Understanding home loans

Find a home loan that is right for you

When you start shopping around for a home loan, it’s important to think about how much you can repay without it affecting your lifestyle. Then once you have bought your property, you’ll need to consider your repayments and how you can start paying off your home loan sooner.

To help you get started, we've put together a few tips and tools, so you can do your research and start off the home buying process on the right foot.
 

Paying off property sooner

When it comes to your home loan, it’s easy to feel out of control at times. But understanding exactly what you’re paying and when you’re paying it, is the first step to taking control again.

Once you know the ins and outs of your home loan, you’ll be in a much better position to start looking at ways to pay off your home loan sooner.

Learn how to pay off your home loan sooner

Choosing the right loan

Whether you’re buying your first home, building or thinking about investing in property, finding a home loan that's right for you is key.

To find a home loan that suits your individual needs and lifestyle, it’s important to think about your circumstances and options. The following questions can help you get started:

  • What sort of property do you want?
  • How much can you borrow?
  • What additional financial benefits do you require? 

 

 

Thinking about buying your first home? Here’s a useful guide to help you get started.

Have you prepared a budget?
Use our Budget planner to calculate your everyday expenses. From here, you’ll get an idea of what you can afford to pay in loan repayments.

How much can you borrow?
How much you can borrow depends on:

  • your income
  • how much you have in savings
  • your credit rating
  • the lifestyle you live
  • how much you can afford to pay in repayments.

Use our Loan repayment calculator to figure out how much your repayments will be and how much you’ll pay in interest.

Are you eligible for the First Home Owner Grant?
See if you’re eligible for the First Home Owner Grant.

What are the initial costs?
One of your biggest initial costs will be your deposit. This is usually around 10% of the property you are purchasing. On top of your deposit, you’ll also need to have money aside for stamp duty, home insurance and legal (or conveyancing) costs.

Will you need to pay mortgage insurance?
If you want to borrow more than 80% of the value of the property you are purchasing, you will probably have to pay mortgage insurance. You may be able to use a family member as the guarantor to avoid paying this premium.

Have you done enough research?
Knowledge is power. Get to know all the ins and outs of buying a property.

Go to Q&AMP to build your financial knowledge

What are some things to look out for when buying a house?

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AMP Bank home loan options for you

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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

The credit provider and product issuer is AMP Bank Limited, Australian Credit Licence 234517.