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.| Maximum loan amount with Mortgage insurance | ||
|---|---|---|
| Purchase price |
Your deposit |
Home / Investment Loan |
| $100,000 | $5,000 | $95,000 |
| $150,000 | $7,500 | $142,500 |
| $200,000 | $10,000 | $190,000 |
| $250,000 | $12,500 | $237,500 |
| $300,000 | $15,000 | $285,000 |
| $400,000 | $40,000 | $360,000 |
| $500,000 | $50,000 | $450,000 |