DEPOSIT AND STAMP DUTY CALCULATOR
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WHAT OUR CUSTOMERS SAY
Don't just take out word for it
ANGUS
Panorama
My wife and I had an incredible experience working with Elliot as our mortgage broker. From start to finish he was responsive and extremely helpful. He provided a number of lenders with pros and cons, assisting us with what would work best for us. He took the time to explain the whole finance process to us, notifying us of any additional costs from the chosen lender. This was greatly appreciated as he assisted us with re structuring our accounts.
He helped with moving from start to finish from our current bank through to our new lender including all steps along the way (insurance etc). He was contactable at any time, this made the process stress free and easy, keeping us informed as the loan moved through. With Elliot we felt supported the whole way through and we were extremely happy with the service.
We highly recommend Loan Theory to anyone seeking expert loan advice and support. Loan Theory provides an approachable, professional and friendly service.
FREQUENTLY ASKED QUESTIONS
Here to answer all of the tricky questions
How much deposit do I actually need to buy a home?
Most lenders want a minimum of 5% deposit, plus enough to cover the purchase costs on top. You will get better rates and avoid extra costs with 20% or more, but the exact amount depends on the lender, the property price, and whether you are using a scheme like a guarantee or grant to top up your deposit.
What is Lenders Mortgage Insurance and why does my deposit size affect it?
Lenders Mortgage Insurance, or LMI, is a one off cost that protects the lender if you cannot make repayments. It usually applies when your deposit is below 20% of the purchase price. The smaller your deposit, the higher the LMI cost tends to be, so it is worth factoring into your total costs upfront.
Does stamp duty vary depending on where I buy?
Yes. Stamp duty is calculated by the state government where the property is located, and rates differ across Australia. First home buyers in South Australia may also be eligible for concessions or exemptions depending on the property value and whether it is new or established.
Should I save a bigger deposit or buy sooner with a smaller one?
It depends on your situation. A bigger deposit means less LMI and lower repayments, but waiting to save it means missing out on potential capital growth and paying rent in the meantime. Running the numbers on both scenarios is the best way to see which option actually works out ahead for you.
