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Trent

5 months ago

Hi Ammu, it sounds to me like you need a review of your financial circumstances to not only understand your borrowing power, but to also understand if a loan of this size will place you under financial distress. With 2 dependants, one being an infant, it is extremely important that you understand what loan amount you can afford, not necessary just what loan you can qualify for. With the Loan Value Ratio (LVR) you are looking at, you will likely be subject to Lenders Mortgage Insurance (LMI) which will add to the total cost of your loan. While you are a first home buyer and possibly eligible for both the first home owner grant (FHOG) and the subsequent stamp duty concessions, there are also other peripheral costs associated with purchasing a house and establishing a loan that you need to understand to make an informed decision. I am happy to assist you with assessing your requirements, though I cannot guarantee I will secure you a loan. Sometimes the best thing we brokers can do for our clients is to assist you in understanding what is viable and what is not, and being willing to work with you over the long term to achieve your dreams of home ownership. Feel free to contact me anytime for a confidential and obligation free discussion. Regards, Trent

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Rishi

5 months ago

Hi Ammu, Based on the info provided you are eligible to borrow the requested amount at interest rates below 4%. There are many options for you to choose from Multiple lenders depending on your preferences. Please feel free to contact me to discuss further. Regards, Rishi

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Girish

5 months ago

Hi Ammu , the financials that you have provided , works well with the servicing requirements , I can imagine the confusion you may encounter with the various online calculators , they are usually there only as a guideline and are only an indicator. I can certainly give you a more realistic indication . Focus on interest Rates may sometimes lead you away from selecting the best lender and best product suitable for your requirements . I am accredited with various lenders , and can offer your comparative advantages /merits of each Bank , to help you make the best selection. Do get in touch for a personalised solution , cheers

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LEZLI

5 months ago

Hi Ammu. Yes you can get $500K + with 3.63%. Please contact me via my Profile page & I can help you. No problems. Don't delay as this rate is LOWEST & Special Winter rate. Will be withdrawn. Lezli

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Allan

5 months ago

Hi Ammu, I've checked your borrowing capacity using the additional information that you provided. I have factored in some costs for your government fees plus legal fees and also the estimated mortgage insurance. Based on this and using your full $40k plus your grant, I estimate an end loan circa $421k, Your borrowing capacity with the lender is $430973, so you have a little bit of a buffer, The interest rate is 3,99% which is a variable rate with a lifetime discount. Come back to me via my profile if you require any further information. Regards Allan

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Ammu

5 months ago

Thanks for your response. Yes, I do receive Centerlink payment as per below. I am slightly confused on my borrowing power with different numbers in different online calculators and your responses . Kindly advise my max borrowing power as per below details and lowest rate possible and I shall get in touch with you as soon as possible. 1. Gross Annual Pay - 84000. 2. Centrelink Payment as below. Part A - 58.80 ( Fortnightly) Part B - 154.98 ( Fortnightly) 3. Dependents - 2 (Wife and Infant) 4. Property Value - 460,000 5. Deposit Available- 40,000 ( Inclusive of Home & Build Contract and Cash Savings) 6. Home Loan Required - 420,000 7. No other loans/ No debts/ No Credit Card / No Vehicle Appreciate your response.

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LEZLI

5 months ago

Hi Ammu. I can get you 3.63%. So please contact me via my Profile page. This is a special limited offer. Look forward to hearing from you. Kindest regards. Lezli

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Daniel

5 months ago

Hello Ammu - Yes, you can get a loan amount of $420,000 and does 3.89% sound ok to you. Let me know if I can help. I am based in the West so let me know if I can help. Regards Daniel

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Simone

5 months ago

Hi Ammu based on my calculations from the information provided, you may not qualify to borrow $420,000. However we need to find out more and as others have said you haven't mentioned whether you receive family payments for your child and we need to confirm your living expenses to be able to determine what you amount you would qualify to apply for. At the moment I have access to lenders who are offering construction loans for owner-occupied purpose under 4.00%. Happy to answer any further questions you might have.

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Allan

5 months ago

Hi Ammu, Thanks for your question. As my colleague has stated above you may need any Centrelink income that you receive for your child to get this over the line. We would also need to know about any other existing unsecured debts that you may have, such as credit card limits and any personal loans/finance payments if applicable. You also need to factor in mortgage insurance as you are borrowing above 80% loan to property value but based on your savings & the fact that you would receive the First Home Owners Grant of $10,000, I am fairly confident that you have sufficient savings for the project. Not every lender in the market offer construction loans but I have access to a few who can offer less than 4.00% despite the fact that you would be borrowing above 90% loan to value inclusive of mortgage insurance. I can be contacted via my Hashching profile to discuss your scenario further. Regards Allan

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Girish

5 months ago

Hi Ammu , you may be eligible for the loan based on the financials provided. Being a first home buyer building a brand nee house you are also eligible for the $10,000 government grant and almost zero stamp duty. Do you recieve any centrelink benefits for the infant child. I am happy to have a brief discussion to workshop your needs , do go through my profile to make contact . All the best for your new home

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