Once your savings plan is tracking along, the next step is
to figure out what you can afford to borrow. We know at Yellow Brick Road Melton that buying
your home is likely the most expensive purchase you’ll make in your lifetime, so
you need to know your limit. Use our calculator to work it out.
Of course, as interest rates are variable and change over
time, this should only be used as a general guide. It’s also worth noting that
rates are at historically low levels right now, so you need to factor in
interest rate rises over your loan period. Generally 2-3% above the current
rate is a good estimate to go by.
forget to factor in stamp duty - an upfront charge which is applied by
state governments in Australia in relation to the transfer of land or property.
Stamp duty costs differ
state by state, you can use our stamp duty calculator to make sure you’re paying the right amount.
make sure you talk to your mortgage broker before you sign up for anything.
It’s always important to be as informed as possible before you make any big
financial decisions. At Yellow Brick Road Melton our mortgage brokers strive to
give you the best advice for your situation.