Two GPs looking to borrow 100% plus costs to purchase a house

Any general questions you might have in regards to loans and finance.
Killara
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Joined: Fri Jun 21, 2019 4:09 pm

Two GPs looking to borrow 100% plus costs to purchase a house

Postby Killara » Fri Jun 21, 2019 4:12 pm

Hi, we’re two GPs looking to purchase our first home for $1.2 million in Wollongong, NSW. The house is in an ideal location for us, it was previously owned by an architect and we’re really keen on it. We’re both on high income however, we have no deposit and need funds to cover 100% + costs. Are there any lenders that can help us?

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Otto Dargan
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Re: Two GPs looking to borrow 100% plus costs to purchase a house

Postby Otto Dargan » Fri Jun 21, 2019 6:08 pm

Hello Killara. Welcome to the forums.

Yes, general practitioners (GP) and qualified medical professionals are considered low risk by banks and have specifically designed home loan for doctors offered to them, wherein:
We specialise in doctor home loans and we can help you qualify for a 105% doctor home loan to help you purchase the property as well as cover the cost of completing the purchase. Alternatively, you can borrow up to 105% of the property value with a guarantor. There are many options the key is to find the right solution for your needs.

Speak with one of our specialist mortgage brokers by us a call on 1300 889 743 or by filling in our free assessment form to find out if you qualify for a 100% waived LMI home loan.

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

Killara
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Joined: Fri Jun 21, 2019 4:09 pm

Re: Two GPs looking to borrow 100% plus costs to purchase a house

Postby Killara » Fri Jun 21, 2019 6:32 pm

Okay. Can you give me a breakdown of all the costs involved when purchasing a property? Isn’t there a limit on the property value in each state which can be purchased to have the stamp duty waived?

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Otto Dargan
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Re: Two GPs looking to borrow 100% plus costs to purchase a house

Postby Otto Dargan » Fri Jun 21, 2019 7:05 pm

Hi Killara,

Sure. For an established property valued at $1.2 million:
  • Stamp Duty on Property: $51,490.00
  • Mortgage Registration:$141.60
  • Transfer Fee: $141.60
  • Total Government Fees: $51,773.20

You can also use our purchasing cost calculator to get an estimate of government fees yourself.

Unfortunately in NSW, even if you’re a first home buyer, the stamp duty waiver only applies when purchasing a property valued up to $650,000 and stamp duty concessions up to $800,000. So, you don’t qualify for stamp duty waivers or concessions.

Apart from the government fees, there is a range of additional costs involved when completing a property purchase such as:
  • Conveyancing costs: A solicitor or conveyancer will cost you anywhere between $800 to $1,500 to transfer the property into your name.
  • Inspection/reports: Building inspection, pest inspection and a strata report can cost you up to $600.
  • Loan fees: Some lenders charge application fees, loan fees, settlement fees or valuation fees costing between $0 to $900.
  • Lenders Mortgage Insurance: You’ll be saving between $24,750-$39,436 if you qualify for 100% waived LMI home loan.


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

Killara
Posts: 3
Joined: Fri Jun 21, 2019 4:09 pm

Re: Two GPs looking to borrow 100% plus costs to purchase a house

Postby Killara » Mon Jun 24, 2019 6:21 pm

Can you please clarify if the entire loan amount is secured on the property? How’s the mortgage going to be structured?

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Otto Dargan
Mortgage Specialist
Posts: 7528
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Two GPs looking to borrow 100% plus costs to purchase a house

Postby Otto Dargan » Mon Jun 24, 2019 6:48 pm

Hi Killara,

Typically, when borrowing 105% of the property value with a couple of our lenders, the loan will be structured 90:15. Where 90% of the loan amount will be a standard home loan with standard rates and term whereas the remaining 15% will be a short term loan up to a maximum of 10 years and a higher interest rate will apply.

We can help you structure the loan that suits your needs and ensure that it’s the best deal for you.

We specialise in doctor home loans.

Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for 105% doctor home loan.

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


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