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  1. #1
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    Default Has anyone dealt with 1st home loans, 100% finance

    http://1sthome.com.au/

    Has anyone here been to this website or dealt with this company before?

    Sounds a bit to good to be true and I cant seem to find any more info or anything from others who have used them.

    Down the bottom of the site it says they are "members alliance home loans"

    Tia!

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    Subbing as interested too!!

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    It's never a good idea to do no deposit home loans. I have no experience with this company but have known friends to do this through RAMS and they are regretting not saving up even a 5% deposit.

    I see it doesn't say what your interest rates are or whether they are fixed for a couple of years etc- in the disclaimer it also states that you can only get the loan when building through their approved builders in their approved location.

    If you find out the interest rates get out the calculator and multiply your yearly mortgage and what the total payout over 20 or 30 years would be. Then take 5% off the purchase price you did the first sum on and repeat the above steps with your interest rate and the length of the loan - you will be shocked at the difference between the two amounts!

    Sorry if this isn't helpful I just hope you can get more info to make a good decision. Good luck

  4. The Following 2 Users Say Thank You to Mummajugs28 For This Useful Post:

    austmum  (14-08-2012),Guest1234  (12-08-2012)

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    Just be warned that if you go for a fixed rate home loan you can't put extra money into it, whereas if you have a variable home loan then your minimum monthly payment is just that. A minimum. You can put extra money into your home loan and have it as a better savings than a normal savings account as you pay off from the base home loan too.

    I hope this makes sense and helps people out. I only know this because I dealt with my exs home loan through a friend who was a mortgage broker

    Sent from my GT-I9100T using BubHub

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    I don't know anything about the link you posted but I personally don't think it's a good idea to take out a 100% loan. Why not wait a while and save for a deposit? You'll have a higher number of lenders willing to give you a loan if you have a deposit, meaning you can pick one with better interest rates and terms that suit you rather than having to settle for whoever will give you a loan.

  7. #6
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    In this market you would be crazy to borrow 100% of the market value. In six months time you will owe more than the house is worth.

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    Guest1234  (14-08-2012)

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    I know that if you borrow more than 80% of the property value you need to also pay lenders mortgage insurance - a one off lump sum payment. Also be careful of things like stamp duty and legal costs because they are often not financed.

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    Thanks for the advice it is much appreciated.

    I did speak to them today and they asked a few questions and said we qualify for pre approval and the next step is to meet with a broker.

    From what they said you have to use their land, their builder and they listed the 3 largest regional city's in vic as the places to choose from.

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    Quote Originally Posted by austmum View Post
    Thanks for the advice it is much appreciated.

    I did speak to them today and they asked a few questions and said we qualify for pre approval and the next step is to meet with a broker.

    From what they said you have to use their land, their builder and they listed the 3 largest regional city's in vic as the places to choose from.
    Just be really careful - a lot of these companies are designed to target people who can't afford it in the long run. The more promise they give the more business they get. If you have an accountant I urge you to get some professional advice! It really can be a cruel Circle.

  12. #10
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    It does sound a bit to good to be true unfortunately. I'm going ahead with meeting the broker to find out more but we will also speak to our accountant. Thanx.

    In our case we pay a lot in rent, more than our friends pay for their mortgages so it's hard to save. We can afford a home loan. We also have 4 kids and this works against you when going for finance. They must really overestimate the cost of raising a child!
    Last edited by austmum; 14-08-2012 at 19:44.

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    a78  (10-06-2013)


 

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