Ok, i have come back to considering buying a house after almost a year where i had gone off the idea to bide my time…
In mid 2010 i had signed up to build a 4bd/2bth house in Bertram to the south of Perth with a package builder (for around $337,000) and all i had to do was send in one last form showing a cancellation of a credit card and that would have been me signed and sealed, but i pulled out as interest rates were going up and prices were coming down which seemed a bad deal…
I think in Perth the property market might have turned, i expect no great growth over the medium term but not sure prices are going to go much lower and so soon might be the time to get back in the market… The whole debt issue in Europe and whether unemployment etc will be going up here soon and keep the market depressed or going down still lurks at the back of my head but who can ever time the market as to when its near bottom or near top???
I was thinking of buying more of a 3bd/2bth unit now closer to the city, probably around $320,000 depending on what the starting price was and what i could negotiate them down…
I have a deposit of around $17,000 (which didn't seem enough anymore seeing many banks had gone back up to 10%+ deposit needed) but i read at news.com.au today that "Commonwealth Bank, NAB and Westpac reduced deposit requirements to 5 per cent on some home loans this month".
Now i have banked with ANZ for over 10 years and built and sold a house back in early 2000s, but unfortunately they seem to be the one major that hasn't dropped down to a 5% deposit (which i think my money sitting in a high interest savings account should be able to cover but not 10%)..
With a wage increase in April i will be on a tick under $100,000 p/a, a secure govy job, only debt is about $6k split across a couple of very low balance transfer credit cards on a $20,000 car i nearly own… Don't have a lot of outlays as i try to live fairly frugally, only weakness is a bit of a like for overseas travel… :o)
I am now renting at $400/week which is going to make saving the deposit up much further difficult… Which lender(s) would you suggest I have a crack at approaching??? I am going overseas in May/June so might be interested in finding something once i come back… Still pondering about the fixed vs variable thing as well…
I can give you two personal recommendations. One is for a mortgage broker, so she can access all lenders. The other is for a lender based within St George and she has been extremely accommodating and helpful.
I would highly recommend both of these people and have had nothing but excellent dealings with both.
Worldwide Group – Michelle Medhurst (managed to negotiate a 95% lend in June 2010 for a new permanent resident purchase of PPOR, after lender changed mind after signing contracts she managed to rapidly find another lender who agreed to fund the loan and settlement occured on original set date)
St George – Clare Keil (extended investment loans to purchase additional property and found a creative way to avoice a physical on-site inspection valuation which may have jeopardised the loan's success)
If you would like their direct contact details please PM me. I'll stand behind my recommendation and would happy if you pass on my name (Emma Celis) as giving the referral.
Sure Clare at SGB is a really nice lady but unfortunately she has NO credit authority.
The Dragon now uses a full Credit Scoring model and it can be descibed as poor at best.
In regards to Anz they are back to 95% lvr as long as you have held a qualifying account with them for the last 6 months.
This includes a Credit card, personal loan or mortgage.I know which one i would choose if i had a choice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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