Buying your first home is exciting — and a little daunting. Between deposits, repayments, LMI and government schemes, there’s a lot to consider. At BorrowPower we’ve built simple tools to help you cut through the noise and run the numbers yourself.
1. How much can you borrow?
Before you start inspecting properties, it’s useful to get a ballpark figure of what a lender might offer you. Our Borrowing Power Calculator uses standard assumptions (like the APRA serviceability buffer and living expenses) to estimate your borrowing capacity. This can help you set a realistic price range before meeting with a broker or bank.
2. Estimating repayments
It’s one thing to know how much you can borrow, but another to feel confident about repayments. Our Repayment Estimator shows how interest rate changes affect your monthly budget. With rates moving frequently in Australia, it’s a quick way to stress-test your affordability.
3. Understanding LMI
Many first home buyers don’t have a 20% deposit. That’s where Lenders Mortgage Insurance (LMI) comes in — and it can add tens of thousands to your loan. Our LMI guide explains when it applies, typical costs, and strategies to reduce or avoid it (for example, by using a First Home Guarantee).
4. Government schemes & grants
On top of calculators, be sure to check if you’re eligible for schemes like the First Home Owner Grant or state-based stamp duty concessions. These can make a big difference to your upfront costs. We link to official state calculators in our Guides section.
5. Next steps
Use our tools to explore different scenarios, then take your figures to a broker or lender for tailored advice. Having an informed view of your borrowing power and repayments will make those conversations faster — and give you confidence in your first home journey.