Before the keys
Deposit, applicable transfer duty, legal work, searches, building/pest or strata reports, lender charges, moving and utility connections. Check concessions and support eligibility directly.
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The price is
only the start.
Bring together the cash needed before the keys and the costs that keep arriving after them. Use the figures as questions for your lender and adviser.
By Hugo Tran · AUS Living. The RBA policy rate is not your mortgage rate; use your own loan assumptions below.
Put your figures together.
The starting price, deposit, rate and term are an illustration. Replace them; no lender offer, eligibility or affordable borrowing limit is assessed.
What belongs in the budget?
After the keys
Repayments, rates, insurance, maintenance, utilities and any owners corporation or strata levies. Add a buffer for costs you cannot predict precisely.
When conditions change
ASIC Moneysmart recommends checking whether you can handle a rate rise of two percentage points. A repayment illustration is not a borrowing approval or advice that a purchase suits you.
How the illustration is calculated
Loan principal is price less deposit. Cash before keys is deposit plus your other purchase costs. Monthly repayments use the standard amortisation formula; a zero interest rate divides principal by the number of monthly payments. The stress scenario increases your entered annual rate by two percentage points. It holds other assumptions constant and is not a forecast. Lenders may calculate differently.
Follow the sources
- ASIC Moneysmart: buying a house and the whole cost
- ASIC Moneysmart: mortgage calculator
- RBA: current policy rate and decision dates
- Home Passport: choose your state and official authority
General education only. Check current fees, tax rules and eligibility with the relevant authority and your own qualified advisers. Contact or correct a source.