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Calculations are estimates and should be used as a guide only. Interest rates are current and may change when your home loan settles. Please speak to your home loan provider for more information and to find out comparison rates.
Lenders mortgage insurance is a type of insurance your home loan provider takes out to protect itself if you (the borrower) are unable to meet your home loan repayments.
No, lenders mortgage insurance is not tax deductible. It's a premium paid to protect your home loan provider and is similar to any other type of insurance you might purchase.
Home loans are made up of two parts (1) principal and (2) interest. Principal is the amount borrowed and interest is the amount the home loan provider changes to enable you to borrow the principal amount.
If you make principal and interest repayments, you are paying both the interest charged by the lender plus a portion of the amount borrowed. If you make interest only monthly repayments then the total amount owed to your lender will never decrease. This is why many home loan providers will often calculate a minimum principal and interest repayments amount to ensure you pay off the home loan within a selected term. To calculate your estimated repayments, use our free home loan repayment calculator.
Stamp duty is tax home buyers pay when they purchase a property and is paid to the WA Government. Use our free Stamp Duty Calculator.
The cost of stamp duty is based on a percentage of the price of the property you are buying and is paid to the WA government. First home buyers may be eligible for concessions. To calculate an estimated stamp duty value use our free Stamp Duty Calculator WA.
To be eligible for a concession on investment properties, they must first and foremost be occupied as the investor's primary place of residence. The second stipulation is that they are off-the-plan or newly constructed properties purchased before settlement (or if purchased after settlement, then built within 2 years of their date of purchase). Investors are also required to have already owned one established dwelling prior to purchasing their next dwelling as an investment property.
A fixed rate loan is one where the interest rate is locked in with your lender for a certain period, whereas a variable rate home loan is one where the interest rate can change at any time.
When new home buyers work out the total cost of a property and the total home loan amount required they can often overlook other costs such as stamp duty, lenders mortgage insurance and shire rates.
We are proud of our achievements and hope you find every experience with a HKY Real Estate agent or property manager pleasant, stress free and ultimately rewarding. Wanting to sell or lease your property? Get in touch with us at HKY Real Estate today.