Question 1

How much do I need to buy a house in Keilor East?

Accepted Answer

At Keilor East's median house price of $1.11M, you need about $288,653 with a 20% deposit: $222,600 deposit, $64,053 in stamp duty and government fees, and about $2,000 in other costs. At the median unit price of $710,500 you need about $183,695. A first home buyer at the median unit price saves $9,928 in stamp duty. These are estimates and exclude lender fees.

Question 2

What income do I need to buy in Keilor East?

Accepted Answer

With a 20% deposit, a house at Keilor East's median price of $1.11M needs a loan of about $890,400, which most lenders would want a household income of roughly $150,000 to $180,000 to support. A unit at the median price of $710,500 needs about $95,000 to $115,000. 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 a Keilor East townhouse?

Accepted Answer

It depends on the price. Victorian first home buyers pay no stamp duty up to $600,000 and reduced duty up to $750,000 when they live in the home. Keilor East's median unit and townhouse price falls in the reduced band, so the saving is often thousands of dollars.

Question 4

Can I build a second home on my Keilor East block?

Accepted Answer

If council approves it, a construction loan can fund the build. Lenders look at the build contract, the finished value and your income, and some treat a dwelling built to sell or rent as a development loan.

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	$1,113,000	$710,500
	$64,053	$39,595
Other Costs	$2,000	$2,000
Total Purchase Cost	$1,179,053	$752,095
20% Deposit
Loan Amount (80%)	$890,400	$568,400
Total Funds Required	$288,653	$183,695
Monthly Repayment	$5,453	$3,481

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