澳洲Australia property Loan Advice needed for first home! | Sydn
Hi guys.... I'm looking at buying my first home with my husband and we are after some advice on how to structure the loan.
We are intending on purchasing IP's later on down the track when we have some equity) and our home will eventually become an IP when we can afford to move into something better (probably around 8 years).
Is there a particular loan that would suit our situation? IO or I&P?
Also...do you know of a lender that would be willing to take us on? We need to borrow at least 105%
Husband's wage approx 1300+ net per f/n (casual but full time hrs)
Government assist 300 per f/n
Credit card debt 7500
We realise our numbers are poor but we're totally sick of paying rent and we know we can afford home loan repayments. We want to borrow around $200K.
We believe that we're not entitled to the FHOG because hubby has owned a home for 12 months with ex in 2001 (he didnt receive the grant though)
Thanks for your help!
Probably be best if you discuss your situation with a broker. Plenty of good ones on here.
Thanks for your advice....we've had a mortgage broker come round to the house but we were not very impressed.
We need advice on what would be best for us.... basically he said there was nothing he could do for us and didnt really offer any suggestions.
We need someone to go....'right, I know you want to get into your own home, this is what I think you should do, etc'.
There are plenty of brokers on here that aren't mickey mouse bananaheads.
- Rolf Latham
- Rolf Schaefer
- PT Bear (Peter)
There's a few others, but those ones are the ones that I would deal with first (in no particular order).
You're welcome. Good luck with your purchase.
Whatever loan you choose I would suggest that you borrow the maximum you can and then place any excess funds (and future savings) in a 100% loan offset account. IO and pay the difference betwen the IO and P& I into the offset account.
When it comes time to convert PPOR into IP you will be able to take the money from the offset account and the tax dedectible debt will rise again to your original borrowings.
This will maximise the actual cash you place in your future upgraded PPOR and kep your non tax deductible debt as low as possible.
Of course you might want to do something more active wiht your money than place it in your offset but that's a whole new post!
Calling all mortgage brokers!
Thanks Goanna for your advice.
It would also be great if we could get some advice from mortgage brokers on this site. Do you know of any smaller lenders that are more flexible with their lending criteria? We've approached a lot of the major lenders and they basically dont want to see us until we have a long savings history and a deposit.
ive heard of 110% loans.... any comments?
Dont know about 110% but 106% is certainly available.
Very post code restricted but quiet good to deal with.