| This Spreadsheet shows the funds required for a home purchase from 150k to 300k with an LVR from 80% to 105% and compares the weekly repayments required if you had to borrow the funds required with a personal loan at 14% p/a over 7yrs | ||||||||
| PURCHASE PRICE | $150,000 | $200,000 | ||||||
| LOAN TO VALUE RATIO | 80% | 90% | 97% | 100% | 80% | 90% | 97% | 100% |
| LOAN AMOUNT REQUIRED | $120,000 | $135,000 | $145,500 | $150,000 | $160,000 | $180,000 | $194,000 | $200,000 |
| STAMP DUTY ON PURCHASE | $4,830 | $4,830 | $4,830 | $4,830 | $6,830 | $6,830 | $6,830 | $6,830 |
| TRANSFER & REG MORTG AGE | $795 | $795 | $795 | $795 | $1,075 | $1,075 | $1,075 | $1,075 |
| MORTGAGE STAMP DUTY | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| LMI RATE ESTIMATE | 1.50% | 1.50% | 2.00% | 2.50% | 1.50% | 1.50% | 2.00% | 2.50% |
| LMI | $1,875 | $2,110 | $3,032 | $3,907 | $2,500 | $2,813 | $4,042 | $5,209 |
| APPLICATION FEE | $0 | $0 | $0 | $750 | $0 | $0 | $0 | $750 |
| CONVEYANCING FEE | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 |
| VALUATION | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| LEGALS ETC. | $150 | $150 | $150 | $350 | $150 | $150 | $150 | $350 |
| TOTAL EXTRA COST | $7,950 | $8,185 | $9,107 | $10,932 | $10,855 | $11,168 | $12,397 | $14,514 |
| FUNDS/PERSONAL LOAN REQUIRED | $37,950 | $23,185 | $13,607 | $10,932 | $50,855 | $31,168 | $18,397 | $14,514 |
| FUNDS REQ IF ELIGBLE for 7k FHOG | $26,950 | $12,185 | $2,607 | -$68 | $39,855 | $20,168 | $7,397 | $3,514 |
| Interest Rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
| Mthly Repay on Home Loan P&I 30yrs | $922.70 | $1,038.03 | $1,118.77 | $1,153.37 | $1,230.26 | $1,384.04 | $1,491.69 | $1,537.83 |
| Mthly Repay on Pers Loan 14% 7yrs | $505.05 | $228.34 | $48.85 | -$1.28 | $746.89 | $377.95 | $138.63 | $65.86 |
| Monthly Repayments Comparison | $1,427.75 | $1,266.37 | $1,167.62 | $1,152.09 | $1,977.15 | $1,761.99 | $1,630.32 | $1,603.68 |
| Weekly Repayments Comparison | $329.48 | $292.24 | $269.45 | $265.87 | $456.27 | $406.61 | $376.23 | $370.08 |
| PURCHASE PRICE | $250,000 | $300,000 | ||||||
| LOAN TO VALUE RATIO | 80% | 90% | 97% | 100% | 80% | 90% | 97% | 100% |
| LOAN AMOUNT REQUIRED | $200,000 | $225,000 | $242,500 | $250,000 | $240,000 | $270,000 | $291,000 | $300,000 |
| STAMP DUTY ON PURCHASE | $8,955 | $8,955 | $8,955 | $8,955 | $11,330 | $11,330 | $11,330 | $11,330 |
| TRANSFER & REG MORTG AGE | $1,355 | $1,355 | $1,355 | $1,355 | $1,635 | $1,635 | $1,635 | $1,635 |
| MORTGAGE STAMP DUTY | $0 | $0 | $0 | $0 | ||||
| LMI RATE ESTIMATE | 1.50% | 1.50% | 2.00% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| LMI | $3,125 | $3,516 | $5,053 | $6,511 | $6,251 | $7,032 | $7,579 | $7,814 |
| APPLICATION FEE | $0 | $0 | $0 | $750 | $0 | $0 | $0 | $750 |
| CONVEYANCING FEE | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 |
| VALUATION | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| LEGALS ETC. | $150 | $150 | $150 | $350 | $150 | $150 | $150 | $350 |
| TOTAL EXTRA COST | $13,885 | $14,276 | $15,813 | $18,221 | $19,666 | $20,447 | $20,994 | $22,179 |
| FUNDS/PERSONAL LOAN REQUIRED | $63,885 | $39,276 | $23,313 | $18,221 | $79,666 | $50,447 | $29,994 | $22,179 |
| FUNDS REQ IF ELIGBLE for 7k FHOG | $52,885 | $28,276 | $12,313 | $7,221 | $68,666 | $39,447 | $18,994 | $11,179 |
| Interest Rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
| Mthly Repay on Home Loan P&I 30yrs | $1,537.83 | $1,730.06 | $1,864.62 | $1,922.28 | $1,845.39 | $2,076.07 | $2,237.54 | $2,306.74 |
| Mthly Repay on Pers Loan 14% 7yrs | $991.07 | $529.90 | $230.74 | $135.33 | $1,286.80 | $739.24 | $355.95 | $209.49 |
| Monthly Repayments Comparison | $2,528.90 | $2,259.95 | $2,095.36 | $2,057.61 | $3,132.19 | $2,815.31 | $2,593.49 | $2,516.23 |
| Weekly Repayments Comparison | $583.59 | $521.53 | $483.54 | $474.83 | $722.81 | $649.69 | $598.50 | $580.67 |
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