Calculate how you can buy your dream home

11 July 2017
Calculate how you can buy your dream home

Our mission is to make your dream of buying a new home come true. But as much as we love the idea that anyone has the ability to purchase the home of their dreams straight away, we know this isn’t always feasible.

We’ve brought together some useful resources, including a collection of finance calculators, to help you determine how you can start building and own your dream home.

 

Start by making a plan

Buying a home is one of the biggest purchases anyone will make in their lifetime, so it’s important to stay on track financially. If you know a home is your end goal, you can start devising a budget early. Start planning out how much you need to allocate for costs like medical care, bills, insurance and drinks with your mates as well as the cost of your new home.

Once you’ve figured out the cost, you’ll also want to know how long it will take for you to save for a down payment. Try out our savings calculator to discover how much you can accumulate over time by inputting an initial amount and ongoing contributions.

Understand extra government costs

The cost of buying a new home isn’t limited to the physical structure. You have to consider mortgage registration fees, land transfer registration charges, fees imposed by conveyancers and any unforeseen moving expenses.

Stamp duty is another cost that you have to look out for. We can help you calculate this extra expense through our stamp duty calculator. This tax will be payable when you purchase your new home so you best be prepared!

Consider your loan options

Buying a home outright is unheard of these days, so you’ll need to consider your home loan options. First, find out how much you are eligible to borrow and which loans you qualify for based on your current salary and financial commitments; and then, second, compare home loans available on the market. The more you know, the better decision you can make.

Organising your repayments

Deciding the amount and frequency you repay your loan can seriously change how long it will take to pay-off. To find out an estimate how long it will take you to repay the home loan you choose, try our loan repayment calculator. Based on your loan amount, interest rate, repayment amount and repayment frequency, you can determine the length of your repayment term.

Other ways to shorten your loans include changing your current repayment amount with extra repayments and making lump sum repayments. Not only will you be able to reduce time spent paying off your mortgage, you can also save on interest! That means extra money to go towards new furnishings, dinner out or even a Netflix subscription!

For more financial advice, talk to MyChoice Home Loans.

MyChoice Home Loans Pty Limited Authorised Credit Representative Number 485273 of Mortgageport Management Pty Ltd Australian Credit Licence 386360