Can I get a home loan if I’m self-employed?

Yes – with around 17% of Australians self-employed , there are now many options for the self-employed and contractors to get home loans. You’ll be asked to provide evidence of your income, usually by providing your tax returns from at least the past two years. If you don’t have these, you might be required to look for a low doc home loan instead.

How much will my stamp duty be in South Australia?

The formula used to calculate stamp duty in South Australia is complex and depends on many factors, such as the intended use of your property and the nationality of the purchaser. Use the SA Government stamp duty calculator to find out how much stamp duty you will be required to pay.

What other costs will there be when I buy my home?

Additional expenses you should take into consideration when planning to buy your home include: Lender fees and establishment costs – allow between $500 and $1,000, but some lenders offer no-fee loans Legal and conveyancing fees – between $1,000 and $1,500 Building and pest inspections – these depend on the size and type of property but typically allow between $600 and $900 Home and Contents insurance – all lenders will require you to insure your property from the date your offer is accepted on your new purchase

What if I can’t afford a 20% deposit?

It is possible to get a home loan with only a 5%, 10% or 15% deposit by taking advantage of first home buyers’ schemes, applying with a guarantor or providing other security such as investment funds or another property as security. Alternatively, some lenders will offer these to borrowers who are willing to take out Lenders Mortgage Insurance (LMI), which will add further to the cost of your loan.

How much will my mortgage repayments be?

How much you have to repay on your loan will depend on how much you borrow, the term of your loan and your interest rate, the latter of which is shaped in itself by a variety of personal factors like your credit score and employment stability. In Adelaide in 2021, the average monthly mortgage repayment was $1,733, equating to $433 per week, according to Australian Census data. South Australia’s average house price was $720,000 for a three-bedroomed house, and the average weekly rent was $450 per week.

Is there help for first home buyers in South Australia?

In South Australia, the state government’s assistance package to first home buyers is known as the First Home Owners Grant (FHOG). This allows first home buyers a grant of up to $15,000 to assist with the purchase of a new home. Most first-time buyers use this $15,000 grant to assist with reaching their 20% deposit, although how you use the grant is up to you. Some couples use the FHOG grant to upgrade fixtures and fitting on the home they’re building, or to upgrade from a single to a double garage. To be eligible for FHOG you must: be an Australian citizen over 18 years of age be building or buying a new home that costs less than $575,000 intend to live in it for at least 12 months

I want to build my dream house. Can I get a loan to buy land and build?

Yes – if you’re planning to build your new home, you can choose a construction loan, which allows you to pay your builder at key construction milestones. In addition, there are specialised house and land package loans where the first drawdown you make is to buy your land and subsequent drawdowns pay for each stage of construction.