Buying a property

There are two ways in. A Buy a property milestone starts on As soon as affordable and finds the year for you (see Milestones). Or add a property card with the year you buy it.

What it costs up front

Beside a property’s fields, a panel shows the cost in the year you buy: the price then, the loan, stamp duty, fees and conveyancing, any mortgage insurance added to the loan, what the cash accounts hold as that year opens, and whether that covers it or how much is short.

• Paid for with: A loan and a deposit, or Cash. With no loan yet, the panel offers a home loan of the amount needed, with an offset account if you like.
• With a deposit under 20%, No mortgage insurance (waived), under More options, covers a scheme such as the 5% Deposit Scheme, or a lender’s waiver for some professions.
• The loan that pays for it links a loan already in the plan to the purchase.
• A loan’s Offset by links an offset account to it, or makes a new one.

Stamp duty

Stamp duty depends on the state, so set State it is in. On the free plan, a property card’s stamp duty is an estimate from that state’s duty scale, or the figure you type in; with no state it uses the rate in Settings. Its fees and mortgage insurance are estimates too, and Fees and conveyancing, under More options, can be typed in. For your home, Bought as our first home lets the estimate allow for first home buyer relief.

On Plus, Calculate stamp duty works out the duty, mortgage insurance and fees for the property’s state from the published rates, with first home buyer concessions where they apply (turn on First home buyer, for your home). Change the price, year, state or deposit and it is worked out again. A milestone’s Calculate costs does the same.

Buying your home

A property milestone for your home can say which rent it Stops paying: the rent ends the year before you buy.

A property you already own

A property card’s Owned is Already owned, Buying it this year, or a year, an age or a milestone. One already owned shows its value, the loans on it and your equity. Add the loan on it adds the mortgage still owing, and a button below makes it a purchase this year instead, to see what buying it would cost.

A mortgage’s Refinances sets a year to draw money out, change the rate or the term; drawing equity for another property is written this way. Money drawn out of a loan has that loan’s deductible share of interest. Plan my property purchases (Plus) lays out several purchases from the passive income you want, and puts each equity draw on a loan of its own, deductible in full; see Smart plans.