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
100% loan?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: 100% loan?
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
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
Re: 100% loan?
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
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
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: 100% loan?
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.