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. 
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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