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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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DEBRA

11 months ago

Hi Terrence Congratulations on such an excellent job savings. As Vivek said banks love good savers (especially on apprentice wages) and stable employment A good broker will be able to assist you but I would not recomment purchasing off the plan or post title as often the construction is delayed and even though you are technically approved once it is finally completed the banks revalue the property and reassess your application and with the lending climate changing dramatically and the genuine risk of the property undervaluing you could find that you no longer meet the banks new policies or servicing like you did previously and/or the property undervalues which means your loan amount is less and you need to come up with the cash to complete the purchase or forfeit your 10% of the deposit. No harm in speaking to one of the brokers above for a pre-approval based on your current income and employment. Just be wary of buying off the plan as the market is volatile and the bank has the right to pull your approval if you or the property you are purchasing no longer meet the requirements and policies.Unless it is going to be completed within 6 weeks I woudn't touch it and even then there are no guarantees. Ask your broker to do a property report and comparative sales report for the property you are considering so you can guage the historical growth (or decline) in value so you can make an informed decision on the property you are buying. Most Brokers can provide these free of charge.

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Daniel

11 months ago

You could potentially purchase a property off the plan or house and land that is will title post the completion of your apprenticeship. You would need a confirmation of the exact EBA agreement in place to ensure that you will have enough borrowing capacity once the property settles.

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Tamara

11 months ago

Hi Terence, congratulations on planning for your first home! I have assisted plenty of apprentices achieve their first home and I would be happy to help you. If you would like some more information on which lenders may be most suitable for your circumstance, please feel free to contact me. Good luck with it! Kind Regards, Tamara Ives - Home Loan Specialist

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Vivek

11 months ago

Hi Terence. Congratulations on having saved $40,000 towards the deposit. Banks love a saver. There are lenders who are happy to lend depending on your employment status ( full time, probation etc). Another question would be how much will the banks lend. Feel free to reach out to me via my profile to discuss further.

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Michael

11 months ago

Hi Terence, there are plenty of lenders that can consider your employment situation. Some questions they would ask are whether you are full time, any probation period. Depending on the price of the property you are looking at you may have to borrow over 80%, which attracts lenders mortgage insurance. Happy to discuss your situation in more detail

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