Before you start browsing homes, it’s important to know how much you can safely borrow.
Lenders assess:
• Your income, living expenses, and debts
• Your credit score and repayment history
• Your deposit size and savings pattern
Tip: Borrowing capacity is the maximum the bank allows — not necessarily what you should spend. Always choose a loan that fits your lifestyle.
Most lenders prefer a 5–20% deposit. Along with your deposit, you’ll need funds for:
• Stamp duty
• Lender’s Mortgage Insurance (if deposit < 20%)
• Conveyancing/legal fees
• Building & pest inspections
• Loan application, valuation, and settlement fees
A pre-approval helps you:
• Shop with confidence
• Strengthen your offer to sellers
• Clearly define your price range
Pre-approval does not lock you in but gives clarity and peace of mind.
Focus on both lifestyle and long-term value:
• Location, schools, amenities, transport
• Suburb price trends and future growth
• Condition of the property—always inspect
• Compare recent sales to avoid overpaying
Once you choose a property:
Your lender moves your application from pre-approval to formal approval
Your conveyancer conducts legal checks
You sign the loan documents
Settlement occurs, and the property officially becomes yours
