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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Iva

4 months ago

Hi Rebecca! I'm a first home buyer specialist who services your local area. There are definitely a few options we can investigate. Get in touch if you like so we can have a bit more of a chat and see what we can do. Happy to take calls on the weekend. Have a great evening! Iva R.

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Glenn

4 months ago

Hi Rebecca, In addition to my previous comment or reply I haven't provided any information surrounding LMI or First Home Loan Deposit Schemes or Rental Ledger as this is all information that can be discussed if you need to look at all options and your situation before providing certain information that involves your current unique financial situation, end goal and what would be available to you to reach that goal. Have a great weekend? Glenn Rowan Senior Mortgage & Finance Broker Gold Broker HashChing

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Lucky

4 months ago

Hey Rebecca, hope you are well. As noted, 5% is sufficient deposit amount to work with. A rental ledger can demonstrate genuine savings. The banks understand that it is fairly difficult to save 20% and pay rent, therefore rental ledger is sufficient. Great work on investigating possible avenues, before you apply for the loan. Kindest Regards, Lucky Gamboa

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Mary

4 months ago

Hi Rebecca, 5% gifted is still valid for you and your fiance to purchase as there are other ways to show genuine savings. Provided that your partner is still working and can provide payslips, lenders may ask for additional documents to verify the income like tax returns etc. Regards Mary

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Matthew

4 months ago

Hi Rebecca, that's a great question thank you. One of the first things you may want to do is check if you qualify for the First Home Loan Govt Deposit Scheme, this is a Commonwealth Govt initative and the government is offering this through a small select group of lenders. There are 10 000 of these grants available to first home buyers each financial year. The second bit of good news is if you and your fiance are first home buyers you should also be exempt from paying stamp duty for purchases up to $650k For the purpose of full disclosure, if for some reason you don't qualify for the First Home Buyers Scheme there are lenders who will lend on a 5% deposit however don't forget you will then also be charged with Lenders Mortgage Insurance LMI so you need a lender who will lend you 95% of the property purchase price + LMI premiums on top. There are a couple of lenders who do this. In relation to your fiance's income. We would need to make sure he is getting a weekly payslip and we can also see his weekly salary credits going into his bank account. On a side note, there may be other ways such as parental guarantees that you might be able to consider to help secure your new home. Good luck with your home hunting and make sure you align yourself with a broker who will take their time stepping you guys through your home purchase and explain everything clearly to you along the way.

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Joey

4 months ago

Hi Rebecca, I hope you're both keeping safe. Congratulations on saving up 5% deposit, I know how hard it can be. Lenders can accept your savings as a gift especially if it's been in your account for 3 months. Getting paid weekly is acceptable though we would to know why it changes days to properly understand your situation. Please note, this is general advice only. More accurate advice can be given once your whole situation is known. Kind regards, Joey Refalo Mortgage Broker | Director Progression Wealth

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Keshab

4 months ago

Hi Rebecca, good questions and answer is yes, lenders are there to assist on your scenario, please get in touch if you want to proceed ahead with pre approval. thanks

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kelvin

4 months ago

There are lenders who can accept if you can show some other way of showing "genuine savings" - lets say by having paid rent. Its not uncommon to have little cash after paying rent. Income that is accepted would be to be through the tax system - and casual income / multiple jobs are OK if you can show continuity - 3 months to 2 years for different lenders. In these times of the virus - would need to show that the job/s can continue.

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Glenn

4 months ago

Hi Rebecca, I hope you're well? Thanks for your questions. There are lenders who can assist with what is called non-genuine savings. If you need to discuss further information, please click my profile link to get in contact? Kindest Regards. Glenn Rowan Senior Mortgage Broker and Gold Broker HashChing

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