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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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Amit

3 years ago

Hi Nishar, Provided you have sufficient income and good credit history, $30K is sufficient to purchase a property worth $400,000. There will be mortgage insurance applicable, as you will be borrowing more than 80% of the purchase price, however we have access to lenders, who will allow to add this cost onto the loan amount. Please keep in mind it may be an issue if you re trying to purchase an unit in high residential areas. Please give me a call on 04**** 809 if you like to discuss further.Regards, Amit Singh

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Ricky

3 years ago

Hi NisharThere is a special policy where if you are renting you can do a low deposit loan, which means if you are short you can still buy the house.If you need to know more call our office and ask for Steve 08****009

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Alan

3 years ago

Hi Nishar, you would need approximately $40,000 as the funds to complete the purchase. See my workings below:$400,000 purchase price +$ 13,490 stamp duty +$ 110 mortgage registration +$ 219 Land Transfer +$ 850 Conveyancing +$ 12,366 Lenders Mortgage Insurance =$427,035 FUNDS REQUIREDless $30,000 FUNDS AVAILABLE= $397,035 loan amount required.This loan amount exceeds the maximum LVR most banks will go to. Assuming max LVR of 97% (inclusive of LMI premiums), the maxiumum you could borrow on a $400,000 property is $388,000.Therefore you are approximately $9,000 short.If you have other security available, from family, you could use a limited guarantee.Call me to discuss this further.Kind regards,Alan Harrosh / Rosh Partners / Directorm: 04**** 558 t: 03****1702 (Direct) 03****1700 f: 03****1701a: Suite 10, 333 Canterbury Road, Canterbury VIC 3126w: rosh****.auAuthorised Credit Representative No. 398857 of BLSSA P/L Australian Credit Licence No. 391237

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Andrew

3 years ago

Hi Nishar, $30K would be sufficient for a 5% contribution towards a purchase of $400K with funds left to meet settlement costs. I would be happy to discuss with you the requirements for pre-approved finance which is valid for 3 months. This is a great benefit as provides certainty knowing a bank will support you whilst you investigate properties within your price range. Please give me a call or email to discuss further.

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Tony

3 years ago

Dear Nishar,Thank you for your question, as a first home buyer this is a confusing time as there are many factors you need to consider. There is a lot of information and this can become confusing at times. If you are free to discuss in private, I'm open to guide you through this process and if you feel you are not ready we can work towards your financial goal. Please feel free to contact me or email me your contact details at your convenience.Regards,Tony DuranPrincipal Mortgage ProfessionalFocus Broking ServicesM: 04**** 222E: t****@focu****.auW: www.****cu****.au

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Patrice

3 years ago

Hi Nishar, Thanks for your enquiry. Yes, a $30k deposit would be sufficient for some of our lenders to consider a loan application for you. There are other criteria that applies to meet certain policies - eg. are the funds genuine savings (saved over 3 or more months) or are they gifted. Your 2nd question didn't come through on my system. If you can send it through to me I can answer it.Or alternatively you can call me to have a more detail discussion.Kind regards,Patrice SullivanFinance SpecialistMobile 04****9996

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Chris

3 years ago

HI Nishar, buying a property for $400k in NSW will incur around $1-2k in costs as a 1st home buyer. (some government costs as wll as your solicitor fees etc). The maximum a bank will lend you is around the 95% mark but as you are borrowing over 80% of the property value you will incur mortgage insurance. Which must be factored into your cost base. I.e. 5% of $400k is $20k. loan of $380k plus mortgage insurance of which depending on which bank you use, will cost anywhere from $13k to $15k.I.e. you may end up needing $35k.Please note as you must also be careful of the type of property you are buying as certain banks have restrictions on what they will lend against i.e. small apartments, rural areas, certain postcodes etc may have restrictions on them which restricts the percentage lent against them from 95% to 80% or even lower. Ideally it would be best to discuss the issue in more detail before you decide to proceed to purchase your 1st home.

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Albert

3 years ago

Hi Nishar, Thank you for your question. You will need a minimum of 5% of the property value for the deposit and approximately a further 5% for other costs like stamp duties, legal fees and the like. So for a $400K property you will need $20,000 for the deposit and roughly $14,000 for stamp and government duties and another $2,500 for legal fees. As a result you are about $6,500 short, however some lenders will allow you to borrow the money to cover the stamp duties and legal fees so their may be some options open to you. Importantly because you will have very little equity at the start, borrowing with only a 5% deposit means the lenders will be a little more stringent with their testing criteria but if you have the income to qualify their are lenders available.I hope this helps.Please feel free to call me on 1300****88 to discuss your personal circ****gardsAlbert

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