Work out your monthly mortgage repayment, loan-to-value ratio and total interest paid.
A mortgage is a loan secured against your property. In Australia, most home loans are principal-and-interest, where each repayment reduces both the interest and the outstanding balance over the loan term.
LVR is your loan amount divided by the property value. An LVR above 80% usually requires Lenders Mortgage Insurance (LMI), which protects the lender and can add thousands to your loan costs.
First Home Buyer? The Australian Government's Home Guarantee Scheme allows eligible buyers to purchase with as little as 5% deposit without paying LMI. Check NHFIC for current eligibility.