The journey to home ownership can be long and challenging – so here’s some tips and tricks to get you on the right track.
Variable rate
6.17%p.a.1
Comparison rate
6.19%p.a.2
ME Basic Home Loan. New owner occupier, principal and interest, maximum 80% LVR4 loan amount $150,000 or more.
Enter your income and expenses to find out how much you could borrow for a home loan.
Based on our Flexible home loan with Member Package option (annual fee $395), which currently offers a 3.69% p.a. variable rate1 (4.72% p.a. comparison rate2). This assumes 1) a loan that is for owner occupier purposes with principal and interest repayments, 2) a loan amount of more than $400k but less than $700k and 3) where the amount borrowed is more than 70% but not greater than 80% of the value of the real estate used as security.
Based on our flexible home loan on a 3.69% p.a. variable rate1 (4.72% p.a. comparison rate2). This rate assumes an LVR of 80-90%. If your LVR is less than 80% ME may be able to offer you a better rate.
You could borrow
$XXX,XXX
Your deposit amount
Your loan to value ratio would be XX%.
For this calculation the loan to value ratio cannot exceed 95%.
Your estimated total purchase power
Loan term 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years
Unfortunately your borrowing power has gone into negative. Maybe re-check your numbers?
Monthly repayments
$1,616
This is 41% of your income after tax.
Monthly expenses
$2,000
Remaining monthly income
$2,114
Worked out based on your income with no tax minimisation; your financial situation may vary significantly.
Flexible Home Loan with Member Package.
Flexible Home Loan.
Basic Home Loan.
For no additional fee, you can have up to eight 100% offset accounts4. Perfect for saving on interest, and also helping you manage your different savings goals.
No valuation fee, no top-up fee, no fee to fix or split your loan after you settle.
Pay your variable rate loan off as early as you want – with no penalty.
House Mate is a monthly article series with personalised tips and tricks on property buying, sent directly to you. It’s tailor-made for you and your situation to help you buy a home.
Let’s break it down: how much do you really need to save to buy your dream home?
We’ve broken down the home buying process down into bite-sized chunks to give you a clear overview of what to expect.
Winning at auction is an extremely exciting, nerve-racking and memorable day. Learn more about what happens on settlement day.