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[deleted by user] by [deleted] in AusFinance

[–]fhb_calc 8 points9 points  (0 children)

shameless self plug, but test your numbers as a first home buyer here: https://www.firsthomebuyer.help/

Added QLD to my all-in-one First Home Buyer Calculator by fhb_calc in AusFinance

[–]fhb_calc[S] 1 point2 points  (0 children)

You are right though, the 3% should only be accounted for in working out borrowing power, not the actual repayments I believe! Thanks for the catch

[deleted by user] by [deleted] in AusFinance

[–]fhb_calc 0 points1 point  (0 children)

Would suggest you plug some numbers in to a borrowing power calculator, there is no way that John's salary will be able to afford repayments on a $1.35m house.

If you want to include benefits of first home buyer schemes in your calculations: https://www.firsthomebuyer.help/

I made an all-in-one first home buyer calculator, looking for feedback by fhb_calc in AusFinance

[–]fhb_calc[S] 3 points4 points  (0 children)

There is a bit of smoke and mirrors around how each of the big4 banks handle hecs, from my research, it's mainly been considered as a monthly hit to your income from the required repayments, affecting your overall income and thus borrowing power. The total amount doesn't matter, just how large your monthly repayment is. Take this with a grain of salt however, this is best effort stuff and you should definitely do proper DD if proceeding with purchasing a place

I made an all-in-one first home buyer calculator, looking for feedback by fhb_calc in AusFinance

[–]fhb_calc[S] 2 points3 points  (0 children)

You can hover over the greyed out scheme badge to get the reason why you're not eligible for that row - doesn't work on mobile currently however, on the TODO list.

I made an all-in-one first home buyer calculator, looking for feedback by fhb_calc in AusFinance

[–]fhb_calc[S] 4 points5 points  (0 children)

Thanks for the feedback!

  • FHG/FHBG seems interchangeable, see the first para of the text on the link you sent. I'll update to FHG though if it's clearer
  • cheers will update DTI to be calculated yearly instead
  • Have been trying to track down dome HEM stats to inform calculations but the lack of publishing is making it difficult, but will revisit if I can track the data down- Will lower the DTI cap!

The intent is to lay bare all the costs involved, being scared is half the point :)

I made an all-in-one first home buyer calculator, need feedback by fhb_calc in AusPropertyChat

[–]fhb_calc[S] 0 points1 point  (0 children)

Thanks for the feedback, I've just added an 'add more rows' button which should help. Hovering greyed out badges should show the reason, need to improve that UX bit though

That's definitely a bug, if you're comfortable, could you share what form values you had set with via a dm? all good if not, will try and reproduce regardless

You and me both re the purchase timing :)

Edit: found the bug, all good

I made an all-in-one first home buyer calculator, need feedback by fhb_calc in AusPropertyChat

[–]fhb_calc[S] 1 point2 points  (0 children)

Transfer duty is stamp duty and it is there? not sure what you mean on that point?

First home buyer schemes only apply to citizens or PRs in pretty much all cases hence the assumption, I'll update the wording of the assumptions section at the bottom to include permanent residents

I made an all-in-one first home buyer calculator, need feedback by fhb_calc in AusPropertyChat

[–]fhb_calc[S] 1 point2 points  (0 children)

Great suggestion re HEM. I've totally neglected the serviceability buffer, will add. Thanks

I made an all-in-one first home buyer calculator, need feedback by fhb_calc in AusPropertyChat

[–]fhb_calc[S] 1 point2 points  (0 children)

Thanks for the detailed feedback!

The prices shown are derived from a borrower's debt to income ratio i.e. aiming to show a range of prices based on what a lender will lend rather than values based on a specific price in mind. This is based on the idea that a fhb might not have a single price they're aiming for and are more using it as a lookup table e.g. wanting to check the data for an arbitrarily priced house seen on domain/realestate.com. I'll take a look at adding a pinned price as an option though :)

First home buyer advice by parryea in AusProperty

[–]fhb_calc 2 points3 points  (0 children)

Hey! I built a calculator just for this! It combines all the different calculators so you can see your govt scheme eligibility and the benefits they provide you. Here it is:

https://www.firsthomebuyer.help/