Lets start with your budget. Ask family and friends to help you with the completion of your estimated costs. Once you know how much you are willing to spend, we can begin to work out how much you can afford to borrow. Click on the image to the right or download the Smart Home Buyers Budget here. 
The following must be taken into consideration upon completion of this tool:
  • This tool is for meeting the repayments of the total loan required. Note that there are many additional costs involved in the transaction of a property, which will be looked at in more detail once you have established your target area.
  • This tool does not take into consideration any savings you have, existing equity, gifts that you may receive, or any government incentives that you may be eligible to receive.

Upon the completion of this excel spreadsheet you now have your monthly borrowing budget. To complete this process, visit https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mortgage-calculator.
Click on Image to Download the Smart Homebuyers Budget
Under the ‘how much can I borrow’ tab, you will be asked to enter your affordable repayment and interest rate. To view the mortgage products that are currently on offer visit http://www.yourmortgage.com.au/best-home-loans/ . The comparison rate is what you will be using. It may be wise to add 0.5% to the best comparison rate for financial feasibility purposes.
Never make your home in a place. Make a home for yourself inside your own head. You'll find what you need to furnish it - memory, friends you can trust, love of learning, and other such things. That way it will go with you wherever you journey.
Keep the excel spreadsheet saved somewhere prominent on your computer. Print off or write down your affordable figure, and keep it somewhere you will regularly reference it. You may want to put it in a note in your wallet/purse, you may want to make a poster and put it on your wall whilst you are looking for properties. Either way, remember this figure. It will be important when you are ready to make an offer, as it will serve as a reminder not to let your heart rule your head!
What can you borrow?>