Comments and Reviews
hear from our customers
For almost 30 years, Multi-Choice Mortgages has been helping Australians realise their property dreams and goals. Check out our reviews and testimonials from our mortgage broking services. Experience our award winning service and see why we're trusted Australian mortgage brokers.
Helpful application tips
The amount you can borrow, commonly known as your borrowing capacity or borrowing power will be determined based on your unique set of financial circumstances. Your income, assets, liabilities and credit history can all affect your borrowing power. How much money you can borrow will also differ from lender to lender.
Get in touch today, and we'll provide you with an obligation free borrowing capacity assessment.
Your deposit is dependent on a variety of factors including the type of home you want to buy, its value and your finances. Most lenders want you to have at least a 20% deposit - which means that you don’t have to pay lender’s mortgage insurance (LMI). This insurance protects the lender if you can’t keep up with your repayments. But if you are comfortable paying for the LMI on behalf of the lender, you may be able to borrow up to 95% of the value of the property. Having a guarantor can also reduce the deposit you need.
The purchase price of the property is just one of the expenses that a prospective purchaser needs to think about before applying for a loan. Some of the other expenses include:
- legal/conveyancing fees
- mortgage or loan application fees
- pest and building inspection reports
- strata searches (for apartments)
- stamp duty
- utility connections .
These expenses can vary depending on the type of property that you are buying and the location of the property.
The First Home Owner Grant initiative is a one-off payment made by the government to assist first home buyers enter the property market. The contribution varies from state to state, but typically ranges from $7,000 to $26,000.
Stamp duty is a state government tax based on a property's selling price. Each state or territory has different rules and calculations; some states offer discounts or exemptions to first home buyers. Stamp duty can be a significant additional cost when buying property.