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Submitted URL: http://click.ecommunications-genworth.com.au/?qs=b5e6196f6f8ef90ffa68aef56c7a9e17e8ca0bca32df3e9b8b5e12791d5a5d7625a6fc3bdf0a60ede144937199c0...
Effective URL: https://www.genworth.com.au/products/tools/deposit-comparison-estimator
Submission: On June 01 via manual from AU — Scanned from DE
Effective URL: https://www.genworth.com.au/products/tools/deposit-comparison-estimator
Submission: On June 01 via manual from AU — Scanned from DE
Form analysis
3 forms found in the DOMGET /search-results
<form method="get" action="/search-results">
<input name="s" type="text" placeholder="Search Here..">
<button type="submit">
<i class="fa fa-search"></i>
</button>
</form>
POST
<form id="buyOrRentForm" class="form form-calculator" method="post" action="" novalidate="novalidate">
<input name="firstHome" type="hidden" value="0">
<input name="newDwelling" type="hidden" value="0">
<div id="tabForm" class="tab-form">
<h2>Deposit Comparison Estimator</h2>
<p>DISCLAIMER: The list of comparable options is provided for your information and to illustrate scenarios only. The results should not be taken as a substitute for professional advice as Genworth is not a financial adviser. You should seek
legal, financial, tax and other advice about how this information may relate to your personal circumstances. Genworth is not liable for any loss caused from the use of, or reliance on, this information. This information does not include any
applicable grants or stamp duty exemptions that may apply, including for first home buyers. </p>
<h4>Deposit Options Estimator</h4>
<div class="row mb-5">
<div class="col-xs-12 col-sm-9 mb-2"> Is it better to buy a home now or to save a larger deposit? What other options are available? <br> Our estimator provides insights into the financial benefits of buy now or buy later. Find our which options
could suit your circumstances by using our simple estimator. </div>
<div class="col-xs-12 col-sm-3">
<a href="https://www.genworth.com.au/media/gjijpxqz/genworth-2021_lmi-fact-sheet_dec_21.pdf" class="download" target="_blank">Download <br>'Get the LMI fact' sheet</a>
</div>
</div>
<h4> Compare your deposit options </h4>
<div class="row mb-5">
<div class="col-xs-12 col-sm-4">
<div class="form-group">
<label class="control-label"> I want to buy a property; </label>
<div class="input-group input-group-lg">
<label class="toggle-switch">
<input type="checkbox">
<span class="toggle-slider"></span>
<span class="text">New</span>
<span class="text">Existing</span>
</label>
</div>
</div>
<div class="form-group">
<label class="control-label"> I plan to </label>
<div class="input-group input-group-lg">
<label class="toggle-switch">
<input type="checkbox" id="ooInvest" name="ooInvest">
<span class="toggle-slider"></span>
<span class="text">Live in</span>
<span class="text">Invest in</span>
</label>
</div>
</div>
<div class="form-group">
<label class="control-label">Where do you want to buy</label>
<div class="input dropdownlist">
<select class="form-control input-lg" id="state" name="state" required="">
<option value="" selected="">Select state</option>
<option value="NSW">NSW</option>
<option value="VIC">VIC</option>
<option value="QLD">QLD</option>
<option value="ACT">ACT</option>
<option value="TAS">TAS</option>
<option value="WA">WA</option>
<option value="SA">SA</option>
<option value="NT">NT</option>
</select>
</div>
</div>
</div>
<div class="col-xs-12 col-sm-4">
<div class="form-group">
<label class="control-label"> Estimated purchase price ($) </label>
<div class="input-group input-group-lg">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="propertyValue" name="propertyValue" type="text" value="" maxlength="9" data-commas="true" required="">
</div>
</div>
<div class="form-group">
<label class="control-label">Current deposit</label>
<div class="input-group input-group-lg">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="currentSavings" name="currentSavings" type="text" value="" maxlength="9" data-commas="true" required="">
</div>
</div>
<div class="form-group">
<label class="control-label"> Estimated interest rate? </label>
<div class="input-group input-group-lg">
<input class="form-control align-left" id="interestRate" name="interestRate" type="text" value="" maxlength="6" data-commas="true" required="">
<span class="input-group-append">
<span class="input-group-text">%</span>
</span>
</div>
</div>
</div>
<div class="col-xs-12 col-sm-4">
<div class="form-group">
<label class="control-label"> Current rent (monthly) </label>
<div class="input-group input-group-lg">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="rentMonthly" name="rentMonthly" type="text" value="" maxlength="9" data-commas="true" required="">
</div>
</div>
<div class="form-group">
<label class="control-label">Current savings (monthly)</label>
<div class="input-group input-group-lg">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="savingsMonthly" name="savingsMonthly" type="text" value="" maxlength="9" data-commas="true" required="">
</div>
</div>
</div>
</div>
<div class="form-group row">
<div class="col-xs-12 col-sm-7 text-center-xs text-right-sm">
<button hidden="" class="btn btn-default btn-lg" type="button" onclick="javascript: GWCalc_clearAll(event);"> Clear all </button>
<button class="btn btn-lg submit" type="submit"> Calculate </button>
</div>
<div class="col-xs-12 col-sm-5 text-center-xs text-right-sm">
<a class="btn btn-default" data-toggle="modal" data-target="#assumptionsModal">
Assumptions
</a>
<a class="btn btn-default" data-toggle="modal" data-target="#disclaimmerModal">
Disclaimer
</a>
</div>
</div>
</div><!-- tab-form -->
<div id="tabSummary" class="tab-summary" style="display: none;">
<div class="row mb-5 mt-5">
<div class="col-sm-12">
<h3>Summary</h3>
<div class="table-responsive">
<table class="table table-bordered">
<tbody>
<tr>
<th scope="row" class="bg-xlight-blue">Estimate purchase price</th>
<td><span data-source="propertyValue">$ 0</span></td>
<th scope="row" class="bg-xlight-blue">Amount saving per month</th>
<td><span data-source="savingsMonthly">$ 0</span></td>
</tr>
<tr>
<th scope="row" class="bg-xlight-blue">Current deposit</th>
<td><span data-source="currentSavings">$ 0</span></td>
<th scope="row" class="bg-xlight-blue">Property location</th>
<td><span data-source="propertyLoccation"></span></td>
</tr>
<tr>
<th scope="row" class="bg-xlight-blue">Monthly rent</th>
<td><span data-source="rentMonthly">$ 0</span></td>
<th scope="row" class="bg-xlight-blue">Interest rate</th>
<td><span data-source="interestRate">0</span></td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<div id="tabOptions" class="tab-options" style="display: none;">
<div class="row mb-5">
<div class="col-sm-12">
<div class="pricing-table table-responsive">
<table id="table-calculator" class="table table-bordered">
<!-- Heading -->
<thead>
<tr>
<th> </th>
<th class="cus-col-1">
<p class="mt-4"><b>Save for a full<br>20% deposit</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes deposit, stamp duty and other upfront costs</p>
<p>Available deposit– Amount available for deposit after other upfront costs</p>
<p>Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged – Aggerated interest over the life of the loan</p>
