- Hi all new to the forum. Looks like its a winner.
Ok, my partner and I are looking to buy our first home, something around the 300-350k mark. I currently earn 140k and my partner 28k per annum.
Our current debts for car loans adds up to 18k, with no credit cards or other bills. We have 1 sibling.
Unfortunately I have no savings as I have been ill disciplined the last few months with travel and holidays etc. I really want to settle down and start getting some financial stability.What I would like to know is the following:– Is it best to get a no deposit home loan and make use of the lower interest rates at present? If so, which lender would be the best to speak with?– If a no deposit home loan is not the option, how much saving along with the first home buyers grants be sufficient? I know more is best, but I would just love to get in there and get a house.The house will be situated in QLD, I believe there are certain stamp duty benefits for QLD properties?I would appreciate any great info you guys throw at me. Thanks in advance and all have a nice day
boostdef wrote:We have 1 sibling.What is the relevance of how many brothers and sisters you and your partner have to your ability to obtain finance?
Child I meant to write. Sorry.
Thanks for pointing that out.
Hi Boost
At 100% lvr, FHOG will cover the lmi and costs so you won't require any savings.
Or you could consider 97% and capitalize lmi, and the grant will cover the 3% and costs
Loan serviceability at $350k will not be an issue for you with your good income and minimal debtsas for lenders, Rams does 100% lvr at 5.69%.
For rates with other lenders, i'm sure others on here will let you know…
if you want help with Rams let me know..good luck..
Yes in Qld you will be exempt from Stamp Duty on your purchase and thnakfully eventually they did away with the dreaded Mortgage Stamp Duty in the Sunshine State.
Depending on where you are buying i can certainly recommend a very good Solicitor who does nothing else but house purchase and has acted for dozens of my forum clients.
Often rather than speak to a dozen lenders direct you are better off with an independent mortgage broker who can tell you the pluses and minuses of each and every lender. Their services are free as they are remunerated by the lender.
Shoot us a note if you want some ideas.
Richard Taylor | Australia's leading private lender
Thanks Guys.
Is there any chance in consolidating other debts with the Home Loan? Do any lenders allow this?
If so, would this be a good move? Or is it best to wait it out for capital gains?
No unfortunately no lender offers more than 100% these days (The old 110% loans have been withdrawn).
Nothing to stop you using part of the $14,000 FHOG to paydown some of your costs after covering your loan, LMI or similar and acqusition costs.
Richard Taylor | Australia's leading private lender
Righto, Cheers guys.
Does Westpac offer 100% loans? I see they have quite low interest rates fixed for 3 years?
Like a lot of lenders it is a 97% LVR as no-one capitalises the LMI these days over 100%.
It is 100% less LMI.
Do you really want a fixed rate loan at the moment. Wouldnt you be better off to wait and see what fixed rates do over the next 6 months before locking in.
A fixed rate has a lot of disadvantages in a fall interest rate economy.
Richard Taylor | Australia's leading private lender
Thats a good point.
Thanks mate. Will have a look for some good brokers to see if they can get me a good deal.
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