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I wouldn’t dismiss APR as quickly as that. It is still useful for eliminating obviously expensive offers before building a detailed spreadsheet. The danger with a custom holding-period calculation is that small assumptions about moving or refinancing can make whichever quote you prefer look...

A$56,240 sounds like a reasonable cushion on paper, but I wouldn’t allocate it until the inspection and final costs are clear. First reserve an emergency fund that you won’t touch for furniture. Then account for moving, insurance excess, the first mortgage payment and any service charges due...