</ul>
<div>Hide option -</div>
</th>
<th class="cus-col-2">
<p class="mt-4"><b>Buy with LMI<br>capitalised</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs</p>
<p>Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged– Aggerated interest over the life of the loan</p>
<p><a href="https://www.genworth.com.au/media/gjijpxqz/genworth-2021_lmi-fact-sheet_dec_21.pdf" target="_blank">Tell me more</a></p>
<p><a href="https://www.genworth.com.au/products/about-lenders-mortgage-insurance/what-is-lmi-video" target="_blank">LMI video</a></p>
</ul>
<div>Hide option -</div>
</th>
<th class="cus-col-3">
<p class="mt-4"><b>Buy with LMI<br>monthly fee</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty, other upfront costs and the first month’s LMI fee</p>
<p>Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged– Aggerated interest over the life of the loan</p>
<p><a href="https://www.genworth.com.au/media/gjijpxqz/genworth-2021_lmi-fact-sheet_dec_21.pdf" target="_blank">Tell me more</a></p>
<p><a href="https://www.genworth.com.au/products/about-lenders-mortgage-insurance/what-is-lmi-video" target="_blank">LMI video</a></p>
</ul>
<div>Hide option -</div>
</th>
<th class="cus-col-4">
<p class="mt-4"><b>Buy with<br>Family Assistance</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs</p>
<p>Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged– Aggerated interest over the life of the loan</p>
<p><a href="https://www.genworth.com.au/media/ebvgz4y3/genworth-2021-family-assistance-faq__final.pdf" target="_blank">Tell me more</a></p>
</ul>
<div>Hide option -</div>
</th>
<th class="cus-col-5">
<p class="mt-4"><b>Buy with<br>guarantor</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs</p>
<p>Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged -Aggerated interest over the life of the loan</p>
</ul>
<div>Hide option -</div>
</th>
<th class="cus-col-6">
<p class="mt-4"><b>Buy with First<br>Home Guarantee</b></p>
<button type="button" class="btn-exclamation dropdown-toggle" data-toggle="dropdown"> ! </button>
<ul class="dropdown-menu" role="menu">
<p>Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs</p>
<p>Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee</p>
<p>Interest Charged -Aggerated interest over the life of the loan</p>
<p><a href="https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/2022-23-budget-backs-aspiring-homeowners" target="_blank">Tell me more</a></p>
</ul>
<div>Hide option -</div>
</th>
</tr>
</thead>
<tbody>
<tr class="cus-row-1">
<td class="cus-col-0"><b>Minimum upfront cost</b></td>
<td data-source="table-1-1" class="cus-col-1"> 0 </td>
<td data-source="table-1" class="cus-col-2"> 0 </td>
<td data-source="table-1" class="cus-col-3"> 0 </td>
<td data-source="table-1" class="cus-col-4"> 0 </td>
<td data-source="table-1" class="cus-col-5"> 0 </td>
<td data-source="table-1" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-2">
<td class="cus-col-0"><b>Available deposit</b></td>
<td data-source="table-2-1" class="cus-col-1"> 0 </td>
<td data-source="table-2" class="cus-col-2"> 0 </td>
<td data-source="table-2" class="cus-col-3"> 0 </td>
<td data-source="table-2" class="cus-col-4"> 0 </td>
<td data-source="table-2" class="cus-col-5"> 0 </td>
<td data-source="table-2" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-3">
<td class="cus-col-0"><b>Stamp duty</b></td>
<td data-source="table-3" class="cus-col-1"> 0 </td>
<td data-source="table-3" class="cus-col-2"> 0 </td>
<td data-source="table-3" class="cus-col-3"> 0 </td>
<td data-source="table-3" class="cus-col-4"> 0 </td>
<td data-source="table-3" class="cus-col-5"> 0 </td>
<td data-source="table-3" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-4">
<td class="cus-col-0"><b>Other upfront costs</b></td>
<td data-source="table-4" class="cus-col-1"> 0 </td>
<td data-source="table-4" class="cus-col-2"> 0 </td>
<td data-source="table-4" class="cus-col-3"> 0 </td>
<td data-source="table-4" class="cus-col-4"> 0 </td>
<td data-source="table-4" class="cus-col-5"> 0 </td>
<td data-source="table-4" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-6">
<td class="cus-col-0"><b>Base loan amount</b></td>
<td data-source="table-6-1" class="cus-col-1"> 0 </td>
<td data-source="table-6" class="cus-col-2"> 0 </td>
<td data-source="table-6" class="cus-col-3"> 0 </td>
<td data-source="table-6" class="cus-col-4"> 0 </td>
<td data-source="table-6" class="cus-col-5"> 0 </td>
<td data-source="table-6" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-7">
<td class="cus-col-0"><b>Total LVR</b></td>
<td data-source="table-7-1" class="cus-col-1"> 0% </td>
<td data-source="table-7-2" class="cus-col-2"> 0% </td>
<td data-source="table-7" class="cus-col-3"> 0% </td>
<td data-source="table-7" class="cus-col-4"> 0% </td>
<td data-source="table-7" class="cus-col-5"> 0% </td>
<td data-source="table-7" class="cus-col-6"> 0% </td>
</tr>
<tr class="cus-row-8">
<td class="cus-col-0"><b>LMI cost<br>(inc GST)</b></td>
<td class="cus-col-1">
</td>
<td data-source="table-8-2" class="cus-col-2"> 0 </td>
<td data-source="table-8-3" class="cus-col-3"> 0 </td>
<td data-source="table-8-4" class="cus-col-4"> 0 </td>
<td class="cus-col-5">
</td>
<td class="cus-col-6">
</td>
</tr>
<tr class="cus-row-9">
<td class="cus-col-0"><b>Total loan amount</b></td>
<td data-source="table-9-1" class="cus-col-1"> 0 </td>
<td data-source="table-9-2" class="cus-col-2"> 0 </td>
<td data-source="table-9" class="cus-col-3"> 0 </td>
<td data-source="table-9" class="cus-col-4"> 0 </td>
<td data-source="table-9" class="cus-col-5"> 0 </td>
<td data-source="table-9" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-10">
<td class="cus-col-0"><b>Interest charged over loan term</b></td>
<td data-source="table-10-1" class="cus-col-1"> 0 </td>
<td data-source="table-10-2" class="cus-col-2"> 0 </td>
<td data-source="table-10" class="cus-col-3"> 0 </td>
<td data-source="table-10" class="cus-col-4"> 0 </td>
<td data-source="table-10" class="cus-col-5"> 0 </td>
<td data-source="table-10" class="cus-col-6"> 0 </td>
</tr>
<tr class="cus-row-14">
<td class="cus-col-0" style="font-size:16px;">
<b>Benefits</b>
<div>Click for more +</div>
</td>
<td data-source="table-14-1" class="cus-col-1">
<ul class="content less">
<li>• No LMI fee</li>
<li>• Smaller loan amount required if 20% deposit available</li>
<li>• Wider choice of competitive home loan products available.</li>
</ul>
</td>
<td data-source="table-14-2" class="cus-col-2">
<ul class="content less">
<li>• Buy a home now with the deposit you have available</li>
<li>• Stop paying rent and start building equity in your own home sooner.</li>
</ul>
</td>
<td data-source="table-14" class="cus-col-3">
<ul class="content less">
<li>• Buy a home now with the deposit you have available</li>
<li>• Stop paying rent and start building equity in your own home sooner</li>
<li>• When the value of your property increases and your LVR reduces to 80% and below your LMI monthly payments will cease.</li>
</ul>
</td>
<td data-source="table-14" class="cus-col-4">
<ul class="content less">
<li>• Buy a home now with the deposit you have available</li>
<li>• Stop paying rent and start building equity in your own home sooner</li>
