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LEZLI

8 months ago

Hi Zahid. I've got a lender who's helping First Home buyers with upto 98% - which includes LMI at the rate of 3.69% fixed for 2 years. Can talk to you more about this deal. Also can do 3.59% variable for you - but this is very LIMITED and can be withdrawn anytime. Please feel free to contact me via my Profile page. Look forward to helping you and hearing from you. Thanks. Lezli

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Chris

9 months ago

Hello Zahid, Your $20k FHOG will count towards your deposit but not as genuine equity, which is normally 5%. Your $20k deposit on the land and further $10k savings should count towards genuine equity so you should meet deposit requirements. If your cost is $590k and you have $50k contribution your loan will be $540k, which is 91% of cost. As you are borrowing more than 80% of cost the lender will require mortgage insurance. At that level of borrowing this will cost about $22k, which will increase your loan to $562k, or 95.2% of cost. A number of lenders will lend to 95% of cost including LMI. The LMI cost becomes progressively more expensive the higher the loan to cost ratio. With construction loans they are normally interest only until the house is finished and then they revert to principal and interest. With a loan of $562k your monthly payment on a P&I basis will be approx. $2,675/month. Please give me a call if you would like to discuss further. I would be pleased to meet with your wife and yourself to work through your options.

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Girish

9 months ago

hi Zahid, you would be eligible for the FHOG grant for regional Vitoria $ 20k and may also be eligible for the stamp duty waiver depending upon date of signing the contract of sale. The grant to be received can form a part of your total contribution, but that is received after the loan is established and the builders have completed the Base stage of construction. Borrowing beyond the 90% LVR mark is possible, but generally it is advisable to keep the LVR including LMI under the 95% mark. There could be several option available to best suit your needs, please do go through my profile to get in touch .

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Simone

9 months ago

Hi Zahid, Simone here and I actually live in Warragul so know this area well. Generally speaking you need a 10% to purchase the land which you have done and does count as your deposit for construction also. When you go to construct some lenders will allow you to borrow 95% of the total value of land and construction and add the lender's mortgage insurance up to about 97% of the total value. Based on another $10,000 and the $20,000 grant which is available at the construction stage you should have enough to complete at this price but is subject to lender assessment which can only be confirmed by applying. With regards to the monthly payment I would estimate your repayment could be up to $2600 per month however I also have access to a 40 year loan product which may be suitable for you. Please feel free to contact me through my profile.

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