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  1. #31
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    BEEBS

    Who was the broker and which lender did they end up giving you?
    How much money if at all did you need in cash? and did they care if it was genuine savings?


    so desperate!

  2. #32
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    Just subbing as its something myself and dp have been discussing a lot lately.

    Sent from my GT-I9300T using The Bub Hub mobile app

  3. #33
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    Quote Originally Posted by waterlily View Post
    I agree Sam. We were approved more then double what we knew we could even afford!!

    We had thousands saved for all the extra costs of owning a house and 7 months on its all gone!! We are starting to build it back up and by tax time it will be nice and healthy again but it really does cost a lot.

    We also pay a lot more on repayments then our rent AND we also pay insurance, rates and water on top of that (which we put into an account weekly). Financially we are twice as worse off then we were renting. So it's easy to say you can afford the mortgage but you need to be able to afford everything else too.
    You're right - if you're willing to lock yourself in for 30 years, it is amazing how much banks will offer you! The question people need to ask themselves is - how long do you want to spend paying off your loan?

    For the three loans we've had so far, we've always calculated what we can afford to borrow based on having a maximum payback period of 15 years, and have always kept it to an amount that we could still service if interest rates returned to >12% (which they have done in the past!)

    It's sensible to build in plenty of wiggle room, in case you lose your job or get injured, interest rates go up, or something expensive breaks. Call me risk averse, but I think borrowing as much as the bank will give you over a projected 30 year loan life is just asking for something to go wrong!

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

    Pregnor  (26-04-2013),waterlily  (27-04-2013)

  5. #34
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    We are building our first home and financed with keystart which is a government lender I think? We only needed a $5000 deposit

  6. #35
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    Default 1st homes

    I just found out after threatening to cancel our appointment with them that house prices start at 310-315000. If that helps, but we still cancelled out appointment, the houses arent in an area we would want to live. EVER.

    Also keystart is in WA too bad we can't get the in SA.

  7. #36
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    Default 100% finance temptation

    This is an old post but for anyone out there looking into the same.. I work in home loans and basically, the more you borrow, the more you will have to pay. Lenders are not in the business of losing money and so, if you find a deal where you borrow 100% of the money, then your rate will probably be very high. You will also be penalised with mortgage insurance, the higher the amount, the higher the insurance, etc..
    Talk to a broker, who is able to look for the best deal for you, or at least helps you get to a place where you can get a better deal. I help first home buyers a lot, just to make sure they are not falling into the many traps. Feel free to message me if you are in NSW. I don't mind talking over coffee haha!
    Sylvie


 

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