<li>• Leverage family support to help you pay the LMI fee upfront</li>
<li>• Avoid paying interest on the LMI fee being included in your loan repayments</li>
<li>• Alternative option to asking a family member to provide a guarantee or funds towards a deposit.</li>
</ul>
</td>
<td data-source="table-14" class="cus-col-5">
<ul class="content less">
<li>• No LMI fee</li>
<li>• Use family support to buy a home now</li>
<li>• Stop paying rent and start building equity in your own home sooner</li>
<li>• Wider choice of competitive home loan products available.</li>
</ul>
</td>
<td data-source="table-14" class="cus-col-6">
<ul class="content less">
<li>• No LMI fee</li>
<li>• Buy a home now with the deposit you have available</li>
<li>• Stop paying rent and start building equity in your own home sooner.</li>
</ul>
</td>
</tr>
<tr class="cus-row-15">
<td class="cus-col-0" style="font-size:16px;">
<b>Considerations</b>
<div>Click for more +</div>
</td>
<td data-source="table-15-1" class="cus-col-1">
<ul class="content less">
<li>• May take many years to save a 20% deposit</li>
<li>• Home prices may rise at a faster rate than your savings do</li>
<li>• Entry into the home market may be delayed</li>
<li>• May mean paying rent for a longer time as you save.</li>
</ul>
</td>
<td data-source="table-15-2" class="cus-col-2">
<ul class="content less">
<li>• You will pay a LMI fee, which covers the cost of the insurance taken out to protect the lender</li>
<li>• You will pay interest on a capitalised LMI fee (because it’s part of the loan amount)</li>
<li>• If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender</li>
<li>• If you default on your loan and the lender sells your home, , and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may seek to recover any
remaining debt in the case of a shortfall (except in certain limited circumstances, for example you are experiencing financial hardship).</li>
</ul>
</td>
<td data-source="table-15" class="cus-col-3">
<ul class="content less">
<li>• You will pay a LMI fee monthly</li>
<li>• If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender</li>
<li>• If you default on your loan and the lender sells your home, and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may pursue you for that
shortfall.</li>
</ul>
</td>
<td data-source="table-15" class="cus-col-4">
<ul class="content less">
<li>• You pay an upfront LMI fee</li>
<li>• If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender</li>
<li>• If you default on your loan and the lender sells your home, and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may pursue you for that
shortfall.</li>
</ul>
</td>
<td data-source="table-15" class="cus-col-5">
<ul class="content less">
<li>• Your family member providing the guarantee must put their home up as security also and is liable if you default on your loan. This means that the guarantor's home may be sold to repay your debt</li>
<li>• A lender may not allow that family member to guarantee loans to more than one family member</li>
<li>• Your family member may require you to repay any loan provided by the guarantor.</li>
</ul>
</td>
<td data-source="table-15" class="cus-col-6">
<ul class="content less">
<li>• Only available to first home buyers</li>
<li>• Must meet strict FHG eligibility criteria</li>
<li>• Must be pre-approved by one of a prescribed list of lenders which may take time</li>
<li>• Only a limited number of FHG guarantees are available for approval in each 12-month window.</li>
</ul>
</td>
</tr>
<tr class="cus-row-16">
<td class="cus-col-0" style="font-size:16px;">
<b>This may work for you</b>
<div>Click for more +</div>
</td>
<td data-source="table-16-1" class="cus-col-1">
<ul class="content less">
<li>• If you believe home prices will generally remain stable or are decreasing in the area in which you want to buy</li>
<li>• If you have nearly saved a 20% deposit.</li>
</ul>
</td>
<td data-source="table-16-2" class="cus-col-2">
<ul class="content less">
<li>• If you have found a home to buy now and you do not have a 20% deposit</li>
<li>• If you are finding it difficult saving a 20% deposit and you are comfortable with paying an LMI fee to the lender to enter the market now </li>
<li>• If you generally expect home prices to increase in the area in which you want to buy.</li>
</ul>
</td>
<td data-source="table-16" class="cus-col-3">
<ul class="content less">
<li>• If you have found a home to buy now and you do not have a 20% deposit</li>
<li>• If you are finding it difficult saving a 20% deposit and you are comfortable with paying a monthly LMI fee to the lender to enter the market now </li>
<li>• If you generally expect home prices to increase in the area in which you want to buy.</li>
</ul>
</td>
<td data-source="table-16" class="cus-col-4">
<ul class="content less">
<li>• If a family member has offered to assist with your home purchase</li>
<li>• If you expect home prices to increase in the area in which you want to buy</li>
<li>• If you are finding it difficult saving a 20% deposit.</li>
</ul>
</td>
<td data-source="table-16" class="cus-col-5">
<ul class="content less">
<li>• If you have found a home to buy now and a family member has offered to assist with your home purchase</li>
<li>• If you are finding it difficult saving a 20% deposit.</li>
</ul>
</td>
<td data-source="table-16" class="cus-col-6">
<ul class="content less">
<li>• If you are a first home buyer</li>
<li>• If you want to buy a home now</li>
<li>• If you meet the strict FHG eligibility criteria [and there is capacity under the FHG Scheme]</li>
<li>• If you are finding it difficult saving a 20% deposit.</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<div id="tabResults" class="tab-results" style="display: none;">
<div class="row">
<div class="col-sm-12">
<div class="bg-xlight-blue p-5 mb-5">
<div class="row justify-content-md-center">
<div class="col-xs-12 col-sm-2">
<div class="card year-box">
<span data-source="loanTermLabel">Up to <b>30</b> years</span>
</div>
</div>
<div class="col-xs-12 col-sm-8">
<div class="row-box">
<div id="lmiBox" class="row">
<div class="col-sm-5 ">
<b>If you buy now with LMI</b>
</div>
<div class="col-sm-7">
<b data-source="lmiFutureValue">$ 0</b> Future value of equity
</div>
</div>
<div id="buyBox" class="row">
<div class="col-sm-5">
<b>If you buy later</b>
</div>
<div class="col-sm-7">
<b data-source="buyFutureValue">$ 0</b> Future value of equity
</div>
</div>
<div id="rentBox" class="row">
<div class="col-sm-5">
<b>Rent and Save</b>
</div>
<div class="col-sm-7">
<b data-source="rentFutureValue">$ 0</b> Future value of equity
</div>
</div>
</div>
<div class="row pt-3 pb-3">
<div class="col-sm-12">
<div id="summaryBox" class="calc-result-box">
<h4>If you buy now with LMI you will be better off by $0</h4>
<p> Using LMI to buy now will enable you to buy your own home <strong><span data-source="buyFutureMonth">0</span></strong> months sooner than if you continue to save for a 20% deposit. </p>
<div><a data-toggle="modal" data-target="#calculationsModal" href="">More</a></div>
</div>
<div id="warningDeposit" class="form-warning" style="display:none;">
<p>
<b>Note:</b> Based on the current monthly savings entered, you would be unable to save the required 20% deposit to purchase a property without using LMI.
