Home loan guides

01 / Buying your first home

• The first home buyer roadmapEvery step of buying your first home in Tasmania, in order.
• First Home Owner Grant TasmaniaThe $20,000 grant: who gets it, which homes count and when it is paid.
• MyHome shared equityBuy with a 2% deposit while Homes Tasmania holds a share.
• How much deposit do I need?The 20%, 10%, 5% and 2% options, plus the costs on top.
• Lenders mortgage insuranceWhat LMI is, what drives the cost and the ways to avoid it.
• Home loan pre-approvalWhat pre-approval is, how long it takes and how long it lasts.
• Bushfire, flood and landslip checksHow to check a Tasmanian property’s hazard overlays before you buy.
• Buying in other statesFirst home rules and duty for NSW, VIC, QLD, WA, SA, ACT and NT.

02 / How lenders assess you

• Borrowing powerWhy lenders give different answers, and what moves yours.
• Repayments and the buffer rateRepayments on $400,000 to $800,000, and the rate lenders test you at.
• Home loans with an ATO debtHow lenders treat tax debts and payment plans, and your options.
• Mortgage broker or bank?How each is paid, what each owes you, and when going direct makes sense.

03 / Loan features and structure

• Offset accountsHow an offset cuts your interest, and offset versus redraw.
• Fixed or variable?Fixed, variable or split, and the trade-offs of each.
• Interest only loansHow interest only works, and what happens when it ends.
• RentvestingRent where you want to live, buy where the numbers work.
• Cross-collateralisationWhy tying properties together can cost you later.

04 / Refinancing and your current loan

• Loan health checkA 15-minute check you can run on your own home loan.
• Discharging your mortgageHow a mortgage discharge works when you refinance, sell or pay off.
• Discharge forms by lenderHow to start a discharge with the major banks and Tasmanian lenders.

05 / Tools and checklists

• Repayment calculatorRepayments, total interest and what extra repayments save.
• Equity calculatorHow much of your home’s value you could borrow against.
• Stamp duty calculatorTasmanian transfer duty and the cash you need at settlement.
• Buying before you sell worksheetYour equity, peak debt and loan after the sale.
• Document checklistEverything a lender asks for, ticked off as you go.