Each lender uses their own unique serviceability calculator to determine your borrowing capacity.
As a qualified mortgage broker, Strategic Advisory has direct access to these calculators enabling us to fully assess your borrowing capacity as the bank would. This makes our calculations more accurate than an online borrowing capacity calculator.
Your borrowing capacity and loan serviceability is determined by a number of factors.
This can include the below:

Your household income

Any existing debt or liabilities (Existing loans, HECS debt, credit card limits, tax owing etc)

How many dependants you have

Generally speaking, lenders allow you to borrow up to a maximum of 80% of the value of your property purchase without lenders mortgage insurance. This requires you to have 20% of personal funds to complete the purchase. (This does not include stamp duty or any miscellaneous costs such as conveyancer or bank fees).
For an accurate assessment of your maximum borrowing capacity book in strategy session with us today.

Your home loan repayments are reliant on several factors:

1) Loan Amount

2) Interest rate

3) Loan term

4) Repayment type (Principal & Interest or Interest Only)

5)Whether your loan includes Lenders Mortgage Insurance (LMI) for loans over 80%

6) Ongoing lender fees

An approximate loan repayment will always be demonstrated to you in our finance proposal, enabling you to envision your potential repayment costs.

A pre-approval is a loan approval from a lender that occurs prior to you securing a property.
Obtaining a pre-approval can give you assurance that you have the funds to complete your purchase before making an offer on a property.
Your borrowing capacity in conjunction with your available deposit is what will determine your maximum purchase price. With this in mind, pre-approvals can give you a clear indication on the purchase price you are capable of securing.
Pre-approvals are generally valid for 90 days, after which you are required to re-apply for your loan. We recommend looking to gain pre-approval when you are in the process of looking for a property.

Stamp Duty/Transfer Duty (based on the value of your home)

Legal or conveyancing fees

Strata, pest or building reports

Mortgage registration fees

Registration of title

Lenders Mortgage Insurance (Required for loans over 80% of your property value)

Loan application or valuation fees (for some lenders)

No, you do not need a credit history to be eligible for a home loan.
Although you're unable to show any experience in managing your debt and finances through any proof of credit history, lenders will still consider your loan application if you have a strong income and stable employment.

The Australian Government has introduced numerous schemes and grants for first home buyers.
Eligibility criteria for these vary between States & Territories.
There are multiple first home buyer schemes you may be eligible for. Some of these include benefits such as:

Zero Stamp duty*

Stamp duty concessions*

Minimum deposit of 2% - 5%

*Price thresholds apply and are dependent on which State/Territory you wish to purchase in.

One such scheme is the First Home Guarantee Scheme.
To be eligible for this scheme the below general criteria must be met:

Must be an Australian Citizen or a Permanent Resident

Purchase intended for owner occupied purposes

First home buyers or previous homeowners who have not owned a property or land in Australia in the past ten years

It’s important to note that not all lenders participate in the First Home Guarantee Scheme. This is something we take into account when we weigh up your lending options, as well as any other schemes or grants you may be eligible for.
More detailed information about the First Home Guarantee Scheme and eligibility requirements can be found via https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee.

An offset account is an opt in feature of a loan product from lenders that operate similar to a transaction account.
Funds in that account will offset the balance in that account against the balance of your home loan, meaning you’ll only be charged interest on the difference.
Your calculated monthly repayments are based solely on your loan limit amount, repayment type and loan term.
Simply put, the more you have in offset the less interest you pay and the faster you pay off your loan.
Please note that not all lender loan products have an offset feature, and some lenders charge an additional fee. If an offset account is important to you, we will ensure that this feature is available to you when submitting your application.