I have another question. Because the banks can only give you upto 95% of the LVR, is it possible to apply for 2 separate mortgage loans on the one property?
Hi Tony, Based on the questions you asked, brokers can answer most of your questions and will guide you through your first property purchase. To answer your question regarding your offer not accepted, your preapproved borrowing can be amended as it is calculated based on the property you purchased. Hope this helps and feel contact me or any other Hashching brokers for assisting you. cheers James
Say for instance, a property is worth $470,000 on the market that you are interested in. Now, you can borrow upto 95% of the property value, so it'll be $446,500. Now, once you apply for the loan for that property and before you put a deposit on it, somebody else snaps it before you get the chance to, your left with funds sitting in your account that you missed out on purchasing that property. If you find another property that is less than what you have already applied and have the funds for, say for instance the new property your interested in is $420,000. Are you able to purchase that property now that you have funds available before your 1st property that you missed out on ? Or, do you have to use up all of the funds for a property that is worth the amount that you borrowed initially? thanks
Hi Tony There is an opportunity to borrow with 5% deposit. It depends on which state you are in and you might able to seek the stamp duty exemption. Otherwise you would need to pay for it yourself. Next important question is your employment where lender mortgage insurers would want to see a solid employment. If you are in NSW, feel free to have a quick chat with me. Cheers James
Hi Tony, Reiterating what you have already been advised, the maximum you could borrow would be 95% of the value and/or sale price whichever is the lower. ANZ will also allow you to capitalise lenders mortgage insurance if you are an existing customer. Regards,Ken
Hi Tony, further to your new remarks - you can't borrow more than the house value. You can't get a $450K loan on a $410K property. Not possible. Max borrow is $389.5K IF the Lender's Valuer - values the property at $410K. Kindest regards. Lezli
Thank you all for your quick and professional responses. I will be in touch. Thanks again.
Hi Tony Unfortunately, if you do not have any other property then the maximum you could borrower would be 95% of the purchase price or valuation whichever is the lesser. So if you looked at $410,000 then the maximum any lender would consider would be $389,500. This would require $20,500 plus costs which will depend on which state you are in and whether you are a first home buyer. The other option is that you could have a family member provide you with a guarantee and they would use their own property to support your application. Hope this helps. Look forward to hearing from you so that your other requirements can be discussed further.
Sorry location is NSW. Will the first home grant make up the borrowing power of $450k?
I can do a rough breakdown. Salary is $107,500. Deposit $50,000. Loan $450,000. Property $400-415,000. If I need the additional funds to cover the gap ( so 450 - 415 = 35) , my deposit would be $85k?
Hi Tony, Sorry the max loan is 95% unless you have a family guarantee. If you are in Qld & you are building you could get the grant of $20,000 as a FHB, we could structure the loan so that you had funds left to purchase furniture etc. Call me via my profile to discuss - regards Steve
Hi Tony, yes but you need to find equity either through a deposit, a property you own with avaiable equity or use a family gaurantee. A Family Guarantee loan is a way for immediate family members, like parents, to help you purchase a home without them actually providing the cash for a deposit. Your family members can use the equity in their own home to provide additional security for part of your loan amount. So you get into your home faster, with help from your family. If you would like to discuss further you may contact me by clicking on my profile. Thank you for your question. Regards Santino.
depending on income you could get a home loan with a small credit card but of course that would give you something else to pay. over time if the home prices keep increasing, you may be able to increase the loan due to the increase in equity and payout any loans. always a risk in that option though.
Hi Tony, You can borrow up to 95% of the House Valuation. So if the Lender's Valuer values the house at $410K, you can get 95% of $410K = $389,500 only. Some lenders will add the Lender's Mortgage Insurance into the 95% lend. I have lenders with great rates - variable 3.67% & 3 year fixed 3.99% received today. Look forward to hearing from you. Kindest regards. Lezli
Hi Tony, the maximum loan would be $427,500 95% Loan Value Ratio, you would need to have the 5% Deposit and costs. If you are a First Home Buyer and intend to purchase after the 1 July and in NSW, there are some concessions available to you. If you have another property that has equity available either owned by yourself or from a family member there is a possibility that you can borrow all that you need. We would need to understand your circumstances and financial position before we can recommend a way forward. if you wish to discuss this further please view my profile to obtain my details. Cheers Laurayne
Hi Tony, if you are a first home buyer, you may be eligible for the first home owners grant and exemption from stamp duty depending on which state you are in. By using the $50K towards your deposit, stamp duty and set up costs, you have a loan of approx. $390K. If you are in WA, I be happy to discuss further your requirements. Please view my profile for my contact details. Have a great weekend. Andrew.
That's a pitty. I was hoping the little bit extra would be allocated towards furniture etc. I don't want to look into a separate personal loan, I would rather have everything in one loan. I thought by having a reasonable amount of savings it should work out.
Good Morning Tony, There are a number of ways that this can be achieved however we would need to know a little more about your situation to establish if this can be achieved. Please access my profile so that I can then contact you to discuss further. Just remember that there is no fee just a little time to discuss your requirements. Regards Karen
Hi Tony, you would need to use equity from another property to borrow more than 100% of the value of the property. This could be possible under a family guarantee for example. Hope this helps. Nadia.
Unfortunately not. You can only go up to 95% of the property value for a base loan. In this case, you would only be able to get a base loan of $389,500 and would have to provide the shortfall plus stamp duty. Alternatively you could use a family members property as guarantee and then have a loan which is worth more then the property.
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LEZLI
Hi Tony there are ways of working out your loan please contact me via my Profile page & I'll help you in how I can get around your loan sum. I love challenges & will solve your problem. Lezli