100% loan?

Any general questions you might have in regards to loans and finance.
tracedkle
Posts: 2
Joined: Fri Mar 12, 2010 3:00 pm

100% loan?

Postby tracedkle » Fri Mar 12, 2010 3:09 pm

Hi, I am a first home buyer, unfortunatelly i haven't saved any money as i've travelled a little bit since moved to Australia 3 years ago.

I have a stable job (same job since i moved here) and earn around $90k Also have a good credit history.

i'm looking to buy a property in between $300k and $400k

what do you advice

thanks for the help

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: 100% loan?

Postby Otto Dargan » Fri Mar 12, 2010 3:26 pm

Firstly are you an Australian Citizen, Permanent Resident or are you on a temporary visa?

Assuming you are an Australian Citizen or PR then you can only get a 100% home loan with a guarantor.

You can get a 95% loan if you save at least 3% of the purchase price. This needs to be saved yourself with regular contributions not large lump sum payments.

If you get a gift from your parents then you can borrow 90% however you will need to prove a small amount of savings on your own or at the very least an ability to pay your rent on time.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

tracedkle
Posts: 2
Joined: Fri Mar 12, 2010 3:00 pm

Re: 100% loan?

Postby tracedkle » Fri Mar 12, 2010 4:14 pm

Hi Otto,

thanks for your prompt response, sorry for not clarifying that. I got the citizenship last year.

sorry for the dumb question, but would the 3% savings be additional to the first home buyers government loan?

cheers

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: 100% loan?

Postby Otto Dargan » Fri Mar 12, 2010 6:56 pm

Yes the 3% genuine savings would need to be money you have saved yourself. Sale of assets, government grants, tax refunds etc are all excluded from genuine savings.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


Return to “Home Loan Forum”

Who is online

Users browsing this forum: Aldenpaw, Bing [Bot], Davinnort, Derikpype, KeganThib, Majestic-12 [Bot], RamonMaw, RidgeNits and 2 guests