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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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Sylvia

1 month ago

Hi Veronica. Congratulations on your financial position and impending purchase. An enviable one. I might just add in addition to the great advice above is that if you or your husband are in any accepted professional or medical field there are some lenders that will waive LMI. There are also some new government initiatives currently to support FHB released today that you may qualify for. Alternatively given your strong income and if the numbers stack up as to loan repayment affordability, if you wish to avoid LMI you may like to consider a family guarantee. This is where an acceptable family member offers qualifying equity in their property to support your purchase. Please note that the full loan amount is your financial responsibility and not the family member supporting. Best of luck.

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AJAY

2 months ago

Yes you can. Though you may have to rearrange your finances to ensure best serviceability and low costs by minimising rate, lmi and fees. Will need to discuss further to check the options.

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AJAY

3 months ago

Hi Veronica Your current financial position looks excellent and most fhb are in the situation which is very typical of this. There are good no. of lenders who can offer you loan under such situation. Of course you can also look at fe options to choose from to decide which suits you best. As a first step find out what your loan cpacity and then move on to decide the security budget. Feel free to discuss without any obligation.

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Domarina

3 months ago

Hi Veronica, thank you for your enquiry. all of the above are correct. As a licenced mortgage broker, this is what I do, I have been doing this since 1998 and alot is constantly changing that we are keeping up with on a constant basis. As you can appreciate there is alot involved so we need to break down all your income and all your expenses and then we have your deposit to consider. We will assess your personal circumstances to see which lender will give you the most money with the lowest rate. I love helping people and If you would like me to assist please feel free to contact me. Thanks Domi

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Ren Hor

3 months ago

Hi Veronica, To answer your questions: 1, Yes there are banks/lenders can accept your situation. i.e. with 5% genuine savings, borrow 95% and LMI. 2, Would the banks have an issue with your car loans - It depends. Because the loan application will take into consideration of all expenses, commitments including car loan repayments. If your borrowing power/capacity can still support the loan amount you need after we include all the car loan repayments, then that's Okay. Also maintain a good payment history on all your credit facilities is important, including these two car loans. Hope that helps.

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Glenn

3 months ago

Hi Veronica, I hope you're well? You can either cap the LMI or there are currently First Loan Deposit Schemes in place with a few different lenders which I can explain and see if you qualify for and the government can help by paying the LMI for you if you qualify? There needs to be some pre-assessment and to work out what you are able to do moving forward with a borrowing capacity and include what you have mentioned as liabilities and also your family dynamic? This will be living expenses, income and liabilities. I have access to over 50 residential lenders and I can asset you with your goal if you just click on my profile link, I am a Gold Broker with HashChing as well. Have a great weekend? Kindest Regards. Glenn Rowan - Senior Mortgage & Finance Broker.

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Sharon

3 months ago

Hi Veronica, There are a few banks and lenders that will allow you to add the mortgage insurance to you loan so instead of borrowing 95% you are borrowing 95%+ LMI. Your car loans are not an issue if 1) you have been paying them on time and they are in good order 2) The loan you are applying still meets the banks servicing criteria after taking in to account the car loans and you current living expenses. Please feel free to message me if you would like an assessment of your personal borrowing capacity. Regards Sharon

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