hi all, my first time on this site, looks interesting.any hints in my situation would be apreciated.
I`m 38,and are self employed to contract to one company as a general manager earning aprox $150,000 per anum.I have only $15,000-$20,000 cash for deposit,and wish to purchase home to live inn for about $400,000.
I have set up a company in my wifes name only since jan 1st 2005, with a trust account of that.
I`d like to buy very soon,so as not to rent again at the end of this lease.hopefully someone out there will have the answer.
You’re 20k is enough to pay the 5% limit extension fee on a st george no deposit loan, but you’ve got no way of meeting the other settlement costs (stamp duty etc).
So I don’t know.
Stamp duty & land transfer registration alone on a $400K purchase in VIC is approx. $21K,
106% LVR finance is available but be warned the rates are very high.I agre with Oakley Regarding the St George 100% no deposit product, you will struggle with the closing costs not to mention the LEF fee.
If you are entitled to the FHOG you may want to consider a 95% loan with LMI capitalized, this may be possible to achieve on property in the slightly lower price range. Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Paul, it might work if you were a first home buyer, and buying in an individual capacity – ie not using a trust or company.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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