Search found 40 matches

by sailor
Thu Feb 05, 2015 1:56 pm
Forum: Home Loan Forum
Topic: Why is genuine savings important?
Replies: 7
Views: 11513

Re: Why is genuine savings important?

Thanks for the reply, Otto. The LMI calculator is really cool. Cheers!
by sailor
Thu Feb 05, 2015 12:11 pm
Forum: Home Loan Forum
Topic: Why is genuine savings important?
Replies: 7
Views: 11513

Re: Why is genuine savings important?

Hi everyone,

I want to borrow 90% of the purchase price for an apartment in Perth. However, I heard that I will have to pay LMI for that. Could anyone tell me how much I should set aside for LMI?
by sailor
Fri Jan 09, 2015 2:57 pm
Forum: Home Loan Forum
Topic: How does my credit score affect my home loan application?
Replies: 7
Views: 11088

Re: How does my credit score affect my home loan application

Thank you for the helpful tips. I will definitely follow your advice.
by sailor
Fri Jan 09, 2015 1:12 pm
Forum: Home Loan Forum
Topic: How does my credit score affect my home loan application?
Replies: 7
Views: 11088

Re: How does my credit score affect my home loan application

Hello everyone,

I want to take out a home loan and I want to borrow a high amount. I know that my credit score will affect how much I can borrow. Could someone tell me the ways through which I may be able to improve my credit score?
by sailor
Mon Dec 22, 2014 3:52 pm
Forum: Home Loan Forum
Topic: How much can I borrow to buy my parents' property?
Replies: 7
Views: 10774

Re: How much can I borrow to buy my parents' property?

Thanks! I was planning on looking into Evolve Housing and Questus… I’ll call you guys within the end of this month to discuss my course of action. Bye!
by sailor
Sat Dec 20, 2014 7:08 am
Forum: Home Loan Forum
Topic: How much can I borrow to buy my parents' property?
Replies: 7
Views: 10774

Re: How much can I borrow to buy my parents' property?

Hi all, I was adamant on buying my parents’ property for a while. Recently though, I’m finding a National Rental Affordability Scheme approved property very appealing. I want to know what non-entity joint venture associations are generally accepted. Does anyone here know this?
by sailor
Thu Dec 18, 2014 5:47 pm
Forum: Home Loan Forum
Topic: How much monthly repayments will we have to make?
Replies: 7
Views: 10142

Re: How much monthly repayments will we have to make?

Hey, Otto.

I’ll talk with my wife about this, and we’ll contact you in case we decide to go forward with the loan. We really appreciate your advice, mate. Thank you for your time.
by sailor
Wed Dec 17, 2014 2:03 pm
Forum: Home Loan Forum
Topic: How much monthly repayments will we have to make?
Replies: 7
Views: 10142

Re: How much monthly repayments will we have to make?

Hey, Otto.

Thanks for replying! From the calculator, I and my wife found that our repayment size would greatly reduce if we were to choose the interest only loan. As both of us have little knowledge about loans, would you care to explain to us what the interest only loan is? What’s the catch?
by sailor
Wed Dec 17, 2014 9:58 am
Forum: Home Loan Forum
Topic: How much monthly repayments will we have to make?
Replies: 7
Views: 10142

How much monthly repayments will we have to make?

Hey home loan forums,

My wife and I are currently living in our apartment in Canberra. I work as a marketing manager and have an annual salary of $75,000. My wife is a chemist at a local pharmacy and earns $51,500 annually.

My wife is six months into her pregnancy and we want to buy a house to accommodate the new addition to our family. We’ve come across a house worth $650,000 that we like, but we aren't sure about how much the periodic repayment on the loan is going to be.

Can anyone help us estimate what our monthly repayments will be?
by sailor
Mon Nov 03, 2014 7:24 pm
Forum: Home Loan Forum
Topic: What is genuine savings and why do I need it?
Replies: 7
Views: 9486

Re: What is genuine savings and why do I need it?

This lifts a great burden off my chest. Happy to know that I can still borrow without having any genuine savings. Thanks a lot!
by sailor
Sat Nov 01, 2014 3:23 pm
Forum: Home Loan Forum
Topic: What is genuine savings and why do I need it?
Replies: 7
Views: 9486

Re: What is genuine savings and why do I need it?

Hello everyone!

I am planning to take out a loan for a house worth $510,000. This means that I need to have $25,500, which is 5% of the property value, in genuine savings. The problem is that I do not have that much money in my savings account. I rent a flat and pay $380 a week. I have been living in a rented flat for more than a year now. Because of this, I haven’t been able to save much.

So what are the criteria that banks take into account when considering rent as genuine savings? Will I be able to qualify for a home loan?

Thank you in advance.
by sailor
Wed Oct 08, 2014 12:30 pm
Forum: Home Loan Forum
Topic: How do banks assess retirement age loan applications?
Replies: 7
Views: 9251

Re: How do banks assess retirement age loan applications?

I went through your website and it helped me learn a lot. Thanks for the help, Otto. You can expect a call from me by the end of the coming week. We need to discuss my situation and loan application. Looking forward to speaking with you :)
by sailor
Tue Oct 07, 2014 10:33 am
Forum: Home Loan Forum
Topic: How do banks assess retirement age loan applications?
Replies: 7
Views: 9251

Re: How do banks assess retirement age loan applications?

Hello everyone,

I’ve been considering getting a Sepp 5 zoned property. While researching a bit, I discovered that there are different types of property titles. This confused me a lot and so I’d like to know whether my borrowing capacity will vary according to different property titles or not?
by sailor
Thu Sep 25, 2014 1:13 pm
Forum: Home Loan Forum
Topic: Do doctors get discount on home loans?
Replies: 7
Views: 9944

Re: Do doctors get discount on home loans?

Well, that is a good news. Happy to know discounts are available for this purpose as well. Thanks for providing this info.
by sailor
Thu Sep 25, 2014 11:13 am
Forum: Home Loan Forum
Topic: Do doctors get discount on home loans?
Replies: 7
Views: 9944

Re: Do doctors get discount on home loans?

Hi there, I was reading through this post as I am a doctor too. I am actually thinking of opening up a clinic in Brisbane and I need a loan to buy some medical equipment and set everything up. Just curious to know if banks provide discount on loan for this kind of purpose as well. Would appreciate your info regarding this. :)