Hi Dan,In terms of structuring the loan, it doesn't matter if you take up a P+I or an IO loan, you'll be able to get the FHOG regardless.In terms of structuring the loan, an IO loan gives you a bit more flexibility then a P+Ioan. An P+I loan would only be ideal if you want to pay off the property, and may not be disciplined enough to put in…[Read more]

Hi Lou, Check out the State Revenue Office website in your state, they should have the answers. If no luck try your solicitor/conveyancor as they usually oversee this activity. The documentation has to be prepared for the lender, prior to settlement and the Stamp Duty usually comes out on or after the settlement date. You will need to nominate an…[Read more]

critter66 wrote:
what do we do???? we own a house valued at $530K….we now have three kids and need to move closer to work , schools etc….we could get $440 rent per week but the houses in the areas we need to live in are about 700K…we are not savvy with investing, we had our heads down for years to pay the house off ,we have a joint income…[Read more]

Hi Leda, The equity in your property is the portion of the value that is not financed. If your property is worth $568,500 and your debt is $435,800 your equity is $132,700. Some lenders will lend up to 100% of the value of your property and they would require you to pay Lenders Mortgage Insurance or equivalent. This may give you some more room to…[Read more]

When you are self employed the lenders look for security in your employment or larger deposit. Generally you will need to have 2 years financials, one year to see your income and the second to compare and for serviceability lenders will generally take an average of the two. If you have 20% deposit plus the funds for your fees and charges some…[Read more]

Before you commit to one lender you should do comparisons and find out what other lenders are offering. Some lenders may be better suited because they have more branches and easier access, or because they have loans with redraw and no fees. Many people use this facility to reduce the interest they pay and even though the rates you have mentioned…[Read more]

If you have applied for a variable rate product you will get whatever the rate is at the time of settlement. With fixed rates you should have been offered the option to “rate lock”, for an extra fee, at the time of application and this would have guaranteed that rate for up to 3 months. This would have meant you had the rate you applied for at the…[Read more]