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LEZLI

11 months ago

Hi Max - depending on your occupation - I can get you an OO loan at 95% LVR - including LMI, for FHO at 3.65. Please feel free to contact me via my Profile page

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Tamara

11 months ago

Hi Max, you have raised some great questions. We have access to lenders that cater specifically to those that do not have "100% credit" which may enable you to borrow the desired $400K, depending on your other circumstances. I would be happy to assist you on this if you like. Click on my profile and contact me for further information if suitable. Have a great day! Kind Regards, Tamara Ives

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Richard

11 months ago

Hi Max, although some lenders are tightening up their credit processes for 90% to 95% geared loans, there are still opportunities to secure a loan. I structure many loans for First Home Buyers encourage you to look through the following summary of savings on offer from the NSW State Govt. The $10,000 NSW First Home Owners Grant is available for the purchase of new properties worth up to $600,000 or the construction of new homes up to $750,000. Stamp duty savings (concessions) on the purchase of new properties are, Property purchased for $550,000 equates to a stamp duty saving of $20,240, Property purchased for $575,000 equates to a stamp duty saving of $21,365, Property purchased for $600,000 equates to a stamp duty saving of $22,490, Property purchased for $625,000 equates to a stamp duty saving of $23,615, Property purchased for $650,000 equates to a stamp duty saving of $24,615, Property purchased for $675,000 equates to a stamp duty saving of $20,625, Property purchased for $700,000 equates to a stamp duty saving of $16,500, Property purchased for $725,000 equates to a stamp duty saving of $12,375, Property purchased for $750,000 equates to a stamp duty saving of $8,250. Feel free to contact me via my profile. regards Richard

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louie

11 months ago

Hi Max, you’re absolutely correct. Lending criteria has changed over the past years which does affect serviceability and other lending requirements but still possible to get a loan over the line subject to your overall profile. Lenders have different criteria but also very similar. Some lenders are willing to 95% lend plus LMI and other lenders are capped to 95% including LMI. This does affect your deposit, but all varies. If you are a first home buyer and looking to purchase an owner-occupied property, you are eligible to the First home owners grant but again, subject to assessment. If you currently have adverse credit history, we’ll complete a credit check to confirm your credit history and provide you with a variety of lenders who are willing to look at your application. Please feel free to contact me if you have any further questions. Regards, Louie

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Vivek

11 months ago

Hi Max. You have asked some excellent questions. While borrowing conditions are tuffer than earlier, we are still able to help out customers. The good thing about going to a mortgage broker is that he/she will find a suitable lender without you having to run around and making applications with unsuitable lenders. a) Regarding ability to borrow we will need to understand other aspects like household composition, financial commitments and monthly living expenses. b) 5% deposit and cover your costs means. You need to have saved 5% of the property value. The costs are items like Loan Mortgage Insurance (LMI), legals, transfer fees etc c) Credit history is an important excercise that we do in identifying a lender. The major banks like high credit scores, but we do have alternative lenders who have assisted first home buyers with poor credit scores/ history. Please note that if the credit history is not good then the lenders will like to see you put in a higher deposit. Work with a mortgage broker to ensure that you do not have jump the hoops yourself. If you seek more clarifications, please feel free to contact me via my profile

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Milan

11 months ago

Hi Max, it's becoming a dream slowly but that's why we're here. If you like I'm happy to look into it for you but I need more information. The high level questions you posted need more info and to follow an answer. please feel free to inquire further by clicking on my profile and inquiring further that way. Kind regards, Milan

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Dylan

11 months ago

Hey Max, great questions we help a lot of fist time buyers who haven't been through the process into home ownership. here is a couple of my thoughts; a) purchasing with a low or 5% deposit if your intending on living in the property may be possible depending on the overall circumstance of your current siutation. The biggest thing to consider is if you have what banks call "genuine savings". this is when you have usually held the 5% deposit in a nominated bank account for a period of greater than 3 months. there are some other ways to prove genuine savings such as if you have been renting where you currently live you can in some cases use the rental ledger to prove genuine saving also. Each Bank will have different policies but there are some lenders who can consider using a 5% deposit. b) When the person is referring to "5% deposit and cover costs" the costs they are referring to is the related purchase costs of property purchase. typical costs include Stamp Duty (although depending on the state you are purchasing in this may be waived as a first home buyer), legal costs you will need to pay a solicitor to assist you with the purchase, loan setup/application fees and another big expense as you a borrowing such a high amount from the bank is you will be required to pay Lender's Mortgage Insurance (LMI). this is a one cost that is paid to a 3rd party insurer to protect the bank from any losses obtain in the unfortunate event there is complication repaying the mortgage. These additional costs can add to needing more initial funds than just the 5% deposit. if you would like a more concrete number of what the purchase costs you can check out my profile and contact me directly c) If your credit isn't 100% this may cancel some/or most lenders out depending on how bad the history is on your credit report. if you are unsure of what is on your report you can download the report from a company called Veda Report or we can also assist you with obtaining a copy of that report on your behalf if that would be of interest. Its best to get the report as most banks will look at this report before assessing you loan application with the banks, so if there is any issues here its best to be aware of them and try and sort them out first as ignoring them and getting declined by a bank or multiple banks is only going to make your credit report worse. I hope this information is of help

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Lou

11 months ago

Hey Max, NOT DREAMING... just need to get a conversation going with a mortgage broker. There's a few variables you have not answered, such as how many people in your family and if you have any other debts, liabilities, etc. Such a conversation will certainly answer your A, B and C above, which may certainly be too lengthy to type here. Most brokers here on HashChing, including MYSELF, will give you an obligation free appointment. Please place such an enquiry on here, so we can contact you, and you will at least have a phone conversation, where you can discuss the above in details pertaining to YOUR personal situation.

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Amy

11 months ago

Hi Max, Happy to help answer these and any other questions you have a. With no other expenses, debts or children I can say yes it is possible. not many banks take a true 5% deposit most want 7% that covers the lenders mortgage insurance and bank costs. But I still help first home buyers with 5% b. Costs can mean government costs, LMI costs, Bank fees, and/or conveyancer fees. I usually recommend my first home buyers to put aside 2-3k on top of your deposit c. There are some great credit recovery companies that I have had my clients get great success from otherwise there are nonconforming banks that will take people with not great credit but they usually want a bigger deposit My biggest advise is get the preapproval first. It is taking a little longer than it used to but if you get everythingready before looking for your home with the bank you will have a better chance of securing it.

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Domarina

11 months ago

Hi Max, there are a few questions you have asked, you need to have the 5% deposit of the purchase price plus you need to also pay for legal fees and other government fees that you have to pay for, you will most likely be exempt from stamp duty if it the first property you have ever purchased. in relation to your credit, the best thing is to get a copy of it so we can see if that is going affect you. In relation to how much you can borrow. we can discuss that further once we have discussed your income and any other expenses you have that may come into effect. If you would like me to help you further please do so via my profile.

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