Search found 47 matches

by moodyjack
Mon Oct 27, 2014 12:31 pm
Forum: Home Loan Forum
Topic: How much do I need to save to take out a mortgage?
Replies: 7
Views: 9228

Re: How much do I need to save to take out a mortgage?

I’m not much of a tech guy but the calculator is very easy to use and understand. The calculator thinks I can afford the loan. :) That is good to know. I’ll just concentrate on saving up for now. I’ll give you a call after a few months. Cheers, mate!
by moodyjack
Fri Oct 24, 2014 5:46 pm
Forum: Home Loan Forum
Topic: How much do I need to save to take out a mortgage?
Replies: 7
Views: 9228

Re: How much do I need to save to take out a mortgage?

That means if I can save another $20,000, then I can afford to buy the house. I’m so glad to hear that. Can you give me some tips on saving a deposit?
by moodyjack
Fri Oct 24, 2014 11:18 am
Forum: Home Loan Forum
Topic: How much do I need to save to take out a mortgage?
Replies: 7
Views: 9228

How much do I need to save to take out a mortgage?

Hello,

I work as a manager at a coffee shop in Elizabeth Street, Melbourne. Most of the business happens in the morning, so I need to get to the coffee shop as early as possible. The problem is that I’m currently renting an apartment which is a half an hour drive away from the shop. My car is not always reliable so it has become very hard for me to make the commute every day.

Anyway, I’m planning on buying a house near the coffee shop. The house is valued at $400,000. At the moment, I have only $20,000 which I can use. Can anyone here tell me how much I need to save to get a home loan ?
by moodyjack
Thu Oct 09, 2014 1:00 pm
Forum: Home Loan Forum
Topic: How much LMI do I need to pay on a 95% home loan?
Replies: 7
Views: 7840

Re: How much LMI do I need to pay on a 95% home loan?

Yeah, it is a lot to think about. I will do a bit of a study on the property market for this. Thanks for your suggestions.
by moodyjack
Thu Oct 09, 2014 11:01 am
Forum: Home Loan Forum
Topic: How much LMI do I need to pay on a 95% home loan?
Replies: 7
Views: 7840

Re: How much LMI do I need to pay on a 95% home loan?

Hello! Like merrygoround, I too am in need of a 95% home loan. My brother was telling me about how much he had to pay on LMI when he borrowed 90% from the bank last year. He was suggesting that I wait a couple of months, save a few thousand dollars and borrow a lower percentage to avoid paying LMI.

What do you think would be the best thing for me to do? Should I do what my brother has suggested and apply for a loan when I have enough savings?
by moodyjack
Thu Sep 18, 2014 2:12 pm
Forum: Home Loan Forum
Topic: How much interest will I pay on my home loan?
Replies: 7
Views: 9234

Re: How much interest will I pay on my home loan?

But I am one of those who think having insurance is always better because we don’t know what the future holds for us. I think I will pay the LMI nevertheless.
by moodyjack
Thu Sep 18, 2014 11:16 am
Forum: Home Loan Forum
Topic: How much interest will I pay on my home loan?
Replies: 7
Views: 9234

Re: How much interest will I pay on my home loan?

Sorry to bother you again, but you lost me at the end. What do LVR and LMI mean? Could you explain a bit more about that?
by moodyjack
Thu Sep 18, 2014 10:05 am
Forum: Home Loan Forum
Topic: How much interest will I pay on my home loan?
Replies: 7
Views: 9234

How much interest will I pay on my home loan?

Hello there,

I live and work in Canberra. I am a programmer for an advertising agency and live in my parents’ home. The company has decided to transfer me to its Sydney office, probably after two months. I think that I should buy my own place there instead of renting.

My annual salary is $62,000 and I have $80,000 in savings. I plan on buying an apartment for about $500,000. I do not know much about buying a house, and am particularly concerned about the interest repayment. So could anyone me how much will I need to pay every month if I go along with the purchase?

Thanks in advance.
by moodyjack
Tue Jul 29, 2014 1:54 pm
Forum: Home Loan Forum
Topic: Can I avoid paying LMI on my home loan?
Replies: 7
Views: 8739

Re: Can I avoid paying LMI on my home loan?

Oh fantastic. I will call you guys as soon as possible so that this discount can be arranged on my home loan. Speak to you soon. :)
by moodyjack
Tue Jul 29, 2014 10:43 am
Forum: Home Loan Forum
Topic: Can I avoid paying LMI on my home loan?
Replies: 7
Views: 8739

Re: Can I avoid paying LMI on my home loan?

Hey, I am also planning to buy a house worth $510,000 and I need to borrow more than 85% of the property value. Is there a way to get a discount on the LMI fee? Do banks offer such discounts to normal borrowers like me??
by moodyjack
Mon May 26, 2014 3:11 pm
Forum: Home Loan Forum
Topic: No deposit to buy a house
Replies: 7
Views: 8701

Re: No deposit to buy a house

I will just give you a call since I am not sure if I meet these guidelines or not. Speak to you in a few days, bye!
by moodyjack
Mon May 26, 2014 1:31 pm
Forum: Home Loan Forum
Topic: No deposit to buy a house
Replies: 7
Views: 8701

Re: No deposit to buy a house

Well, what do banks usually look at when they lend to someone without a deposit?
by moodyjack
Mon May 26, 2014 11:12 am
Forum: Home Loan Forum
Topic: No deposit to buy a house
Replies: 7
Views: 8701

No deposit to buy a house

Hi there guys, I am thinking about buying a house but not sure if I have enough money for the deposit. I know that we are usually required to put down about 5 to 10 percentage of the property value as a deposit. Could I possibly get my loan approved without a deposit? Are there any banks that allow this?
by moodyjack
Wed May 14, 2014 11:59 am
Forum: Home Loan Forum
Topic: Need home loan to buy a unit in the city
Replies: 7
Views: 9335

Re: Need home loan to buy a unit in the city

Okay, thanks for the information. I will call you in a day or two :)
by moodyjack
Wed May 14, 2014 10:19 am
Forum: Home Loan Forum
Topic: Need home loan to buy a unit in the city
Replies: 7
Views: 9335

Re: Need home loan to buy a unit in the city

Hey, I came across this topic when I was searching for info on city units. You have already mentioned most of the things that I wanted to know about but what I really want to know is how much I can borrow. Are there any restrictions on this as well?