1 / 9

How much does it really cost to own your own home? What do you know about home buying? Fill out a KWL chart to show your

How much does it really cost to own your own home? What do you know about home buying? Fill out a KWL chart to show your understanding. Use the question dice to write a list of questions that you want to find out about the cost of buying a home. Scenario.

danica
Télécharger la présentation

How much does it really cost to own your own home? What do you know about home buying? Fill out a KWL chart to show your

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. How much does it really cost to own your own home? • What do you know about home buying? Fill out a KWL chart to show your understanding. • Use the question dice to write a list of questions that you want to find out about the cost of buying a home.

  2. Scenario • John and Lisa are a young couple who are looking at buying their first home. John works in the city and earns $60 000 per year. Lisa works in Greensborough and earns $40 000 per year, both are paid fortnightly. They have saved $35 000 as a deposit towards a new home. John and Lisa have no debt and spend approx $1200 per month on living expenses.

  3. Financial advisor • You are working as a Financial advisor and home finder. (choose a name for your business). • You have met with John and Lisa and gained information on their background including their earnings and expenses. • You will need to prepare a report for them to show how your business can help them to buy a property to live in. • Calculate how much money they may be able to borrow. • Explain any additional costs that may be involved. • Select a suitable mortgage product. • Select a suitable home. • Report on the total cost of repaying the mortgage..

  4. How much can you borrow? • Use the pay calculator to fill out the pay grid on excel, then produce bar charts to shown John and Lisa how there net pay is calculated after deductions have been made. • http://www.paycalculator.com.au/ • ANZ loan calculator • http://www.anz.com/aus/personal/home-loans/How-much-can-I-borrow/ • Use the loan calculator to work out how much money John and Lisa 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 John and Lisa’s savings to calculate the house price they could afford with their deposit. • Using the above information, write a letter of offer to John and Lisa explaining how of a loan you would approve them for and the amount that you think that they could spend on a house.

  5. Home buying costs. Look at the anz home loans cost calculator. Use it to work out the potential cost for your home buyers. Explain what percentage of the home buying value will need to be paid in stamp duty. Collate this information in a table http://www.anz.com/common/calculators/homeloanfee/exampleau.asp Fill out a PMI chart about what you have found out about the costs associated with homebuying.

  6. Choosing a loan • http://www.anz.com/personal/home-loans/compare-home-loan/ • Find out what a

  7. Search for a property

More Related