Home loans: compare lenders, rates and schemes

About $6,321 a month at 6.5% p.a. over 30 years, principal and interest. At 6% it is about $5,996 and at 7% about $6,653. Fees, and a shorter loan term, push the figure up; the repayment table on this page shows other loan amounts.

About $3,792 a month at 6.5% p.a. over 30 years, principal and interest, $3,597 at 6% and $3,992 at 7%. Over 25 years at 6.5% it rises to about $4,051 a month, but you pay less interest over the life of the loan.

About $5,057 a month at 6.5% p.a. over 30 years, principal and interest. At 6% it is about $4,796 and at 7% about $5,322.

There is no single income figure, because lenders test the repayment against your income after tax, your living expenses and your other debts. On $700,000 over 30 years the repayment is about $4,424 a month at 6.5% p.a., but lenders assess it at your rate plus APRA's 3 percentage point serviceability buffer, about $5,886 a month at 9.5%, and your income has to cover that with room left for expenses. The borrowing power calculator runs that test on your own numbers, and a broker can tell you which lenders assess your income most favourably.

It depends on your deposit as much as your income. With a 20% deposit ($130,000) you borrow $520,000, which is about $3,287 a month at 6.5% p.a. over 30 years, and lenders test it at 9.5% (your rate plus APRA's 3 point buffer), about $4,372 a month. With a 5% deposit ($32,500) you borrow $617,500 and usually pay lenders mortgage insurance as well, unless the 5% Deposit Scheme applies.

Usually at least $25,000 to $50,000 (5 to 10%), and $100,000 (20%) to avoid lenders mortgage insurance. Eligible first home buyers can buy with $25,000 (5%) and no LMI under the Australian Government 5% Deposit Scheme, and single parents with $10,000 (2%), if the home is under the location price cap. Stamp duty and purchase costs come on top, although first home buyer concessions can reduce them.

$50,000 (5%) is the usual minimum, with lenders mortgage insurance added to the loan, and $200,000 (20%) avoids LMI. An eligible first home buyer can use the 5% Deposit Scheme to buy with $50,000 and no LMI only where $1,000,000 is under the price cap for that location, and some lenders waive LMI above 80% for certain professions.

It can be, but a fixed-price building contract answers it, not a rule of thumb: the size, site costs, finishes and location decide the price, and the land is a separate cost unless you already own it. A construction loan is approved against that contract and the land value and is paid out in progress payments as each stage is finished, so get quotes before you set the budget.

Borrowing capacity depends on your income, expenses, existing debts, and deposit. As a rough guide, most lenders allow you to borrow 5-6x your annual income. Use our borrowing power calculator for an estimate, or apply for a free assessment.

Most lenders require a minimum 5-10% deposit. With less than 20%, you'll typically need to pay Lenders Mortgage Insurance (LMI). Some first home buyer schemes allow deposits as low as 2-5% without LMI.

Fixed rates provide certainty with locked repayments, while variable rates offer flexibility with features like offset accounts and extra repayments. Many borrowers split their loan between fixed and variable. A broker can help you decide based on your situation.

First home buyers may be eligible for the First Home Owner Grant (varies by state), stamp duty concessions, and the Australian Government 5% Deposit Scheme (formerly the First Home Guarantee), which allows a 5% deposit with no LMI, or 2% for single parents. Eligibility criteria and price caps apply.

Pre-approval can take 1-3 days. Full approval after finding a property typically takes 3-5 business days, with settlement usually 30-90 days after exchange. Your broker works to expedite every step.

Yes, the broker service is free for borrowers. Your Finance Guide is free to use. Licensed brokers who meet our criteria pay Your Finance Guide a partnership fee to receive enquiries from this site. The fee is paid by the broker, not by you, and is not added to your loan. Brokers are usually also paid a commission by the lender when a loan settles. Full details are in our Credit Guide.