Your borrowing power is the maximum amount of money you can owe at the end of the day and have to start repaying... it doesn't matter what the deposit is.

HTH
M
:yeahthat:

I used to work as a lender for a major bank and it can get very confusing sometimes, if you have any questions feel free to ask away.

Misty has given you some good advice about fees, but the good thing about being a first home buyer in QLD is that you're eligible for the $7,000 first home owners grant and you will not have to pay any stamp duty on a purchase price of $275,000. Only transfer and registration of mortgage fees which is just over $500 and your solicitors fee. It is easier if the bank processes your first home owners grant at the same time as the mortgage and it allows you to receive the funds on the day of settlement, you can use it to reduce your loan amount or for whatever you want really.

Good luck!