Buying information

Any general questions you might have in regards to loans and finance.
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Posts: 7
Joined: Tue Jan 24, 2012 11:44 am

Buying information

Post by Booey00 »

Hi thanks for reading:

My partner and I are looking at buying a house, We are first home Buyers also,

Im getting discharged from my bankruptcy later in the year but we want to start sorting everything out now and see what has to be done to achieve buying a home.

What do we need to do in order to get a loan, eg, How much savings do we need and is there anything else we need to do. My partner has a clean credit file, but has a loan less than 15K and a couple of credit cards.

Becasue of my bad credit file, Is it worth having an investment property first, or are we able to just go and buy our own property,


Naomi Randell
Mortgage Specialist
Posts: 55
Joined: Wed Apr 20, 2011 4:34 pm

Re: Buying information

Post by Naomi Randell »

If you have only been recently discharged from a bankruptcy then you will only be able to obtain finance through a non-conforming lender.

This means that you will need to provide a minimum of 15% deposit plus costs associated; such as, stamp duty, lender set up fees, and risk fees. Also, non-conforming lenders do charge a higher interest rate, so do bear this in mind when calculating the repayments on your mortgage.

However, if you were to perhaps wait a further 12 months or more you could potentially obtain a loan through a major lender, which means you would avoid the inflated interest rates and additional fees.

Lastly, as to whether it would be better to purchase an investment property rather than an owner occupied property – there is absolutely no difference in the lenders eyes.
Naomi Randell
Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

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