OCBA - Assessing finances

Assessing finances

You should carefully assess your financial situation and desired standard of living to calculate a loan amount you think you can comfortably afford. Remember to plan for future commitments or changes in circumstances.

To decide on your financial limit, first calculate the deposit and repayments you can afford.

Don't forget to include other costs such as:

loan establishment fees
legal and conveyancing fees
government charges such as GST and stamp duty (payable on the mortgage and the transfer of property)
property inspection fees
moving costs
insurance (building and contents)
immediate repairs required, and
furniture you may need to buy.

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