Jay84
Very Well-Known Member
The bigger the deposit, the better off you will be. Most banks will lend up to 95% of the property value, however if you borrow more than 80% you will probably be charged LMI (Lenders Mortgage Insurance). This has the potential to be ALOT of money, the higher the loan balance and the higher percentage you borrow, the more it will be.
The killer for most first home buyers is Stamp Duty. This is usually around 5% of the property value depending on which state you live in etc.
I would recommend you pay off your existing debt first. This will greatly increase your borrowing capacity, that extra money would be used to pay off your mortgage. The fewer debts to manage, the less stress. Also, reducing your credit card limit will increase your borrowing capacity. The less liabilities, the stronger the application.
Be careful with brokers. One thing you need to remember is brokers work off commission from the banks. There are MANY other lenders who do not deal with brokers who can offer you a better deal!!!!!
If you want, PM me your income, monthly expenditures (itemised), current loan repayments, credit limit, deposit amount etc etc. I can do an income assessment for you and let you know what it is through my work?
The killer for most first home buyers is Stamp Duty. This is usually around 5% of the property value depending on which state you live in etc.
I would recommend you pay off your existing debt first. This will greatly increase your borrowing capacity, that extra money would be used to pay off your mortgage. The fewer debts to manage, the less stress. Also, reducing your credit card limit will increase your borrowing capacity. The less liabilities, the stronger the application.
Be careful with brokers. One thing you need to remember is brokers work off commission from the banks. There are MANY other lenders who do not deal with brokers who can offer you a better deal!!!!!
If you want, PM me your income, monthly expenditures (itemised), current loan repayments, credit limit, deposit amount etc etc. I can do an income assessment for you and let you know what it is through my work?