Понравилась презентация – покажи это...
7 Essential Tips for First Home Buyers
1. How much deposit do I need? You need at least 5% - 10% of the property value as a deposit. E.g. for a loan valued at $500,000 you would need at least $25,000. Tip: You can borrow without a deposit using a guarantor loan or ask your parents or a close relative to help with a gifted deposit.
2. How much does a home loan cost? Getting a loan isn’t all about the interest rate. It also comes to the additional costs that come with the purchase such as: Registration fees Transfer fee Purchase stamp duty Mortgage stamp duty
But wait, there’s more… Conveyancing costs: $800-$1,500 Inspections: Estimated around $600 Home Loan fees: Up to $900 Lenders Mortgage Insurance: This is dependant on your loan amount. Tip: Note that these costs may also include repairs or renovations to the property, as well as council and water rate adjustments. Speak with your conveyancer regarding the cost of buying the property.
3. Can I get a First Home Owners Grant? The First Home Owners Grant (FHOG) As a general rule: Each applicant must be a real person, not a legal entity. At least one applicant should hold a permanent visa or be an Australian or NZ citizen. All applicants must not have owned a residential property in any state or territory before 1 July 2000. Each applicant must be at least 18 years of age. At least one occupant will occupy the home continuously for at least 6 months, commencing within 12 months of settlement or construction of the home.
4. How much is LMI? If your loan is for more than 80% of the purchase price, you’ll have to pay Lenders Mortgage Insurance (LMI) as a Tip: 90% LVR home loan plus LMI, this is where you capitalise or “add” the cost of LMI onto your loan to avoid the cost upfront.
5. Which documents will I need to provide? You need to provide certain documents as evidence of your income: Tax returns Payslips or an employment letter Your ID: citizenship, passport or Australian driving licence You may also need these additional documents, depending on your situation: An accountant’s letter Default explanation letter Gift letter Tip: Make sure all of your documents are up to date and legible. Approval of your loan depends a lot on the accuracy of these documents.
6. Which mortgage is right for me? Recognising why you need a loan means you can match For instance, do you: want to redraw any extra Tip: Think carefully about your options before simply going
7. How can a mortgage broker help me? They can objectively assess your needs and their services are usually free!
CLICK HERE TO LEARN MORE ABOUT 7 THINGS EVERY FIRST HOME BUYER NEEDS TO KNOW