Hi Alison We may be able to provide you with many options. Interest rates for 40 year loan terms in LMI territory (ie where LMI premiums are included in the loan amount up to 97-98% LVR) will generally be in the mid to high 4% range. Based on your income you may be able to pass servicing for repayments based on a 30 year loan term. Furthermore, we will require an understanding of your basic and discretionary living expenses such as child care. For how long have you been employed and receiving commissions? Please call me for a confidential discussion regarding your scenario. Regards Paul
Hi Alison, I am doing 3 similar FHO loans - best rate 3.99% with 95% of value of house & land package. Great on your clean history! So you can get this rate. Please contact me via my Profile page so I can help you. Look forward to hearing from you. Kindest regards, Lezli
Hi Alison, yes there are Lenders who capitalise their Lenders Mortgage insurance over and above the 95% although these are limited. There is currently a lot of change taking place in the lender space and from now until you are ready next year this could change again. All we can do at this point is assess and provide you with information based on the current Lending market. Are you actually looking at a property now which won't be ready to settle until next year so that you can take advantage of the current FHOG of $20,000? Please view my profile to discuss further as we need to take into account your overall position. Look forward to speaking with you soon. Regards Karen
Hi Alison Thanks for your enquiry. I am located in Brisbane and would be happy to assist you with your planning. Generally, you would require a minimum of 5% Genuine savings excluding the Qld Great Start Grant. Some lenders will allow the grant to be used for costs including part of the LMI. There is little negotiation available for LMI, but different lenders charge slightly different amounts. Another thing to remember is that at the moment, the Qld Great Start Grant is $20,000 but, after 1st July 2017 it is expected to decrease to $15,000. It would be best to have a chat so I can go through your plans in more detail. My contact details are on my HashChing profile.. Regards, Bernie
Hi Alison, we specialise in First Home Buyers and Investors here in Queensland as well. We have several lenders who will finance up to 99.99% of the purchase price and will allow you to use part of the First Home Owner's Grant as part of your deposit. Interest rate wise, you are looking at anything from 3.69% p.a. and above but the more important things to look at will be who can accept your deposit requirements and you will be able to find serviceability with, according to the lender's guidelines. Many of our lenders will let you add the LMI into the loan as well to make it easier for you and some will even allow a 40 year term for first home buyers to help assist with affordability. I'd love to sit down with you and work out the specifics of your current situation and what you are trying to achieve to be able to find some suitable options for you. Please click on my profile and get in contact with me to discuss it all in greater detail. Regards, Matt.
@Paul. I currently have a base of $100k, commission $20-$30k and car $19k. With the low deposit loan and with a longer term of 40 years what is the ball park interest rate?
Hi Alison Exciting times ahead for you and your family. What type and amount of income do you derive at the moment? Will it be yourself borrowing only? We have access to many lenders that provide good deals to first home buyers including lenders that offer 40 year loan terms with a minimal deposit required. However we would need to undertake a proper assessment of your circumstances before we can provide you with options that you may qualify for. Feel free to contact me to have a discussion. Look forward to assisting you. Regards Paul Zada Senior Credit Adviser Smart Finance
Thank you everyone for your rapid response. Does anyone have a lender to capitalise the LMI air one that is negotiatable? The "extra" for LMI could be a problem with the dates I have in mind for the build
Hi Alison, I would be more than happy to help you out with your inquiry, if you can please call me (number under my profile).. Max lend for owner occupier is upto 95% of property value inclusive of lenders mortgage insurance, income required approx $80k to $90k, deposit approx $30k to $35k. Regards Anita
Hi Alison Thank you for your enquiry. We specialise if First Home Buyers in Qld. Historically at present a minimum of 5% deposit is required however there are a lot of other factors to be taken into consideration. Please go to my profile in HashChing and contact me. I will then give you a call to discuss further. There are some very good options available at present and I would like to assist you in getting into your first home. Regards
Hi Alison, many thanks for your question and enquiry. Based on the information you provided me, you would be looking at rates around 3.69% Generally, banks require a 20% deposit ($120,000) However, some banks will allow you to only use a 5% or 10% deposit. Please note that if you use a deposit less than 20%, you will be liable to pay Lender's Mortgage Insurance. Please don't hesitate to contact me for any further information.
Alison hi, Happy to assist. Well done on your savings. The minimum we can assist with is 95% lend which would need a $30k deposit. To service this type of loan there are a few variables. Contact me to discuss. All the best, John
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Greg
Dear Alison, Not sure if you realise it but the mortgage insurance cost between lenders can make a huge difference to your total costs comparing lenders. I need to find out more about your desires besides interest rate. Contact me for a brief chat.