</p>
</div>
<div id="warningRepayments" class="form-warning" style="display:none;">
<p>
<b>Note:</b> Based on the current monthly savings and rent entered, you would be unable to meet the monthly loan repayment. Please refer to <a data-toggle="modal" data-target="#assumptionsModal" href="">Assumptions</a> – monthly
loan repayments for further information.
</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="row mb-5">
<div class="col-sm-12">
<ul class="nav nav-tabs" id="myTab" role="tablist">
<li class="nav-item">
<a class="nav-link" id="ten-tab" data-toggle="tab" href="#ten" role="tab" aria-controls="10" aria-selected="false">After 10 years</a>
</li>
<li class="nav-item">
<a class="nav-link" id="twenty-tab" data-toggle="tab" href="#twenty" role="tab" aria-controls="20" aria-selected="false">After 20 years</a>
</li>
<li class="nav-item">
<a class="nav-link" id="thirty-tab" data-toggle="tab" href="#thirty" role="tab" aria-controls="30" aria-selected="false">After 30 years</a>
</li>
</ul>
<div class="tab-content" id="myTabContent">
<div class="tab-pane fade show active" id="ten" role="tabpanel" aria-labelledby="ten-tab">
<div class="row">
<div class="col-sm-3 text-right align-middle" style="line-height:50px;"> If you buy now with LMI </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-info" role="progressbar" style="width: 80%" aria-valuenow="80" aria-valuemin="0" aria-valuemax="100"><span data-source="lmiSet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> If you buy later </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-primary" role="progressbar" style="width: 60%" aria-valuenow="60" aria-valuemin="0" aria-valuemax="100"><span data-source="buySet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> Rent and Save </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-warning" role="progressbar" style="width: 45%" aria-valuenow="45" aria-valuemin="0" aria-valuemax="100"><span data-source="rentSet">$ 0</span></div>
</div>
</div>
</div>
</div>
<div class="tab-pane fade" id="twenty" role="tabpanel" aria-labelledby="twenty-tab">
<div class="row">
<div class="col-sm-3 text-right" style="line-height:50px;"> If you buy now with LMI </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-info" role="progressbar" style="width: 84%" aria-valuenow="84" aria-valuemin="0" aria-valuemax="100"><span data-source="lmiSet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> If you buy later </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-primary" role="progressbar" style="width: 64%" aria-valuenow="64" aria-valuemin="0" aria-valuemax="100"><span data-source="buySet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> Rent and Save </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-warning" role="progressbar" style="width: 46%" aria-valuenow="46" aria-valuemin="0" aria-valuemax="100"><span data-source="rentSet">$ 0</span></div>
</div>
</div>
</div>
</div>
<div class="tab-pane fade" id="thirty" role="tabpanel" aria-labelledby="thirty-tab">
<div class="row">
<div class="col-sm-3 text-right" style="line-height:50px;"> If you buy now with LMI </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-info" role="progressbar" style="width: 88%" aria-valuenow="88" aria-valuemin="0" aria-valuemax="100"><span data-source="lmiSet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> If you buy later </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-primary" role="progressbar" style="width: 68%" aria-valuenow="68" aria-valuemin="0" aria-valuemax="100"><span data-source="buySet">$ 0</span></div>
</div>
</div>
<div class="col-sm-3 text-right" style="line-height:50px;"> Rent and Save </div>
<div class="col-sm-9">
<div class="progress mb-2" style="height: 50px; font-size: 1em;">
<div class="progress-bar bg-warning" role="progressbar" style="width: 47%" aria-valuenow="47" aria-valuemin="0" aria-valuemax="100"><span data-source="rentSet">$ 0</span></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="row justify-content-md-center">
<div class="col-sm-8">
<canvas id="buyOrRentChart" width="400" height="300"></canvas>
</div>
<div class="col-sm-12 text-center">
<a class="btn btn-primary btn-lg mb-1" data-toggle="modal" data-target="#emailResultsModal">
Email
</a>
<button class="btn btn-secondary btn-lg mb-1" type="button" onclick="javascript: GWCalc_startAgain(event);"> Restart </button>
</div>
</div>
</div>
<div id="assumptionsModal" class="modal fade" role="dialog">
<div class="modal-dialog modal-lg">
<div class="modal-content">
<div class="modal-header">
<h4 class="modal-title">Assumptions – current as at 27 May 2022</h4>
</div>
<div class="modal-body">
<h3>Editable Assumptions</h3>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Home Price Appreciation rate (HPA)</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<input class="form-control align-left" id="homeAppreciationRate" name="homeAppreciationRate" type="text" value="2.5" maxlength="6" data-commas="true" required="">
<span class="input-group-append">
<span class="input-group-text">%</span>
</span>
</div>
</div>
<p class="text-muted"> The default assumption of 2.5% p.a. is an estimate of prospective long term capital only property growth estimated based on historical national performance. You may edit this assumption. </p>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Investment return rate</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<input class="form-control align-left" id="investmentRate" name="investmentRate" type="text" value="2.5" maxlength="6" data-commas="true" required="">
<span class="input-group-append">
<span class="input-group-text">%</span>
</span>
</div>
</div>
<p class="text-muted"> The default assumption of 2.5% p.a. is an estimate of a generic investment portfolio that has risk-return characteristics consistent with real estate in the long term. You may edit this assumption. </p>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Inflation rate</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<input class="form-control align-left" id="inflationRate" name="inflationRate" type="text" value="2.0" maxlength="6" data-commas="true" required="">
<span class="input-group-append">
<span class="input-group-text">%</span>
</span>
</div>
</div>
<p class="text-muted"> By default, the inflation rate is assumed to be 2.0% p.a. This assumption is set at the mid-point of the Reserve Bank of Australia's 2–3% p.a. target range for price inflation. The amount you save each period and
the ongoing ownership costs are assumed to increase with price inflation each period. You may edit this assumption. </p>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Rental increase rate</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<input class="form-control align-left" id="rentalIncreaseRate" name="rentalIncreaseRate" type="text" value="2.0" maxlength="6" data-commas="true" required="">
<span class="input-group-append">
<span class="input-group-text">%</span>
</span>
</div>
</div>
<p class="text-muted"> The default assumption of 2.0% p.a. is an estimate of prospective long term rental growth assuming a stable price-to-rent ratio in the long term. You may edit this assumption. </p>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Additional home ownership costs (monthly)</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="additionalCosts" name="additionalCosts" type="text" value="200" maxlength="9" data-commas="true" required="">
