Question 1

How much do I need to buy a house in Ascot Vale?

Accepted Answer

At Ascot Vale's median house price of $1.36M, you need about $352,216 with a 20% deposit: $272,000 deposit, $78,216 in stamp duty and government fees, and about $2,000 in other costs. At the median unit price of $566,250 you need about $145,853. A first home buyer at the median unit price saves $29,045 in stamp duty. These are estimates and exclude lender fees.

Question 2

What income do I need to buy in Ascot Vale?

Accepted Answer

With a 20% deposit, a house at Ascot Vale's median price of $1.36M needs a loan of about $1.09M, which most lenders would want a household income of roughly $180,000 to $220,000 to support. A unit at the median price of $566,250 needs about $75,000 to $90,000. Existing debts, dependants and your living costs change the figure, so check your own borrowing power.

Question 3

Do first home buyers pay stamp duty on an Ascot Vale apartment?

Accepted Answer

Not up to $600,000, as long as you live in it. Ascot Vale's median unit price is under that threshold, so many first home buyers here pay no stamp duty at all. Reduced duty applies between $600,000 and $750,000.

Question 4

Will a lender finance a small Ascot Vale apartment?

Accepted Answer

Usually, but lender rules differ. Many set a minimum internal size, often around 40 to 50 square metres, and some lend less against high-density buildings. We check the apartment against each lender's policy before you apply.

Question 5

How much does a mortgage broker cost?

Accepted Answer

In most cases lenders pay the broker a commission once your loan settles, so there is typically no separate broker fee for a standard home loan. If any fee ever applied to your situation, we would explain it to you upfront before you proceeded. Terms, conditions, fees and charges may apply.

Purchase Costs	Median House	Median Unit
Purchase Price	$1,360,000	$566,250
	$78,216	$30,603
Other Costs	$2,000	$2,000
Total Purchase Cost	$1,440,216	$598,853
20% Deposit
Loan Amount (80%)	$1,088,000	$453,000
Total Funds Required	$352,216	$145,853
Monthly Repayment	$6,664	$2,774

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