Essential Tools to Help You Get the Right Home Loan in NSW
Buying your first home is exciting, but choosing the right home loan can be tricky. Luckily, there are some simple tools that can help you understand your options, estimate costs, and make smarter decisions. Here are the top tools you should use before applying for a home loan:
1. Mortgage Repayment Calculator
Wondering how much your monthly repayments will be? Using a Mortgage Repayment Calculator can help you figure out what to expect based on the loan amount, interest rate, and loan term. It’s a great way to make sure the loan fits within your budget.
Ps. These calculators often give you a ballpark figure and do not take all your details into account.
Try it now: https://moneysmart.gov.au/home-loans/mortgage-calculator#repayments
2. Borrowing Power Calculator
Not sure how much you can borrow? Using a Borrowing Power Calculator shows you an estimate of how much a lender might be willing to lend you based on your income, expenses, and debts.
Try it now: https://moneysmart.gov.au/home-loans/mortgage-calculator#borrow
3. First Home Guarantee Scheme
The First Home Guarantee (FHBG) is a government initiative that helps eligible first-time home buyers purchase a home with just a 5% deposit, without the need for Lenders Mortgage Insurance (LMI). Administered by Housing Australia, the scheme guarantees up to 15% of the property’s value, reducing the financial burden on buyers. The guarantee is provided through Participating Lenders and is subject to eligibility criteria.
Note: This guarantee is not a cash payment or deposit for the loan.
Check it out: https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee
4. Stamp Duty Calculator
First-home buyers in NSW may be eligible for stamp duty exemptions or concessions on both homes and vacant land, depending on the property value. Conditions apply, including being a first-time buyer and living in the property as your primary residence.
Try it now: https://www.apps09.revenue.nsw.gov.au/erevenue/calculators/landsalesimple.php
Take the Next Step
Using these tools will help you make smarter decisions and be better prepared for your home loan. If you’re ready to take the next step or need expert advice, I’m here to help.
Contact me for a free consultation, and let’s find the right home loan for you!
