Percentages;+Buying+a+home

Engage:

Watch this video about home buying. What are the key points? media type="custom" key="6794565" width="90" height="90"

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How much do you really get paid?
 • Use the pay calculator to input up each persons earnings (gross pay). Create a chart in excel and show (monthly and annual earnings and deductions),  • []   • Then add together your couples net pay, this is the amount of money that they will get each month / year to spend!  How much can you borrow?   • ANZ loan calculator • [] • Use the loan calculator to work out how much money your couple can borrow. Work it out using their annual income and then using their fortnightly pay (remember the calculator uses gross pay). How much would the repayments cost them per month? What other factors will influence the lending amount. • A 10% deposit (minimum) is required for most home purchases. Use your couple’s savings to calculate the house price they could afford with their deposit. • Using the above information, write a letter of offer(of a loan) to your couple explaining how much of a loan you would approve them for and the amount that you think that they could spend on a house. Home buying costs.  Look at the ANZ home loans cost calculator.  [] 1. Use it to work out the potential cost for your home buyers. 2. Collate this information in a table on your wikipage. 3. Explain what percentage of the home buying value will need to be paid in stamp duty. Fill out a Plus, Minus, Interesting chart showing what you have found out about the costs associated with homebuying

Calculate repayments
What is a fixed rate home loan? What is a variable rate home loan? Explain on your wiki page.

 • [] <span style="font-family: +mj-lt; font-size: 12pt;">1. Use the repayments calculator to work out how much your couple will have to pay each month for both a fixed rate or a variable rate home loan. <span style="direction: ltr; display: block; language: en-AU; margin-bottom: 0pt; margin-left: 0.38in; margin-top: 2.88pt; mso-line-break-override: none; punctuation-wrap: hanging; text-align: left; text-indent: -0.38in; unicode-bidi: embed; word-break: normal;"><span style="font-family: +mj-lt; font-size: 12pt;">2. Calculate how much they would pay in one year. <span style="direction: ltr; display: block; language: en-AU; margin-bottom: 0pt; margin-left: 0.38in; margin-top: 2.88pt; mso-line-break-override: none; punctuation-wrap: hanging; text-align: left; text-indent: -0.38in; unicode-bidi: embed; word-break: normal;"><span style="font-family: +mj-lt; font-size: 12pt;">3. What percentage of their wage is spent on the mortgage repayment? Show your calculations. <span style="direction: ltr; display: block; language: en-AU; margin-bottom: 0pt; margin-left: 0.38in; margin-top: 2.88pt; mso-line-break-override: none; punctuation-wrap: hanging; text-align: left; text-indent: -0.38in; unicode-bidi: embed; word-break: normal;"><span style="font-family: +mj-lt; font-size: 12pt;">4. What is the total cost repaid at the end of the loan term? <span style="direction: ltr; display: block; language: en-AU; margin-bottom: 0pt; margin-left: 0.38in; margin-top: 2.88pt; mso-line-break-override: none; punctuation-wrap: hanging; text-align: left; text-indent: -0.38in; unicode-bidi: embed; word-break: normal;"><span style="font-family: +mj-lt; font-size: 12pt;">5. What percentage of the total loan repaid was the original borrowed amount? Show your working out.

Finding a home for your couple.

Search [|www.realestate.com.au]

Find at least three suitable homes for your couple. Take a screen shot of the details and save into a word document. Then upload this to your wikispace.