Hi Guys,
I need a mortgage of around $675k. Can someone point me in the right direction so I can start looking for the best deal?
Thanks in advance
Hi Grant
Welcome to the forum and I hope you enjoy your time with us.
The answer is not straight forward as there are so many variables which would include is the loan to be residential / commercial, purchase or refinance, investment property or principal place, the purchase price or valuation.
Other such questions i would ask you if you were a client would include income, credit position and features you are looking for in the loan itself.
Do you understand the benefits of interest only loan ?
Have you found a property or do you merely need pre-approval at this stage.
Once i have a indication as to what you are looking for then i could start to pain t a picture of what is out there.
As i say dont appear to be negative but not a matter of just grabbing a lender and running with it.
By all means post some answers (dont expect you to reveal any personal information on a public site) and be happy to comment further.
Richard Taylor | Australia's leading private lender
Hi,
Yes I suppose I was a little vague. Let me try and explain a little further.
I dont own anything yet. I am looking to purchase a resi property through auction in 2 weeks. The strategy is to buy, renovate and sell all within the space of 6 months if not sooner. The $675k is what we expect to pick the place up for but could get it for slightly less,…..we hope!!
My salary should be enough, so Ive been told, to cover that figure easily.
I hope this is a little clearer for you. Any advice you have would be great.
Thanks
Ok 2 weeks wow you are pushing it.
If the anticipated purchase is 675K what are you looking to borrow against it.
I assume will be looking at the property as an investment property so wont be claiming the FHOG.
Realistically max lvr would be 90% and anything over 80% lvr the mortgage insurers are going to want to sight 3 months savings history. Also i would be trying to ensure the lender has done a full valuation upfront rather than risk this post auction.
With the Auction terms does the vendor require 10% on the signing or will he accept a Deposit Bond.
All in all at < 90% possible to get finance but going to be fairly tight.
Richard Taylor | Australia's leading private lender
Hi Richard,
Yes I am looking at 90% lvr and dont really want to pay mortgage insurance. I think the termsof the auction is 10% on the day.
I guess getting to a lender ASAP will allow me to get a valuation done ASAP??So bearing this all in mind, where do I start looking for something?
Anything over 80% especially if you want it done quickly will incur LMI so you need to factor this into your figures and is charged by all major retail banks. (work on circa 2% of the loan amount for a 90% lend over $500K borrowing).
If want to pay the loan in 6 months you will also need to factor potential deferred establishment fees or early exit penalties.
Richard Taylor | Australia's leading private lender
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