

Hi Oleen, Typically you would need a minimum Deposit of 5% and Stamp Duty on the Property Purchase can be up to 5% too depending on the location of the property. The standard maximum Loan Term is 30 years although there are a couple of Lenders offering 40 years now too. I'm not convinced a 40 year term is the way to go though. I would prefer to suggest purchasing some less expensive to ensure you don't over commit yourself and the amount of interest you would pay over 40 years would be VERY substantial, you can always trade up down the track! Monthly Repayments on $500k over 30 years would be around $2,500. I have provided a link to a loan repayment calculator for you: http://w****sion****/Finance/Australia/1/SuiteA100/640/Loan****px?ID=MFAA Happy to discuss further. Best regards Darren McCormack


yopu have said that you want a $500,000 home loan. My first question is how much is the Purchase price? That will determine the deposit required and the mortgage insurance premium you will be expected to pay. are you a first home buyer that will determine how much stampduty you will pay? Anyway though loan term can go as long as 40 years, 30 is the norm. Be aware a 30 year loan will mean your actual loan will cost twice as much as the purchase price of the home. Try to pay more you can save a fortune. A $500,000 loan over 30 years assuming, interest rate of 4.5% variable, will cost $2533 P&I per month. I am also assuming there are no application, monthly and/or annual fees. please let me know if you would like more information.

Hi Oleen, thank you for your question. This is always one of the top question my clients ask me when applying for a home loan. Repayments, loan terms and interest rates will vary depending on what you are trying to achieve with your $500,000 loan facility. Once you get the structure right then we can give exact figures. I'd be more than glad to run through this with you. Feel free to click on my profile and get in touch to discuss.

Good Evening Oleen and thank you for your question. As some brokers have mentioned loan terms can be negotiated to a maximum of 40 years however this would only be considered in very limited cases. Best to keep the term to 30 years but if cash flow permits and you have adequate surplus each month I would consider even reducing the term to save interest (this would require any experienced broker to assess for you correctly). Most lenders will require a minimum of 5 % (of the purchase price) as deposit plus additional funds for stamp duty and other legal costs. In terms of monthly repayments this will depend on the interest rate, however, a loan amount of $500,000 at 3.79% will be $2,327. If the rate increased by 0.50% your monthly repayment would increase to $2,472 (assuming its variable), there are some special offers whereby lenders are giving cash back for your business and in some cases I have seen these as high as $1,800 (could buy some furniture). Trust this addresses your questions and if you need any further resources or guidance please navigate to my page and request contact. Regards Michael Zuppa

Hi Oleen, You have received excellent answers to your question. I guess what is critical is what State you live in and whether this is your first home. Are you buying to live in it or do you intend to rent it out? The rates are slightly higher for investment properties compared to owner occupied home rates. $2684 monthly is roughly what you would pay on a $500,000 loan over 30 years if your actual interest rate was 5%. For a more in depth discussion view my profile for contact details. We can meet at your work or home. Good Luck.

Hi Oleen, as the other brokers have highlighted, the maximum loan term can be up to 40 years with certain lenders, you will usually need around 5% of the purchase price, plus the fees associated with the purchase. The interest rate that you will have to pay will be dependent on which product and rate you chose, ie; whether you chose a fixed or variable rate, obviously there is a few things that will have to be taken into consideration before you start to narrow down your home loan product search. I am more than happy to discuss your options further to get a better understanding of the products available to you, please feel free to view my profile to get in touch, but good luck with whatever you decide to do.

Hi Ollen - Are you a FHB? What state are you in?? Depending on the lender you will need 5% genuine savings plus you will need funds to cover costs. I normally recommend savings of between 6%-8% to minimise Lenders mortgage insurance. I would suggest at least $30,000 in savings and your repayments on $500k assuming 4.5% interest would be about $2,540 over 30 years. Yes - some lenders do offer 40yr terms but I would only recommend that if your cash flow required it initially, but I would recommend higher repayments asap to reduce term & attempt to pay off debt in 20 years or less if possible/ Please feel free to contact me via my profile details - Steve


Hi Oleen Thank you for your enquiry A standard mortgage loan term is 30 years which can decrease if the borrower is getting older Most lender requiring 5 % (of the purchase amount) as deposit The monthly repayments will vary based on the interest rate you have or will get For an $ 500 000 loan at 4% interest, your monthly repayments will be around $ 2 387 if the interest rate is 5% your monthly repayments would be around $ 2 684 I hope this helps you Feel free to contact me via the broker finder All the best


hi Oleen, best to have 20% of the value of the house you are purchasing, this will provide you with better loan options and sharper interest rates, in addition to saving on the cost of Lenders Mortgage Insurance. otherwise you can have as low as 5% deposit to purchase a home, with LMI applicable. the monthly repayment for a $500K loan over 30year P&I, Interest being 3.99%PA is $2385.00. hope this answers all your questions. please don't hesitate to contact me for more info.

Hi Oleen, some lenders may offer a forty (40) year term, although you would probably need to be able to demonstrate that you had an acceptable exit strategy; I would suggest that a thirty (30) would probably be a better option. You will need a minimum 5% deposit plus stamp duty. More than happy to assist you any way that I can. Please contact me through my profile. Regards, Ken

Hi Oleen, The maximum loan repayment period is 30 years and depending on your circumstance a minimum 5% deposit is required, repayments would roughly be $2,268 Per month Principal + Interest. If you would like further help please contact me through my profile. Enjoy the rest of your Sunday! Cheers, Ditte

LEZLI
Hi Oleen. Can do loans with 5% deposit. Please contact me anytime via my profile page and I will help you. Kindest regards. Lezli