Hi Scotty – well done on saving $55K. Most young people dont have that much saved  and end up with a 95% loan.Assuming you are in Victoria and looking for a House/Land PPOR, you will also have a FHOG of $20K in a Melbourne metro area or $26,500 regional. There will also be great stamp duty savings.If you do go down the road of PPOR, there are ar…[Read more]

Hi Echidna

How is your search for a low $200s property going?
I’m about a month away from securing a deposit for my first Investment Property up to this amount.

Reading Jarrah’s post on +ve cashflow properties has motivated me to get off my bum and look for opportunities out there preferably in or around Melbourne so I can keep an eye on my…[Read more]

Hi Brett

I have checked with the Bank.
Their answer is that not only must the loan be repaid in full and loan account closed and cancelled, mortgage must be discharged as well. All this within the first 12 months of policy being written, there is no pro-rata. Premium refund is 40%.
Please also note that First Option Home Loan has an exit fee of…[Read more]