Need some help once again, still haven't found the dream home! My partner an I though we mind as well spend a little more an get a olerd house or a townhouse.
It will be our first home and we will be paying IO as we may use it as a investment property way down the track! postive thinking…
We currently have a conditional approval with ANZ for $410, if we were to push our loan to $500K (i.e. property purchase would be not more then $550) with 10% deposit, we know we will have to pay LMI. If we have a combine income of $7.5K per month, what are our chanced of getting the loan amount to $500K on IO? we just want to make sure if one of us do lose our job we can still service it, along with savings for the mean time… touch wood
Thanks in advance for any help.
Regards
Work Ur Money
Just a quick one. If you can avoid LMI do it. Have a think about what you are paying for. If you default on your loan the lender gets to sell your property back to the market and accept any price it likes. The short fall is paid by the insurer and then goes after who? Who paid for the dogs that are unleashed on you?…………………………
On your other point:
Work Ur Money wrote:We currently have a conditional approval with ANZ for $410, if we were to push our loan to $500K (i.e. property purchase would be not more then $550)Make a decision on the precise max price you will pay for a property that you are both happy with. This will prevent you from going above your means or having to do without something your have 'budgeted' for. It will also help take out the emotion that can be associated with buying your house/home, its pretty powerful.
Ask your partner again if they would like to live in a old home for more money or a new home for less again and watch their reaction closely.Thanks for your advice Jimbo8u, will take the points into consideration. It's an eye opener
You must be logged in to reply to this topic. If you don't have an account, you can register here.
