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Thanks guys! Really really appreciate all the replies!
If you are still interested (I hoped!), I have some further update to announce.
Well, it turned out, that….well…the amount of money that my dad can provide me has now decreased to $112k (it was $370k before). And this is really final. (I know I said ‘final’ before, but now this is really the final of the final, sorry!). Turned out that his business needed more money than he thought originally. Can’t really blame him, it is fortunate enough for me to have him as my dad.
So….that means….I now have $40k savings + $110k gift to finance my target property of around $450k.
So how would you guys recommend me to structure the mortgage given the figures? As my income is only $450k pa, I estimated I could probably only borrow of $310k. So I will need $140k to pay upfront, which I assumed is already high enough to avoid LMI. Now to get the $140k, I think I will take $30k out of my savings + $110k dad’s gift. The rest of my savings $10k, I will use to move into the new property. What do you guys think?
In terms of the loan product, by the sounds of everyone’s opinion, it looks like having an offset account will be beneficial in the long term than not having it. So I will take that advice.
I came across the HSBC’s new discounted rate (see http://www.hsbc.com.au/1/2/fiftiesrate?WT.ac=AUH_hl50sratehpsm0409). Has anyone seen it yet? I think they just released it today. I am seriously considering taking it. I asked about it via the phone briefly. Basically they said exactly everything as advertised. The ad does not mention about offset account, but the lady on the phone said you can arrange that. It has a monthly fee of $20 though.
What do you guys think about the product? Any catch? Any recommendation on other products? I think I now have some features in mind that I wanted my home loan to have (based on people’s inputs from this forum). Basically, extra repayment at no cost, 100% offset account, redraw is not a must, and if possible no on-going fees. Any other suggestions?
Thanks for the replies guys.
My dad has also just called to say that he could only afford giving me exactly $360k. No more. So I need to get a mortgage of around $100k. Any of you could recommend some home loan products for me to consider that might suit a loan of $100k? I have some savings of $40k, I am now earning $45k pa.
I want to pay off the mortgage asap, and I want to avoid paying any annual fees if possible. I know I have to talk to a broker regarding this kind of thing, and I will actually. It is just that I am trying to understand how is everything at this stage so the next time I can be less stressful, and know something more.
Thanks.
