Options for first home buyers

Posted Sunday, 26 January 2014 at 11:40 by Shape Home Loans
Tagged: Home Buyer | First home buyer | Hint/Tip
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Common FHO question: What's the minimum deposit/cash that i will need to purchase an $450,000 property?

Answer: $0 - $38,553

Presuming your not eligible for any FHOG.

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Correct Answer 1: $38,553 which is the minimum 5% of the property price + Stamp duty ( this will vary state to state) The rest of the 95% + lenders insurance cost will come from the mortgage. Note not all lenders allow you to borrow past 95%. This is a Standard loan rate from 4.49% Fixed for 1 years and Variable from 5.00%

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Correct Answer 2 : $22,813 - with the help of a suitable and creative loan structure, you are able to use the minimum 5% of the property price only, the stamp duty can be BORROWED ( No extra security required) The rest of the 95% + Stamp duty+ lenders insurance cost will come from the mortgage.  This is a Standard loan rate from 4.89% Fixed for 2 years and Variable from 5.29%

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Correct Answer 3: $0 with the help of a suitable lender and a Family guarantor loan from your dad or mum. We are able to use your parents security in lieu of the deposit and stamp duty. There's no need to pay for lenders insurance ( LMI) with an family guarantor loan. The full purchase price + Stamp duty will come from the mortgage. This is a guarantor loan rate from 4.49% Fixed for 1 years and Variable from 4.90%

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Some of our offers available for FHOG:

- Discounted rate from 4.74% Variable and 4.48% fixed
- Loan up to 99.9% LVR ( 95% + full LMI cost)
- Loan up to 105% of the property price which includes borrowing the stamp duty as well
- Non genuine savings, Use of the FHOG and GIFTED funds.
- Family guarantor loans

Disclaimer: Loans are subject to lenders and in some cases Lenders Mortgage insurance (LMI) acceptance, low deposits home loans comes with strict conditions so please contact your broker or bank before acting on the giving information.