First Home Buyer Calculator

Backed by Experts

Our First Home Buyer Calculator is backed by insights from Carlisle Homes’ finance experts, offering reliable estimates that reflect current Australian home loan conditions. This tool empowers first-time buyers to make informed financial decisions as they plan their first property purchase.

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How accurate does the First Home Buyer Calculator provide the estimates?

The First Home Buyer Calculator provides reliable estimates based on your input information, such as market value, interest rate, and purchase price. However, actual costs may vary depending on lender terms and specific government fees or grants available at the time of purchase.

Does the calculator help me calculate stamp duty and other upfront costs?

Yes, the calculator factors in stamp duty, land transfer duty, and other government fees associated with buying a home. It gives you a clear view of the total upfront costs you must prepare for.

Can I use the calculator to buy an investment property?

This calculator is specifically designed for first home buyers purchasing a residential property to live in. It does not account for conditions related to buying an investment property.

Will the calculator tell me if I’m eligible for the First Home Owners Grant?

Yes, the calculator checks your eligibility for the First Home Owners Grant based on the purchase price and location of the property. It will estimate how much financial support you might receive from the government.

Can I use the calculator to estimate my monthly mortgage repayments?

By entering your loan amount and interest rate, the calculator estimates your monthly mortgage repayments, allowing you to plan your budget accordingly.

Do first-home buyers pay stamp duty?

Whether first-home buyers pay stamp duty depends on the property's value and the state or territory where it is located. In some states, like Victoria and New South Wales, eligible first-home buyers may be exempt from stamp duty or receive significant concessions on properties below a certain value.

For example, in Victoria, first-home buyers purchasing a property valued under $600,000 are exempt from paying stamp duty, while concessions apply to properties up to $750,000. It’s important to check the specific rules in your state or territory to see if you qualify for stamp duty relief.

How much deposit for a first-home buyer?

The standard deposit for a first-home buyer is typically 20% of the property value, which allows borrowers to avoid lenders mortgage insurance (LMI). However, many first-home buyers can secure a home loan with as little as 5-10% deposit, though this will usually incur LMI. First-home buyers may also be eligible for government grants or concessions, like the First Home Owner Grant (FHOG), which can help reduce the required home deposit. The larger the deposit, the better the chances of securing a lower interest rate and more favourable loan terms.