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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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Dhaval

2 years ago

Hi Pankaj, Looking at the info that you have provided there may be an option that we can look at to get get you into your own home sooner. Let me know if you want to have a chat. Please contact me via my profile . I am based in QLD so we can certainly meet up and discuss.

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Thomas

2 years ago

Dear Pankaj,For you first owner occupied property, I can help you borrow 95%LVR, and do not require 5% saving history. If you think my solution can help you.Please be free to call me Thomas Chen

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Michael

2 years ago

Hi Pankaj, welcome to HashChing and thanks for your inquiry. Based on your scenario there is quite a few positives going in your favor. However, as it has been pointed out the deposit will be a factor with most lenders. Potentially there could be another way to be able to get into the property sooner and this would require a family member to either contribute a non refundable gift or a limited guarantee against another property. Whilst this strategy allows you to get into home ownership rather quickly it does have some potential risks involved. Id recommend googling "family pledge" home loans if you do have this option available, otherwise, try to divert surplus funds into a high interest bearing account until you have saved at least 5% of the property value. All the best Michael

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Gary

2 years ago

Hi Pankaj, from what you have shown in your 'very complete information given' you tick many of the boxes for your application to be favourably viewed. Your greatest issue is going to centre around having the grant to be used as your deposit and the originin/nature of the other 3-5k you mention. As my other colleagues have said your prior rental history and proving of to a suitable lender is the key. So long as you are aware that the property you choose must be a new property (i.e. title has not changed hand prior) which normally means a 'House and Land' package then all is good so far. There are other aspects to your scenario that will impact but they can be addressed/clarified in an initial meeting. I work extensively with First Home Buyers and am acutely aware of the 'Road Blocks' that can easily present and how to negate their impact. I am based here in Brisbane so feel free to look me up on the site and contact me so I can help you further. Congratulations and Good Luck on your First Home Buyer Journey

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kelvin

2 years ago

There are lenders that provide finance to 97% after 12 months tenancy. The other pieces of the puzzle we need to know to work the maximum loan lenders will allow you to borrow is :1. Credit Card Limit2. Purchase Price3. DepositIf for example you are looking at $400k - borrowing $380k + 2% for the LMI costs ($388k) - you will need an additional $25,763. This looks possible depending is the % work for the amount you wish to borrow.

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Andrew

2 years ago

Hi Pankaj, there are lenders willing accept the QLD grant as non geuine savings providing you can demonstrate good rent conduct for the past 6 months. You will still need to have approx $3K - $5K in savings to cover settlement / bank establishment costs. Ultimately it will come down to your maximum borrowing potential. Happy to fully review your circumstances. Whilst I am based in WA, I do have clients on the east coast predominately business clients and so am well versed in assisting interstate clients. Please contact me via my profile to discuss further.

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Morris

2 years ago

i would love to help you if you were in WA, we have a state government lender that requires a 2% deposit only with no LMI charges, unfortunately not for other states. i suggest that you contact the QLD state treasury department and enquire if they have a similar offer:https://****gov.au/housing/buying-owning-home/qld-housing-finance-loan/ Good Luck

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Guido

2 years ago

Hi Pankay Thank you for your enquiryYour net income is around 54 000 ‘after tax’ this is the amount to establish your borrowing powerThe living expenses like food, transport insurances and so on are taken from this amount. Your credit card limit will also impact your borrowing power as 3% from the maximum limit will be added to your living expenses and reduces the amount you have left to pay a loan.However, the most important point is you have to have 5% of the purchase price of the property you would like to buy. (300 000 buying price = 15 000 own capital) In WA (where I from) we have a state ‘lending scheme’, and you would be in need of 2 % fro example 6 000 and this amount has to be in your bank account for a minimum of 3 months.Any bank – lender will see if you can save money and how you save it this is the reason, which you have to show your bank saving account is increasing month by month. Based on your scenario you will most likely not find a lender which is having a good deal and is accepting no savingsI would recommend you, for the next 3 to 4 months, you put as much money as you can into a savings account.Then when you have or can show you have 3 – 5% capital, you fill in the enquiry form on this web page, and HashChing will put you in contact with a broker close to you. All the Best

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LEO

2 years ago

There is a lender that will allow non genuine savings 95% loan plus unlimited mortgage insurance , therefore the $20K First Home Owners grant & savings must pay 5% of purchase price, stamp duty and other costs i.e. conveyancer etc

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