Your income, living expenses and debts all impact your borrowing capacity. For an estimate, visit Highland Financial Services' borrowing power calculator.

To avoid paying Lenders Mortgage Insurance (LMI) when buying a property, aim to have a 20% deposit. Some lenders will accept 5%, however, a down payment of 10%-20% is preferred. Highland Financial Services' repayments calculator is an insightful tool to see the impact different deposits will have on your loan.

Generally, you can expect to pay between 7% and 11% of the purchase price in associated costs when buying a property. These expenses can include Government stamp duty, conveyancing fees and bank fees, depending on the loan product and lender. For an accurate assessment of these borrowing costs, our team of finance professionals at Highland Financial Services can assist with an obligation-free confidential discussion.

LMI is a fee charged by lenders when a borrower's deposit is less than 20% of the property's purchase price. The purpose of LMI is to protect the lender from financial loss if the borrower defaults on their loan. Our experts at Highland Financial Services can assist with a confidential discussion to see if you will be required to pay LMI with your loan.

The First Homeowners Grant is a government initiative that helps first-time homebuyers purchase or build a new home.

In NSW, you can make a claim if:

• Your *newly constructed or substantially renovated property is valued at less than $600,000.
• The land and house you intend to build have a combined value of less than $750,000.
• You are over the age of 18 and have not previously owned or co-owned a home in Australia.
• You, or at least one person you're buying with, are Australian citizens or permanent residents.

*A home is considered "new" if this is the first time the house has been sold or if it’s never been lived in before you move in, including by the builder or a tenant.

Our team of professionals at Highland Financial Services can assist - contact them for more information.

Stamp duty is a charge applied by state governments when transferring land and property. What you pay depends on the purchase price, the state your home is in and whether you are purchasing an owner-occupied or investment property. Special concessions also apply to first home buyers. Use the Highland Financial Services stamp duty calculator to work out your costs.

When buying a property, there are several advantages to having a pre-approval in place before you make an offer. Not only will you know your exact budget, but you have the freedom to make an offer knowing that your finances are in place. Buyers generally experience fewer hiccups with the sale process when their finances are pre-approved. In some cases, sellers may accept a lower offer with the confidence of knowing the buyer is pre-approved. At auctions, pre-approval gives you the confidence to move quickly and with certainty. Talk to our team of loan specialists at Highland Financial Services for assistance to get your pre-approval in place.

Owning your property outright does not have to be out of reach. Depending on your situation, many strategies can help you achieve this Australian dream. Lenders have a variety of facilities, including:

• Offset accounts to reduce your interest repayments
• Options for making weekly and fortnightly repayments instead of monthly to cut interest costs
• Making extra repayments on your home loan
• Refinancing

These can all help deduct years off your home loan. Speak to our team of finance experts at Highland Financial Services to find the perfect strategy to help you own your home sooner.

It's an industry standard that the deposit payable on a property bought at Auction is 10% of the purchase price. This can be paid by personal cheque, bank cheque or even cash on the Auction Day. Payment on the day of the auction is preferred, however some contracts allow a few days between the sale and the day the deposit is due. Contact your local Highland area specialist for further information on buying at Auction.