Have you ever wondered how your friends and family can afford to buy their nice houses when you know they had hardly any savings for a deposit?

If you have taken out a loan with a deposit amount of less than 20 per cent of the home value you will probably be required to take out mortgage insurance. Mortgage insurance is required by lenders on some loans to protect the lenders from possible default. This insurance allows mortgage lenders to make these higher-risk loans with more security.

When you purchase a new property you are required to pay a tax - called Stamp Duty, to the State Government.

The Government determines what the amount of Stamp Duty will be based on the price the property is sold for. Each State Government has a different set of rules and calculations. Try our Stamp Duty calculator to estimate the amount you will be required to pay.