monthly repayment we would recomend you speak with one of our mortgage advisors.
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Disclaimer: This calculator provides an estimate of the amount of money you would need to contribute to purchase a house in the state of Victoria. The results should be used as an indication only and do not represent a quote or pre-qualification for a loan. This calculator makes assumptions based on multiple lender criteria and is not intended to be relied upon for the purpose of making a decision in relation to a financial product.
To obtain a more accurate estimate of how much deposit you will need we recommend you speak with one of our specialist mortgage consultants. Please complete your details below to arrange a more detailed assessment of your purchasing potential.

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Buying a House

Purchasing A House?Let us do the homework for you!

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Find Me A Better Deal

Find A Better DealLet's try save you some money!

Is your home loan over two years old? If so, chances are you could be getting a better deal by refinancing the loan to another lender or product. Sticking with the same lender and lending terms year after year could mean you’re not getting the best loan terms you could be.

Refinancing your current home loan is a good idea if you want to lower your monthly repayments, access existing equity in your home loan or to consolidate debt. We provide free loan health checks for anybody wanting to see if they can get a better deal and are always looking for opportunities to save our clients’ money.

Our Lenders

The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-westpac-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-sun-corp-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-nab-national-australia-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-me-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-macquarie-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-liberty-financial-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-ing-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-heritage-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-city-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-cba-commonwealth-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-bankwest-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-Bank-of-melbourne-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-anz-bank-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-amp-lender
The-Broker-Team-Mortgage-Broker-Bendigo-Kyneton-Adelaide-Bank-lender

Why Should I Refinance?

Banks and lending partners regularly change their lending terms and offers to entice new customers. By switching (refinancing) your loan to be with a different bank or lending partner, you could take advantage of a lower interest rate or deal, and end up saving on interest.

How Often Should I Refinance?

It is generally recommended to check your home loan every two years – get in touch with us for a free Home Loan Health Check. We’ll review your current loan set up and see if we can make it better – we love saving our clients money!