Mortgage Calculator for Victoria Residents — 2025
This calculator uses the same Australian-standard formulas as the national tool, with specific guidance for Victoria (VIC) residents. Key VIC-specific financial considerations are highlighted below.
Victoria Property Market — 2025 Overview
The Victoria property market in 2025 has an average house price of approximately $850,000 across the Melbourne metropolitan area, with regional VIC properties typically trading at 20–40% below capital city prices. Average weekly rents in Victoria run approximately $530/week for houses, with units averaging 15–25% less.
Victoria Stamp Duty
FHBs pay zero duty on homes to $600K; concession to $750K. Always verify current thresholds with the Victoria State Revenue Office or a licensed conveyancer before exchange.
Income Tax in Victoria
Victoria residents use standard ATO federal income tax rates. No additional state income tax applies in Australia. The standard ATO federal income tax rates and thresholds apply to all VIC residents.
GST in Victoria
Standard 10% GST applies across VIC. Small businesses with under $75K turnover may not need to register.
Victoria Trade Rates (for hourly rate context)
| Trade | VIC Rate (2025) |
|---|
| Paving | $85–$130/hr |
| Builder | $90–$140/hr |
| Electrician | $100–$150/hr |
Frequently Asked Questions
How much can I borrow in Australia?
Most lenders apply a debt-to-income ratio of 6–7x gross income. On a $100,000 salary, you may borrow $550,000–$700,000 subject to your expenses, existing debts and APRA's 3% serviceability buffer. Your actual borrowing capacity varies significantly by lender and your financial circumstances.
What is the difference between fixed and variable rates?
Variable rates move with the RBA cash rate — offering flexibility (extra repayments, offset accounts) but uncertainty. Fixed rates lock in a set rate for 1–5 years — offering certainty but usually no offset and break costs if you exit early. Many Australians split their loan between fixed and variable portions.
What is LMI and how can I avoid it?
Lenders Mortgage Insurance (LMI) is required when your deposit is under 20% of the purchase price (LVR above 80%). It protects the lender (not you) and can cost $5,000–$40,000+ depending on loan size. To avoid it: save a 20% deposit, use a guarantor, or access government schemes like the First Home Guarantee which allows eligible FHBs to buy with 5% deposit and no LMI.
What is a comparison rate?
A comparison rate combines the interest rate and most fees into a single annual percentage showing the true loan cost. It makes comparing loans from different lenders more straightforward. Always compare comparison rates — a low headline rate with high fees can cost more over time than a slightly higher rate with no fees.