</div>
</div>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Loan term</strong>
</label>
<div class="input-group input-group-sm pull-left dropdownlist" style="width:120px;margin-left:10px;">
<select class="form-control input-lg" id="loanTerm" name="loanTerm">
<option value="">Select</option>
<option value="5">5</option>
<option value="10">10</option>
<option value="15">15</option>
<option value="20">20</option>
<option value="25">25</option>
<option value="30" selected="">30</option>
<option value="35">35</option>
<option value="40">40</option>
</select>
</div>
</div>
</div>
<div class="form-group">
<div class="clearfix">
<label class="control-label pull-left">
<strong>Additional up-front fees ($)</strong>
</label>
<div class="input-group input-group-sm pull-left" style="width:120px;margin-left:10px;">
<span class="input-group-prepend">
<span class="input-group-text">$</span>
</span>
<input class="form-control align-right" id="additionalFees" name="additionalFees" type="text" value="2500" maxlength="9" data-commas="true" required="">
</div>
</div>
<p class="text-muted"> such as loan establishment fee, conveyancing costs, etc </p>
</div>
<h3>Scenarios:</h3>
<div class="form-group">
<label>
<strong>Base LVR 80% or lower</strong>
</label>
<p class="small"> Quantifies the benefits of: </p>
<ul class="small">
<li>buying a property now, versus</li>
<li>renting and saving indefinitely.</li>
</ul>
<p class="small"> by quantifying and comparing the net savings and equity accumulated after a certain period of time under each scenario. </p>
</div>
<div class="form-group">
<label>
<strong>Base LVR greater than 80%</strong>
</label>
<p class="small"> Quantifies the benefits of: </p>
<ul class="small">
<li>buying a property now using LMI, versus</li>
<li>continuing to rent and save for a 20% deposit, versus</li>
<li>renting and saving indefinitely.</li>
</ul>
<p class="small"> by quantifying and comparing the net savings and equity accumulated after a certain period of time under each scenario. </p>
</div>
<h3>Input field explanations:</h3>
<div class="form-group">
<label>
<strong>Current rent (monthly)</strong>
</label>
<p class="small"> Recurring monthly rental payments. Assumes the amount you enter as rent per month (as adjusted for inflation) will continue to be paid each month throughout the period covered by the calculation. The rental increase rate
is applied to the rent amount. </p>
</div>
<div class="form-group">
<label>
<strong>Current savings (monthly)</strong>
</label>
<p class="small"> Recurring monthly savings. Assumes the amount you enter as savings per month (as adjusted for inflation) will continue to be saved each month throughout the period covered by the calculation. The investment return rate
is applied to the savings amount. </p>
</div>
<div class="form-group">
<label>
<strong>Property purchase price</strong>
</label>
<p class="small"> The purchase price of the home at the current time. Under the deferred purchase scenario, this grows at the house price appreciation rate until the borrower has saved a minimum 20% deposit. </p>
</div>
<div class="form-group">
<label>
<strong>Savings (available for deposit and fees)</strong>
</label>
<p class="small"> The amount of savings you have available for the deposit and costs. This is used to determine the base loan amount and base LVR. Assumes that the total amount which has been saved will be applied towards the property
purchase costs including the purchase deposit and the associated upfront costs such as stamp duty. The remainder of the property purchase costs are covered by the loan amount. </p>
</div>
<div class="form-group">
<label>
<strong>Loan interest rate</strong>
</label>
<p class="small"> The rate of interest applicable to your loan. Assumed to be the annual nominal rate of interest, compounded monthly and to remain the applicable loan interest rate over the entire term of the loan. </p>
</div>
<div class="form-group">
<label>
<strong>Loan term</strong>
</label>
<p class="small"> The term applicable to your loan. </p>
</div>
<div class="form-group">
<label>
<strong>State</strong>
</label>
<p class="small"> The state where you will purchase the property. This is used to determine the amount of stamp duty payable. </p>
</div>
<div class="form-group">
<label>
<strong>Additional home ownership costs (monthly)</strong>
</label>
<p class="small"> This includes ongoing costs such as council rates, property maintenance etc. </p>
</div>
<div class="form-group">
<label>
<strong>Additional up-front fees (excluding LMI premium and stamp duty)</strong>
</label>
<p class="small"> This includes ongoing costs such as council rates, property maintenance etc. </p>
</div>
<h3>Calculation fields and other assumptions:</h3>
<div class="form-group">
<label>
<strong>Monthly loan repayments</strong>
</label>
<p class="small"> Where the minimum mortgage repayment is more than the rent and savings amounts you enter (as adjusted for inflation), the calculator assumes the minimum loan repayments will still be made (ie. the borrower will reduce
other expenses necessary to meet the minimum mortgage repayments). Please note - this additional amount has not been factored in to the rent and save scenario. <br><br>Where the minimum loan repayment is less than the rent and savings
amounts you enter (as adjusted for inflation), the calculator assumes the excess amount will be deposited and saved. </p>
</div>
<div class="form-group">
<label>
<strong>Total stamp duty</strong>
</label>
<p class="small"> Calculated based on the property purchase price and state of purchase, and deducted from the deposit. In all cases, assumed that the borrower is an owner occupier and that the purchased dwelling will be their principal
place of residence. <br><br>Under the deferred purchase scenario, stamp duty is calculated on the future assumed purchase price. <br><br>The rates and thresholds for stamp duty calculations are sourced from the different local State and
Territory revenue office websites. Refer tofirsthome.gov.aufor details. </p>
</div>
<div class="form-group">
<label>
<strong>Total LMI premium</strong>
</label>
<p class="small"> LMI premium payable based on base loan amount and base LVR. LMI premium is based on Genworth standard LMI premium rates. LMI premium rates may vary by lender. LMI premium includes GST however excludes state based
insurance duty. </p>
</div>
<div class="form-group">
<label>
<strong>Base loan amount</strong>
</label>
<p class="small"> Property purchase price less savings (available for deposit and fees), stamp duty and additional upfront costs. </p>
</div>
<div class="form-group">
<label>
<strong>Capitalised loan amount</strong>
</label>
<p class="small"> Base loan amount + LMI premium (if payable) </p>
</div>
<div class="form-group">
<label>
<strong>Base LVR</strong>
</label>
<p class="small"> Base loan amount / property purchase price. The base LVR is used to determine the LMI premium. If LVR <=80%, assumes that no LMI premium is payable (i.e. that the lender does not require the borrower to take out LMI).
