Search found 3 matches

by
Wed Jun 12, 2019 6:38 pm
Forum: Home Loan Forum
Topic: How to buy a house as a millennial with a low deposit?
Replies: 5
Views: 12008

Re: How to buy a house as a millennial with a low deposit?

One final thing, is the LMI payable upfront or can it be added onto the home loan?
What will the LMI amount be in our case?
by
Wed Jun 12, 2019 4:12 pm
Forum: Home Loan Forum
Topic: How to buy a house as a millennial with a low deposit?
Replies: 5
Views: 12008

Re: How to buy a house as a millennial with a low deposit?

Cool. The postcode we’re looking to buy is 2480. You’re postcode calculator spit outs “medium risk”, what does it mean?
by
Wed Jun 12, 2019 1:40 pm
Forum: Home Loan Forum
Topic: How to buy a house as a millennial with a low deposit?
Replies: 5
Views: 12008

How to buy a house as a millennial with a low deposit?

Hi, I work in IT as a hardware technician earning roughly $47k plus super while my wife earns $52k. We’re stuck on a rental cycle paying off someone else’s mortgage. The problem is we’ve only been able to save up a $22,000 deposit which is barely 5% of property prices near where we live. Our financial goal was to be debt free which we’ve accomplished so far and we only have a couple of credit cards with a $2,000 dollar limit on each card. We would much rather get in now and start making mortgage repayments to build up equity in our own home. Can we use the first home owners grant towards the deposit? And what's the process like to buy a house with a 5% deposit (including the grant) as a millennial/first home buyer?