My partner and I would like to use the FHOG as a deposit for a house from a private sale.
Is this acceptable and if so any suggestions for going about it.
Thanks Helena and Ken
Helena Andrewatha
Hi Helena and Ken,
The FHOG can be used as a deposit, However a lot of lenders will require 3% to 5% in genuine savings,There are some lenders who will except gifts if you do not have the required funds to complete the deal,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi Helena,
There are also 100% finance options available to you. There is another thread in this forum called 100%-106% finance, which may be a useful read (and some bickering going on too hee hee).
Also St George offer 100% finance product but there is a 2.5% fee. The interest rate is higher then the Standard Variable but thats the price you pay.
For a normal product you need 3% as genuine savings (meaning you’ve saved 3% of the purchase price over a period of 6 months and have bank statements to prove it).
There are many ways to skin this cat… and plenty of brokers on this forum to help you, but more information would be necessary. More to the point – what is the purchase price, what state are you in, and is it to live in or rent out?
Let us know you and you will find your answers here [wink2]
Liz
Mortgage Lender
Thanks be to Rob for reading the post correctly…
Helena can you clarify whether you hope to use the deposit for the initial deposit (if this is the case Rob is of course correct) You will need to negoiate a very small upfront deposit or get a deposit bond…
OR if you simply want to use it for settlement of the loan (when you get the keys and the bank gets their loan etc) you can…
Liz
Mortgage Lender
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