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Planning to buy a home

Understanding what you can afford to buy

Whether you’re buying your first home or looking for an investment property, it’s smart to factor in all the costs of home ownership and how much you can borrow without limiting your lifestyle.

Guidance every step of the way

Your Home Buying Checklist
An interactive tool that supports you through each stage of buying a home.

Start by understanding where you are now

Calculating affordability starts with answering two simple questions:

  • How much can I save for a deposit?
  • How much of a mortgage payment can I comfortably make every month?

How you answer those questions depends a lot on your current financial situation. What’s your household income? How much are you spending every month on basics like utilities and groceries? What about any monthly debts? And do you already have savings available you can put towards a deposit, stamp duty and other buying costs?

Home loans are long-term commitments, with terms of up to 30 years. So think ahead to where you’ll be in the future. Your income and expenses can change, especially if you’re raising a family. You also want to be sure your home loan stays affordable if interest rates rise.

Ready to get started?

Our “How much can I borrow?” calculator can give you a quick estimate of your optimal price range. For more information about home buying and affordability, talk to a Suncorp home lending specialist.

LVR and LMI: what they are (in plain English) and why they’re important

When you’re applying for a home loan, your Loan to Value Ratio represents the amount of your loan compared to the value of the property.

Here’s an example:

Say you want to buy a house for $500,000 and you’ve saved $50,000 as a deposit. Your LVR would be 90 percent since your loan will be 90 percent of the value of the property.

LVR is one of the ways lenders assess home loan applications. By saving more for your deposit, you can lower your LVR and increase the strength of your application.

Government fees and other costs

Stamp duty, mortgage registration and transfer fees may apply to your home purchase. It’s important to be aware of these costs – and include them in your overall budget. To get a sense of these costs in your state or territory, use our Government Fees Calculator.

We’re ready to help you

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