Hi Guys,
Long time reader, first time poster
Anyway I am looking at buying my first home in the next 6 months or so and was wondering if anyone could provide recommendations on a good mortgage broker to use located in Canberra? Initially it will be my PPOR, however in the future (2-5yrs time) it will be turned into an IP.Any help or comments would be appreciated
Cant say i now anyone down that way but in saying that as most deals are done electronically these days the client and the broker dont have to be in the same town or City.
I have clients all over the Country and scattered around the world many of whom i have never actually spoken to but liaised by email with for years.
Most Banks require electronic lodgements when it comes to submission so a Broker in Brisbane could be looking after a client in Canberra and lodging it with a Bank who assesses the deal in Adelaide.
It really has come a long way since the old days.
Happy to answer any questions you may have if you want to post them.
Richard Taylor | Australia's leading private lender
Cant say i now anyone down that way but in saying that as most deals are done electronically these days the client and the broker dont have to be in the same town or City.
I have clients all over the Country and scattered around the world many of whom i have never actually spoken to but liaised by email with for years.
Most Banks require electronic lodgements when it comes to submission so a Broker in Brisbane could be looking after a client in Canberra and lodging it with a Bank who assesses the deal in Adelaide.
It really has come a long way since the old days.
Happy to answer any questions you may have if you want to post them.
Richard Taylor | Australia's leading private lender
Thanks Richard, here I was thinking that one would have a mortgage broker in the same city as them, ahh gotta love technology.
OK I have a question, what are the different ways of funding a deposit these days? Obviously cash is the primary one, however I have been funnelling money into shares etc over the last few years(and am not looking to sell these in the current environment
), thus I don't have the $50,000 or thereabouts deposit for for a mid $300,000 house. So if I had say $15,000 in savings on top of the $14,000 or $21,000 FHG (haven't yet decided on new or established) could one get by with that much. If not, is it possible (if parents are willing) to access say $20,000 equity in their house to add on top of my savings and FHG?
Another question: if one has a sibling who currently lives overseas (and hasn't bought property in Australia yet), if they contribute money as part of the deposit (silent investor lets say) would that impact their ability to claim the FHG when they come back to Australia in a couple of years and try to buy their first PPR in Australia?
Thanks very much for the help on these two questions
Michael.
Hi Michael
Yes the amount you mention should be sufficient to cover the deposit and costs.
Probably the way forward would be to put in a limited amount of deposit (Yes i accept you will incur mortgage insurance) but link the loan to a 100% offset account. I would look to take the loan on an interest only basis to give you maximum flexibility.
Stick anything over 5% deposit into the offset account and not only will you save you interest but will also have flexiability in case you have a need for the funds down the track.
Rather than contribute funds as part of the deposit (Although if they do this there is no problem in them obtaining the FHOG down the track) they would be better off to merely place the money in your offset account.
Hope this helps.
Richard Taylor | Australia's leading private lender
Thanks very much for the information Richard, that is very helpful and much appreciated
I'll definately have to touch base with you to discuss mortgage options etc in the next couple of weeks to get the ball rolling on this.Once again, thanks very much for all your help.
Michael
Pleasure michael as i said only an email away.
Richard Taylor | Australia's leading private lender
Anyway I am looking at buying my first home in the next 6 months or so and was wondering if anyone could provide recommendations on a good mortgage broker to use located in Canberra? Initially it will be my PPOR, however in the future (2-5yrs time) it will be turned into an IP.
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