Get prepared and "bank ready" before you apply. This planner analyses your income, savings, debts, and spending against real lender criteria — then builds a personalised roadmap covering your borrowing power, government grants you qualify for, and the exact steps to get mortgage-ready.
The Goal
Income & Application
Bonus, investments, side hustles
Assets & Liabilities
Total limit across all cards
Car loans, personal loans (monthly)
Affects your estimated living expenses (HEM)
Lifestyle Locks
Select up to 3 non-negotiables. We won't ask you to give these up.
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. It is advised that you get in touch with us before taking out a loan so that we can provide you with advice that is tailored to your situation.
First Home Buyer Questions Answered
Common questions Australians ask when buying their first home, from deposits and grants to borrowing power and hidden costs.
Most lenders require a minimum 5% deposit, though 20% is ideal to avoid Lenders Mortgage Insurance (LMI). For example, on a $700,000 property, a 5% deposit is $35,000 while 20% is $140,000. First home buyers may qualify for the First Home Guarantee scheme, which lets you purchase with just 5% deposit and no LMI. Your savings also need to cover stamp duty and other settlement costs on top of the deposit.
The FHOG is a one-off government payment to help first home buyers purchase or build a new home. The amount varies by state, from $10,000 in NSW and VIC up to $30,000 in QLD and TAS. It generally only applies to new properties (not established homes) under a certain price cap. This planner automatically checks your eligibility and factors the grant into your assessment.
The First Home Guarantee (FHBG) is an Australian Government initiative that allows eligible first home buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance. The government guarantees up to 15% of the property value. There are property price caps per region and income limits that apply. This is separate from the First Home Owner Grant and the two can sometimes be combined.
Each Australian state and territory has different stamp duty rates and first home buyer concessions. For example, in NSW first home buyers pay no stamp duty on properties up to $800,000, while in VIC the threshold is $600,000. Some states like QLD have recently increased their exemption thresholds. This planner automatically applies the correct concession based on the property location you enter.
No to both. This is a no-obligation assessment tool. We do not access your credit file or perform any credit checks. The results are based on general lending criteria and the information you provide. If you choose to speak with one of our licensed brokers afterwards, that is entirely up to you.
Your borrowing power depends on your income, expenses, existing debts, and the number of dependants. Banks apply a serviceability buffer (typically 3% above the actual rate) to stress-test whether you can still afford repayments if rates rise. As a rough guide, on a $100,000 salary with no other debts, most lenders will approve roughly $550,000 to $650,000. This planner gives you a personalised estimate.
LMI (Lenders Mortgage Insurance) is a one-off premium that protects the lender if you default on your loan. It is required when your deposit is less than 20% of the property value and can cost thousands, for example $8,000 to $15,000 or more on a $600,000 property with a 10% deposit. You can avoid it by saving a 20% deposit, using a family guarantee, or qualifying for the government's First Home Guarantee scheme.
Lenders assess your credit card limit, not your balance, as a liability. They typically apply around 3.8% of your total credit limit as a monthly commitment, regardless of whether you use the card. For example, a $10,000 credit card limit reduces your borrowing power by roughly $40,000. Buy Now Pay Later debts are also scrutinised. Closing unused cards and paying off BNPL balances before applying can meaningfully increase how much you can borrow.
Beyond the deposit, first home buyers should budget for stamp duty (unless exempt), conveyancing or solicitor fees ($1,500 to $3,000), building and pest inspections ($500 to $800), loan application fees, and moving costs. Some of these are payable before settlement. This planner factors in the major costs so you can see the full cash-to-settle figure, not just the deposit.
A mortgage broker compares home loans across multiple lenders on your behalf, handles the application paperwork, and negotiates on your behalf. They are paid by the lender (not you) and can often access rates and deals not available directly. For first home buyers, a broker can be especially valuable as they understand government schemes, concessions, and lender policies that vary by state and property type.
Disclaimer: This planner provides general information based on publicly available data and the details you enter. It does not constitute financial advice, a loan offer, or a pre-approval. Government grants, concessions, and scheme eligibility are subject to change. Always consult a licensed mortgage broker for advice tailored to your situation.
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