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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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Michael

2 years ago

Hi Michael, In answer to your questions rental history can be used to tick off genuine savings however this will not form part of the deposit unfortunately. Congratulations in attaining the 10% deposit especially given rise to cost of living. It seems you will incur lenders mortgage insurance however there are strategies available whereby you can avoid the nasty cost. A common strategy is what we call a limited guarantee whereby a family member can offer their property to cover the 20% deposit (in your case it would only be 10%). These family pledge options are not traditional guarantees whereby lenders previously took the entire home as security, its a really flexible way to get into property ownership. The other option is to look at financiers who offer 95% lend without Lenders mortgage insurance. We have a lender here in SA that allows this for first home buyers however you wouldn't be eligible as you do not reside in SA. May be worth while looking at this option too. Best thing I can suggest is to get a quote on lenders mortgage insurance which I can assist you with at least you will know what you're up for. To do this I would need to know the purchase price of the property, whether you're first home buyers and how much of a deposit you have. Please feel free to navigate to my HashChing profile page and request contact and we can get the wheels in motion. Thanks for your question and all the best during such an exciting and rewarding time. Cheers Michael

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Amanda

2 years ago

Hi Michael, I would be happy to discuss your position in more detail. In your role as a nurse, you receive regular overtime and this is a great time of the year to look at your current payslip as the YTD figure will show a figure that will include your base and most of the years overtime. Please get in touch and I can compare lenders for you as they all will differ with the LMI premiums too. Amanda

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Glenn

2 years ago

Hi Michael, I hope you're well? Rental ledgers can't be used as a deposit but can be used as genuine savings. The best thing to do is to get in touch and let me look at your whole financial situation to get you some options for your unique financial situation? I have some lenders who offer a risk fee as opposed to LMI. Are you a first home buyer is another question I would like to ask you? Being a nurse is a very important role and I have a lot of respect for nurses. What I suggest is to get in touch via my profile link and let me assist, to find you some suitable options for you and your wife to move forward with a more informed and educated decision? I look forward to hearing from you? Kindest Regards. Glenn Rowan.

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Christine

2 years ago

Hi Michael, I have family business on the central coast(Long Jetty)and would love to help you. Rent can be used as genuine savings with some lenders but it can't be used as a deposit. It is great that you have a 10% deposit, unfortunately you will still incur LMI. Please feel free to get in contact if you would like to discuss further.

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Graeme

2 years ago

Do you want the good or the bad. I will assume the first, at least one gives you credo credit for a good rental history. the bad is that so far as i am you do not qualify for Medico LMI waiver. I can double check the latter but i believe i am correct. Have a look at my profile and call if you wish me follow up for you. Regards Graeme C

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Bulelwa

2 years ago

Hi Michael, You do a great job. I should know, I worked as a registered nurse for several years. I would like to help you. A couple of lenders come to mind but I need to confirm tomorrow before I can be sure they will do the LMI waiver. Your 10% deposit puts you in good stead. Please contact me via my Profile. Best Regards, Bulelwa Freer

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Daniel

2 years ago

Hi Michael. If it is a rural property in the Central Coast LMI might not be available. Need postcode of property to confirm. Rent can be used as genuine savings with some lenders. 1 lender had a special on a few months ago for a whole list of occupations. I need to confirm with my BDM tomorrow. Contact me if you wish.

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Gary

2 years ago

Hi Michael whilst Lenders mortgage insurance cannot be waived it is one of the few options available to get into the housing market and as you read it may not necessarily add that much more to your commitments. I have many years experience in lending in regional areas in NSW and understand the LMI process so happy for you to chat to me.

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Jessica

2 years ago

Hi Michael, unfortunately not with lmi, lmi is often not as expensive as you may think though and it can be capitalised into the loan. It is banded and different across lenders so it's worth checking with a few lenders of the cost to make sure you get the best deal. In terms in rent it can't be included as part of your deposit unfortunately. Check out my profile happy to talk through in more details and help you get your home loan, thanks Jess

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LEZLI

2 years ago

Hi Michael. Yes there are specials for your profession. There are other deals with no LMI. I can get you 95% finance also. There are ways to work around your situation. Would love to talk to you. Rates are from 3.67% variable. Also 3.69% fixed 2 years for FHO. Please feel free to contact me & I can start working out deals for you. Lezli

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Paul

2 years ago

Hi Michael, Nurses do such a great job and I think all lenders should be offering LMI waivers/concessions to all health professionals, not just doctors/dentists. However that is not the case. We have access to lenders that may be offering LMI waivers to nurses and essential services workers such as police. Some lenders also consider good rental history to satisfy genuine savings requirements. Please check my profile and call me for a confidential discussion. Owner-occupiers (including First Home Buyers) are seeing the sharpest rates in the market, for P&I loan repayment options. Regards, Paul

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