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  • Profile photo of first_timerfirst_timer
    Member
    @first_timer
    Join Date: 2005
    Post Count: 5
    June 1, 2005 - 12:20 am

    Hey BorgInvestor,
    What is “Low Doc” loan??
    can u please provide me with some websites where I can get to know more about these.
    Thnx in advance,
    Prady

    Profile photo of first_timerfirst_timer
    Member
    @first_timer
    Join Date: 2005
    Post Count: 5
    May 31, 2005 - 11:57 pm

    Hey Guys,
    Thnx for the feedback by all you Great people.
    I think Mortgage Advisor it rite,
    I should better see a mortgage consultant.
    and first save atleast 5% deposit money.
    Actually my case is exactly same as Cojah’s
    I started working 2 months ago as I was student before and ‘cos of decent salary I can save 5% very quickly.

    I work as IT contractor, so dont have any permanent job, but do have decent wages, will there be any problem getting a loan?
    Regards,
    Prady

    Profile photo of first_timerfirst_timer
    Member
    @first_timer
    Join Date: 2005
    Post Count: 5
    May 30, 2005 - 3:58 am

    Hi Steven,
    Thnx for your reply.
    I am totally new to property stuff and do not have any idea bout this field.
    I am an IT professional and searched and found this forum [cap]

    I have few queries from your post, if U dont mind clearing.

    what is additional 6% finance required for?

    what do u mean by
    “95% finance with LMI capitalized to 97% LVR”

    I just came across term LMI ( thnx to mortgage advisor) and know what it means and what it stands for , but what is LVR? and what does “LMI capitalized to 97% LVR” stands for?

    Estimated funds required: $23.500

    where is figure 23,500 coming from?
    the confusion is 6% of 300K is 18000 , can u please explain.

    The rates for 106% finance are approx. 8.55%
    but other guys are saying interest rate remains same , and I have heard interest rates as low as 6.55%.

    PLease clraify.

    I am eligible for FHOG grant.
    Once again, thnx very much to all u guys for taking out your preciuos time and helping me out.
    Thnx.
    Prady

    Profile photo of first_timerfirst_timer
    Member
    @first_timer
    Join Date: 2005
    Post Count: 5
    May 30, 2005 - 3:34 am

    thnx Aperry, Mortgage Advisor,

    What is the difference in LMI in terms of $$ between 97% and 90%.

    I went to mortgage consultant few days ago, he asked me “how much eager you are to buy home”
    I said, I can wait any number of months to save deposit money, all I am concerned is , saving $$$ in purchasing a house, ‘cos if interest rate charged is higher than the rent I am paying then I will better save deposit money first.
    So, You guys suggest go for home straight away , without waiting to save deposit money.

    Thnx once again.
    Regards,
    Prady

Viewing 4 posts - 1 through 4 (of 4 total)