| When purchasing a property in Queensland you are required to pay a Tax ('Stamp Duty'). The amount payable is calculated as a percentage of both the purchase price of the property and the total of the amount you borrow to purchase the property. A discounted rate is available to Owner Occupiers subject to certain conditions. |
Use this calculator to determine the level of your repayments. Generally Financial Institutions will lend you between 35 to 40% of you net available income. That is they will lend to funds to a total whereby the repayments on the amount borrowed by you is not more that 35 to 40% of your net income. Your net income is the total of your salary, dividends, rental and all other forms of income, less all of your expenses, such as credit card repayments, car leases and so on.
Please note this is a very broad 'rule of thumb'. Every financial institution has its own set of criteria by which they lend. |