</p>
</div>
<div class="form-group">
<label>
<strong>Capitalised LVR</strong>
</label>
<p class="small"> Capitalised loan amount / property purchase price </p>
</div>
<div class="form-group">
<label>
<strong>Timing assumptions</strong>
</label>
<p class="small"> All recurring transactions are assumed to occur on a monthly basis at the end of the month. </p>
<ul class="small">
<li> Mortgage repayments are assumed to occur immediately after the accrued loan interest has been charged to the loan. </li>
<li> All months are assumed to be of equal length, and one year is assumed to contain exactly 12 months. Therefore, this assumes that a year has 364 days. </li>
</ul>
</div>
</div>
<div class="modal-footer">
<button type="button" class="btn btn-close" data-dismiss="modal">Done</button>
</div>
</div>
</div>
</div><!-- #assumptionsModal -->
</form>
GET /GWData/BuyOrRentEmail
<form method="get" action="/GWData/BuyOrRentEmail" novalidate="novalidate">
<div class="modal-header">
<h4 class="modal-title">Email buy or rent results</h4>
</div>
<div class="modal-body">
<div class="form-group">
<label class="control-label"> Email address </label>
<div class="input-group input-group-lg">
<input class="form-control" id="email" name="email" type="email" value="" required="">
</div>
</div>
</div>
<div class="modal-footer">
<button type="submit" class="btn btn-primary">Send</button>
</div>
</form>
Text Content
Contact Us eLMI Portal Login Login × * Products About Lenders Mortgage Insurance * What is Lenders Mortgage Insurance? * Lender Mortgage Insurance products * Traditional Lenders Mortgage Insurance products * Portfolio Lenders Mortgage Insurance * Recoveries process Tools * Deposit comparison estimator * LMI fee estimator * Servicing estimator * Serviceability calculator * eLMI Portal Research and insights * News * Thought leadership reports * Report archive * Home Buyers * Information for home buyers * Information for home owners * It's My Home magazine * What is Lenders Mortgage Insurance * View 2021/2022 It's My Home magazine * View 2020 It's My Home magazine * View 2019 It's My Home magazine * Lenders Policy and process information * LMI Underwriting Standards and Guidelines * Valuations * Cancellation and refunds * Arrears reporting * Loss mitigation * Fraud awareness Resources * Forms * Marketing resource centre * Brokers Policy and process information * LMI Underwriting Standards and Guidelines Resources * Marketing resource centre * Investors Investor Resources * Announcements * Reports and presentations * Calendar Share price and tools * Share price and graph * Historical share price * Investment calculator Investor Services * My shareholding * Email alerts * Investor and analyst enquiries Corporate Governance * Board and Committees * Key policies * Corporate Governance Statement * About Genworth About us * Who we are * Marketplace * Corporate Responsibilty About our people * Board of Directors * Management Team * Product and Partnerships Team * Specialist Teams Career at Genworth * Work with us * Internships * Products * About Lenders Mortgage Insurance * What is Lenders Mortgage Insurance? * Lender Mortgage Insurance products * Traditional Lenders Mortgage Insurance products * Portfolio Lenders Mortgage Insurance * Recoveries process * Tools * Deposit comparison estimator * LMI fee estimator * Servicing estimator * Serviceability calculator * eLMI Portal * Research and insights * News * Thought leadership reports * Report archive * Home Buyers * Information for Home Buyers * Information for Home Owners * It's My Home magazine * View 2021/2022 It's My Home magazine * View 2020 It's My Home magazine * View 2019 It's My Home magazine * What is Lenders Mortgage Insurance * Lenders * Policy and process information * LMI Underwriting Standards and Guidelines * Valuations * Cancellation and refunds * Arrears reporting * Loss mitigation * Fraud awareness * Resources * Forms * Marketing resource centre * Brokers * Policy and process information * LMI Underwriting Standards and Guidelines * Resources * Marketing resource centre * Investors * Investor Resources * Announcements * Reports and presentations * Calendar * Share price and tools * Share price and graph * Historical share price * Investment calculator * Investor Services * My shareholding * Email alerts * Investor and analyst enquiries * Corporate Governance * Board and Committees * Key policies * Corporate Governance Statement * About Genworth * About us * Who we are * Marketplace * Corporate Responsibilty * About our people * Board of Directors * Management Team * Product and Partnerships Team * Specialist Teams * Career at Genworth * Work with us * Internships * Contact us DEPOSIT COMPARISON ESTIMATOR THE DEPOSIT COMPARISON ESTIMATOR PROVIDES INSIGHTS TO THE OPTIONS AVAILABLE TO USE YOUR DEPOSIT TO ACCELERATE HOME OWNERSHIP. * Home * Products * Tools * Deposit comparison estimator DEPOSIT COMPARISON ESTIMATOR DISCLAIMER: The list of comparable options is provided for your information and to illustrate scenarios only. The results should not be taken as a substitute for professional advice as Genworth is not a financial adviser. You should seek legal, financial, tax and other advice about how this information may relate to your personal circumstances. Genworth is not liable for any loss caused from the use of, or reliance on, this information. This information does not include any applicable grants or stamp duty exemptions that may apply, including for first home buyers. DEPOSIT OPTIONS ESTIMATOR Is it better to buy a home now or to save a larger deposit? What other options are available? Our estimator provides insights into the financial benefits of buy now or buy later. Find our which options could suit your circumstances by using our simple estimator. Download 'Get the LMI fact' sheet COMPARE YOUR DEPOSIT OPTIONS I want to buy a property; New Existing I plan to Live in Invest in Where do you want to buy Select state NSW VIC QLD ACT TAS WA SA NT Estimated purchase price ($) $ Current deposit $ Estimated interest rate? % Current rent (monthly) $ Current savings (monthly) $ Clear all Calculate Assumptions Disclaimer SUMMARY Estimate purchase price $ 0 Amount saving per month $ 0 Current deposit $ 0 Property location Monthly rent $ 0 Interest rate 0 Save for a full 20% deposit ! Minimum Upfront cost - Minimum Upfront Cost includes deposit, stamp duty and other upfront costs Available deposit– Amount available for deposit after other upfront costs Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged – Aggerated interest over the life of the loan Hide option - Buy with LMI capitalised ! Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged– Aggerated interest over the life of the loan Tell me more LMI video Hide option - Buy with LMI monthly fee ! Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty, other upfront costs and the first month’s LMI fee Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged– Aggerated interest over the life of the loan Tell me more LMI video Hide option - Buy with Family Assistance ! Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs Other upfront cost - Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged– Aggerated interest over the life of the loan Tell me more Hide option - Buy with guarantor ! Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged -Aggerated interest over the life of the loan Hide option - Buy with First Home Guarantee ! Minimum Upfront cost - Minimum Upfront Cost includes the deposit, stamp duty and other upfront costs Other upfront cost- Estimated upfront costs of $2500 include legal/conveyancing fees, valuation fees, loan application fee Interest Charged -Aggerated interest over the life of the loan Tell me more Hide option - Minimum upfront cost 0 0 0 0 0 0 Available deposit 0 0 0 0 0 0 Stamp duty 0 0 0 0 0 0 Other upfront costs 0 0 0 0 0 0 Base loan amount 0 0 0 0 0 0 Total LVR 0% 0% 0% 0% 0% 0% LMI cost (inc GST) 0 0 0 Total loan amount 0 0 0 0 0 0 Interest charged over loan term 0 0 0 0 0 0 Benefits Click for more + * • No LMI fee * • Smaller loan amount required if 20% deposit available * • Wider choice of competitive home loan products available. * • Buy a home now with the deposit you have available * • Stop paying rent and start building equity in your own home sooner. * • Buy a home now with the deposit you have available * • Stop paying rent and start building equity in your own home sooner * • When the value of your property increases and your LVR reduces to 80% and below your LMI monthly payments will cease. * • Buy a home now with the deposit you have available * • Stop paying rent and start building equity in your own home sooner * • Leverage family support to help you pay the LMI fee upfront * • Avoid paying interest on the LMI fee being included in your loan repayments * • Alternative option to asking a family member to provide a guarantee or funds towards a deposit. * • No LMI fee * • Use family support to buy a home now * • Stop paying rent and start building equity in your own home sooner * • Wider choice of competitive home loan products available. * • No LMI fee * • Buy a home now with the deposit you have available * • Stop paying rent and start building equity in your own home sooner. Considerations Click for more + * • May take many years to save a 20% deposit * • Home prices may rise at a faster rate than your savings do * • Entry into the home market may be delayed * • May mean paying rent for a longer time as you save. * • You will pay a LMI fee, which covers the cost of the insurance taken out to protect the lender * • You will pay interest on a capitalised LMI fee (because it’s part of the loan amount) * • If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender * • If you default on your loan and the lender sells your home, , and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may seek to recover any remaining debt in the case of a shortfall (except in certain limited circumstances, for example you are experiencing financial hardship). * • You will pay a LMI fee monthly * • If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender * • If you default on your loan and the lender sells your home, and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may pursue you for that shortfall. * • You pay an upfront LMI fee * • If you refinance your loan with another lender the LMI fee may not be refundable and is not transferable to the other lender * • If you default on your loan and the lender sells your home, and the sale amount isn’t enough to cover the amount owed on the loan, then the LMI provider (who pays the lender to cover the shortfall) may pursue you for that shortfall. * • Your family member providing the guarantee must put their home up as security also and is liable if you default on your loan. This means that the guarantor's home may be sold to repay your debt * • A lender may not allow that family member to guarantee loans to more than one family member * • Your family member may require you to repay any loan provided by the guarantor. * • Only available to first home buyers * • Must meet strict FHG eligibility criteria * • Must be pre-approved by one of a prescribed list of lenders which may take time * • Only a limited number of FHG guarantees are available for approval in each 12-month window. This may work for you Click for more + * • If you believe home prices will generally remain stable or are decreasing in the area in which you want to buy * • If you have nearly saved a 20% deposit. * • If you have found a home to buy now and you do not have a 20% deposit * • If you are finding it difficult saving a 20% deposit and you are comfortable with paying an LMI fee to the lender to enter the market now * • If you generally expect home prices to increase in the area in which you want to buy. * • If you have found a home to buy now and you do not have a 20% deposit * • If you are finding it difficult saving a 20% deposit and you are comfortable with paying a monthly LMI fee to the lender to enter the market now * • If you generally expect home prices to increase in the area in which you want to buy. * • If a family member has offered to assist with your home purchase * • If you expect home prices to increase in the area in which you want to buy * • If you are finding it difficult saving a 20% deposit. * • If you have found a home to buy now and a family member has offered to assist with your home purchase * • If you are finding it difficult saving a 20% deposit. * • If you are a first home buyer * • If you want to buy a home now * • If you meet the strict FHG eligibility criteria [and there is capacity under the FHG Scheme] * • If you are finding it difficult saving a 20% deposit. Up to 30 years If you buy now with LMI $ 0 Future value of equity If you buy later $ 0 Future value of equity Rent and Save $ 0 Future value of equity IF YOU BUY NOW WITH LMI YOU WILL BE BETTER OFF BY $0 Using LMI to buy now will enable you to buy your own home 0 months sooner than if you continue to save for a 20% deposit. More Note: Based on the current monthly savings entered, you would be unable to save the required 20% deposit to purchase a property without using LMI. Note: Based on the current monthly savings and rent entered, you would be unable to meet the monthly loan repayment. Please refer to Assumptions – monthly loan repayments for further information. * After 10 years * After 20 years * After 30 years If you buy now with LMI $ 0 If you buy later $ 0 Rent and Save $ 0 If you buy now with LMI $ 0 If you buy later $ 0 Rent and Save $ 0 If you buy now with LMI $ 0 If you buy later $ 0 Rent and Save $ 0 Email Restart ASSUMPTIONS – CURRENT AS AT 27 MAY 2022 EDITABLE ASSUMPTIONS Home Price Appreciation rate (HPA) % The default assumption of 2.5% p.a. is an estimate of prospective long term capital only property growth estimated based on historical national performance. You may edit this assumption. Investment return rate % The default assumption of 2.5% p.a. is an estimate of a generic investment portfolio that has risk-return characteristics consistent with real estate in the long term. You may edit this assumption. Inflation rate % By default, the inflation rate is assumed to be 2.0% p.a. This assumption is set at the mid-point of the Reserve Bank of Australia's 2–3% p.a. target range for price inflation. The amount you save each period and the ongoing ownership costs are assumed to increase with price inflation each period. You may edit this assumption. Rental increase rate % The default assumption of 2.0% p.a. is an estimate of prospective long term rental growth assuming a stable price-to-rent ratio in the long term. You may edit this assumption. Additional home ownership costs (monthly) $ Loan term Select 5 10 15 20 25 30 35 40 Additional up-front fees ($) $ such as loan establishment fee, conveyancing costs, etc SCENARIOS: Base LVR 80% or lower Quantifies the benefits