One of the first steps when looking for your new home is to work out what price range you can afford.

As well as the purchase price, you need to keep in mind all the additional costs involved such as:

  • Conveyancing.
  • Stamp duty.
  • Insurance.
  • Moving costs.

A good online calculator may assist you with a guide as to how much you can borrow and what your repayments may be. Once you know what you can afford, make a formal application to your lending institution, or mortgage broker, to get your home loan approved.

Owning your home also means additional ongoing costs such as:

  • Building and contents insurance.
  • Water rates.
  • Land rates.
  • Strata or body corporate fees (where applicable)

Be sure to factor these costs in when determining what you can afford to pay each month.