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What is a home loan going to cost me? - Greater Bank

What is a home loan going to cost me?

All you need is your deposit and the property of your dreams, right? Not quite. Know exactly what you’re in for when it comes time for you to buy.

What is a home loan going to cost me? - Greater Bank

Fees

Depending on your lender, you may have to pay an application fee or establishment fee when arranging your home loan.

These can be from $400-600, regardless of loan size.

However, if you’re smart, you can avoid paying establishment fees by doing your homework and choosing a loan that’s both right for your circumstances, and looks out for your bottom line. The Greater Bank Ultimate Home Loan Package features a great value rate, as well as a range of added product benefits, and no establishment fee.

Check out our Ultimate Home Loan

Legal, stamp duty and inspections

For the purpose of this example, let's say we're dealing with a property with a value of $500,000, and we intend on having a deposit of 10% saved ($50,000).

 

Legal fees

You should budget for legal fees between $1,500 and $3,000.

The more complicated your purchase (for example, through a company or trust ownership) the more you should expect to pay.

Stamp Duty

In NSW, stamp duty for a property like this will run around $17,990, but it’s important to remember that this figure will vary from state to state.

Take advantage of online stamp duty calculators to get a more exact figure.

Use our Stamp Duty Calculator

Pest and building inspections

When buying a previously occupied property, make sure you have the proper inspections performed.

These will generally set you back between $300-400, but the peace of mind they give is worth every penny.

 

Lender's mortgage insurance

If you’re able to save a deposit of more than 20% of the purchase price of your home, Lender’s Mortgage Insurance (LMI) won’t be an issue for you.

However, many of us will have a healthy sized deposit but will still fall below the 20% mark. If this is the case, LMI is the premium you must pay to insure your financial institution for lending you more than 80% of the purchase price.

Based on a property price of $500,000, and a deposit of 10% ($50,000), you should budget to pay Lender’s Mortgage Insurance somewhere in the region of $7,000-10,000.

Title and Insurance

When purchasing a property, you must register the title with your state government. On top of this, to protect you against any claims made against the title of your property, you may wish to consider title insurance.

To insure your actual property, Home Building insurance is usually purchased compulsorily when finalising your home loan, however, you are able to choose which insurer’s services you enlist.

While Home Building Insurance prices will vary, it’s important you decide on one with the size, strength and reputation to be there for you when it matters most.

Get a quote Home and Contents Insurance

Rates

When buying your new home, the cost of the remaining yearly or quarterly rates for the property (such as water & land rates) fall to you.

These will take effect from the date of settlement, and will be different for each property and area, but for a property of $500,000 you can expect a bill between $500-700.

Calculate your total

Now all that’s left to do is add all your expected costs together, and add them to your deposit figure, so you’ll have a much better idea of how much you’ll need to buy.

With your total in mind, be sure to plot your goal to success with our Savings Goal Calculator. Simply punch in your goal and regular deposit amount to learn how quickly you’ll be making an offer on your new home.

Calculate your deposit figure

Plot your savings journey so you know the light at the end of the tunnel when you see it!

Use our Savings Goal Calculator

Compare Home Loans

Compare 5 products
Featured rate
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and free redraw available around the clock via online banking.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest rate 1.59 %# p.a.
Comparison rate 2.10 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest Rate 1.59 %# p.a.
Comparison rate 2.99 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest rate 3.90 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 1.89 %# p.a.
Comparison rate 3.14 %^ p.a.
~1 year fixed discounted revert rate, principal and interest
Interest rate 1.99 %# p.a.
Comparison rate 2.25 %^ p.a.
~2 year fixed discounted revert rate, principal and interest
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Enquire now Enquire now Great Rate Home Loan Enquire now Enquire now Ultimate Home Loan Enquire now Enquire now Line of Credit Enquire now Enquire now Ultimate Investment Loan Enquire now Enquire now Great Rate Investment Loan

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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 90% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.