of: * buying a property now, versus * renting and saving indefinitely. by quantifying and comparing the net savings and equity accumulated after a certain period of time under each scenario. Base LVR greater than 80% Quantifies the benefits of: * buying a property now using LMI, versus * continuing to rent and save for a 20% deposit, versus * renting and saving indefinitely. by quantifying and comparing the net savings and equity accumulated after a certain period of time under each scenario. INPUT FIELD EXPLANATIONS: Current rent (monthly) Recurring monthly rental payments. Assumes the amount you enter as rent per month (as adjusted for inflation) will continue to be paid each month throughout the period covered by the calculation. The rental increase rate is applied to the rent amount. Current savings (monthly) Recurring monthly savings. Assumes the amount you enter as savings per month (as adjusted for inflation) will continue to be saved each month throughout the period covered by the calculation. The investment return rate is applied to the savings amount. Property purchase price The purchase price of the home at the current time. Under the deferred purchase scenario, this grows at the house price appreciation rate until the borrower has saved a minimum 20% deposit. Savings (available for deposit and fees) The amount of savings you have available for the deposit and costs. This is used to determine the base loan amount and base LVR. Assumes that the total amount which has been saved will be applied towards the property purchase costs including the purchase deposit and the associated upfront costs such as stamp duty. The remainder of the property purchase costs are covered by the loan amount. Loan interest rate The rate of interest applicable to your loan. Assumed to be the annual nominal rate of interest, compounded monthly and to remain the applicable loan interest rate over the entire term of the loan. Loan term The term applicable to your loan. State The state where you will purchase the property. This is used to determine the amount of stamp duty payable. Additional home ownership costs (monthly) This includes ongoing costs such as council rates, property maintenance etc. Additional up-front fees (excluding LMI premium and stamp duty) This includes ongoing costs such as council rates, property maintenance etc. CALCULATION FIELDS AND OTHER ASSUMPTIONS: Monthly loan repayments Where the minimum mortgage repayment is more than the rent and savings amounts you enter (as adjusted for inflation), the calculator assumes the minimum loan repayments will still be made (ie. the borrower will reduce other expenses necessary to meet the minimum mortgage repayments). Please note - this additional amount has not been factored in to the rent and save scenario. Where the minimum loan repayment is less than the rent and savings amounts you enter (as adjusted for inflation), the calculator assumes the excess amount will be deposited and saved. Total stamp duty Calculated based on the property purchase price and state of purchase, and deducted from the deposit. In all cases, assumed that the borrower is an owner occupier and that the purchased dwelling will be their principal place of residence. Under the deferred purchase scenario, stamp duty is calculated on the future assumed purchase price. The rates and thresholds for stamp duty calculations are sourced from the different local State and Territory revenue office websites. Refer tofirsthome.gov.aufor details. Total LMI premium LMI premium payable based on base loan amount and base LVR. LMI premium is based on Genworth standard LMI premium rates. LMI premium rates may vary by lender. LMI premium includes GST however excludes state based insurance duty. Base loan amount Property purchase price less savings (available for deposit and fees), stamp duty and additional upfront costs. Capitalised loan amount Base loan amount + LMI premium (if payable) Base LVR Base loan amount / property purchase price. The base LVR is used to determine the LMI premium. If LVR <=80%, assumes that no LMI premium is payable (i.e. that the lender does not require the borrower to take out LMI). Capitalised LVR Capitalised loan amount / property purchase price Timing assumptions All recurring transactions are assumed to occur on a monthly basis at the end of the month. * Mortgage repayments are assumed to occur immediately after the accrued loan interest has been charged to the loan. * All months are assumed to be of equal length, and one year is assumed to contain exactly 12 months. Therefore, this assumes that a year has 364 days. Done DISCLAIMER – CURRENT AS AT 27 MAY 2022 DISCLAIMER: This estimator is intended to provide a general indication of the long-term economic differences between someone continuing to rent; someone saving a 20% deposit and purchasing a home, someone purchasing a home now with less than a 20% deposit if Lenders Mortgage Insurance (LMI) is used or someone purchasing a home now their loan being supported by a personal guarant or tby a government guarantee under the First Home Guarantee Scheme. Economic conditions may differ from the assumptions and your personal circumstances may turn out differently from the outputs of the estimator. LMI protects the lender against a loss should the borrower default on their home loan and there is a shortfall following a sale of the security property. The cost of the LMI premium is typically passed on by the lender to the borrower. LMI should not be mistaken for mortgage protection insurance, which covers a mortgage in the event of death, sickness, unemployment or disability. The output of the estimator is not an offer to any person to acquire LMI, credit or any other financial product not an approval for LMI, credit or any other financial product. The estimator and the results provided are generic and do not take into account your personal circumstances. The estimator is a guide only and is not intended to be relied upon for the purposes of making a decision in relation to credit or a financial product. The user should obtain professional legal, accounting, tax, investment or other financial specialist advice before making any financial decision. Except to the extent taken into account in the amounts entered in the ‘Other upfront costs’ section, the estimator does not take into account any First Home Owners Grant or other concessions, grants or any maintenance, discharge or other fees which may be applicable. The estimator assumes that the cost of the LMI premium (if applicable) is passed on by the lender to the borrower. No representation is made as to a borrower’s capacity to borrow funds or to service a loan. © 2022 Genworth Financial Mortgage Insurance Pty Limited ABN 60 106 974 305. Done EMAIL BUY OR RENT RESULTS Email address Send OTHER SCENARIO CALCULATIONS Total stamp duty payable $ 0 Total LMI premium $ 0 Base loan amount $ 0 Capitalised loan amount $ 0 Base LVR 0% Capitalised LVR 0% Monthly loan repayment $ 0 Done OUTSIDE OF GENWORTH’S LMI UNDERWRITING STANDARDS AND GUIDELINES Scenario is outside of Genworth's LMI Underwriting Standards and Guidelines. Please refer to your lender or broker for further assistance. Done OUTSIDE OF GENWORTH’S LMI UNDERWRITING STANDARDS AND GUIDELINES Scenario is outside of Genworth's LMI Underwriting Standards and Guidelines. Please refer to your lender or broker for further assistance. 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