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Planning your finances when
buying a property.

Remember that the purchase price of a property is not the only cost involved; there are a number of additional expenses to consider, including:

- Home loan application fee
- Property valuation fees
- Legal fees
- Financial insurance
- Home and contents insurance
- Moving expenses
- Property inspection reports
- LIM / PIM reports (land information memorandum/project information memorandum)
- Incidentals and other expenses

Your agent will be able to give you an estimate of these expenses.

Which type of home loan is right for you?

We all have different priorities and therefore you should assess the following options according to yours. We also recommend you contact a mortgage broker to help you make a decision. Although home loan packages differ from bank to bank, the following options are generally available:

Table home loan (interest and principal)

A table home loan spreads your repayments evenly over the term of the loan. At the beginning you are paying back mostly interest and only a small amount of principal.However as the principal is repaid, the amount of interest decreases, which allows a greater proportion of your regular payment to go towards the principal. These loans can often make it a lot easier to budget.

Flat home loan (interest only)

With a flat home loan you pay only the interest component throughout the term. At the end of the term, you pay back the principal as a single lump sum. These home loans tend to be short term and the interest rate is generally higher.

A flat home loan allows you to keep your repayment amount to a minimum until more funds become available to repay your loan.

Straight line home loan (reducing balance)

With a straight line home loan the principal repayment amount remain the same throughout the term of the home loan, but the interest amount reduces. The initial payments tend to be much higher than other home loans, but the repayment amounts reduce quicker over the term of your loan.

Revolving credit home loan

A revolving credit home loan is essentially a large overdraft, secured against your property. You can draw from it and pay back into it as you want. 

All your income should ideally go into the one account and you only withdraw what you need. Interest is calculated daily, so the longer you leave money in there, the less interest you pay. These types of home loans often require a great deal of self control.

Home loan interest rates

Now you have the home loan that suits your needs, make sure that the interest set up does too. Each of the above home loan allows for different interest set up options that could include:

Fixed - A fixed interest rate doesn't change for a set period of time, even if market interest rates do. Fixed rates tend to be slightly lower than floating rates, however it may not be possible for you to make additional lump sum payments or pay off the whole home loan during this time.

Floating - A floating interest rate changes in response to market conditions, and your repayments will move up and down accordingly. However you can normally make additional lump sum payments or pay off the whole mortgage at any time. 

Flexible or everyday floating - Combine your daily transactions and home loan into one account

Capped - A capped interest rate moves with market conditions, however it cannot rise over a certain specified limit. The starting interest rate for a capped home loan is typically higher than a fixed rate.

Offset - Where a floating home loan and savings can be offset.

Work out your weekly home loan repayments

It’s important that you understand the cost of your mortgage and what your commitments are. Please enter your details in our home loan calculator which will give you an estimate of your fortnightly and monthly repayments.

More information on home loans can be obtained from any bank or mortgage broker, of if you need assistance please contact us.