This section of the REIV website allows intending first home buyers to see what weekly repayments would be nessesary to purchase a home in different suburbs and towns in Victoria.
The maps are arranged by dwelling type. Simply choose the dwelling type you are interested in.
Choose a dwelling type
Methodology
The average first home buyer mortgage repayment in Victoria in March quarter 2013 is estimated at $416 per week. This is based on the average first home buyer loan size of approximately $288,600, a standard variable interest rate of 6.40 per cent, receipt of the $7,000 First Home Owners Grant, a loan term of 30 years, a 10 per cent deposit, stamp duty, and benchmark Lenders Mortgage Insurance (LMI) and conveyance fees.
These assumptions are then applied to houses and units by suburb in order to determine the varying levels of weekly mortgage repayment required for a range of standard housing types.
First Home Buyer assistance
To find out about grants and stamp duty cuts for first home buyers
click here.
Summary
