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Step 2: Do Your Sums

What is my borrowings capacity?
Visit www.australmortgage.com.au and click on Calculators to get an indication on the maximum loan amount we can consider based on your circumstances. For further clarification, always feel free to ring or email one of our experienced consultants.

What are genuine savings?
When borrowing over 90% of the purchase price / value, the mortgage insurance premium will be lower if you demonstrate at least 5% Genuine Savings over a 6 month period. The savings must either show an increasing balance or regular contributions towards the opening balance. Large lump sum payments are not acceptable unless you’ve held onto them for at least 6 months.

Can you help with my First Home Owner Grant?
Yes. We can lodge the FHOG application on your behalf and if approved by the State Revenue Office, we’ll have the funds available at the settlement of your home loan.

Once you have arrived at a ball-park figure for your potential purchase price, you will need to take into account some other charges that will or may apply.

One of the biggest initial outlays you will have is the deposit, which is usually 10% of the purchase price. You should also allow additional funds (approximately 5%) for stamp duty, legal costs and insurance and other costs associated with buying a property and arranging a home loan.

Some states provide exemptions and concessions to first home buyers.For further details check out your State Revenue Office website (details on the bottom) to see what applies to you.

If your intention is to borrow more than 80% of the purchase price / value, the funder requires a mortgage insurance. The insurance protects the lender from any potential losses during the life of the loan. The mortgage insurance premium will vary, depending on the loan amount, loan to value ratio (LVR), state you purchasing the property in and whether genuine savings have been demonstrated.

Austral can lend up to 95% of the property purchase price / value. The maximum lend also depends on the geographical location and the type of your property, and your personal circumstances. In some cases, the mortgage insurance premium can be added onto the approved loan amount. house_with_piggy_bank

Useful links:
State Revenue Offices:

NSW  www.osr.nsw.gov.au
QLD www.osr.qld.gov.au
WA    www.srd.wa.gov.au
NT     www.osronline.com
VIC    www.sro.vic.gov.au
SA      www.revenuesa.sa.gov.au

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Austral is a member of the Mortgage & Finance Association of Australia (formerly MIAA), the professional body for the mortgage industry.

PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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