+ Reply to Thread
Page 6 of 7 FirstFirst ... 4567 LastLast
Results 51 to 60 of 69
  1. #51
    Join Date
    May 2011
    Posts
    1,329
    Thanks
    74
    Thanked
    291
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    We live in Sydney and everything is so damn expensive ! I feel like we will never own our home let alone buy one ! Definitely can't buy where we would love to so looking to buy a little further in south west Sydney and even that's gone up ridiculously! I actually worry how out kids will be able to buy a home . I've started a savings account from the last few months of pregnancy. I also hope when we buy over the next few months we can pay it off but who knows if that will happen.

  2. #52
    Join Date
    Aug 2008
    Posts
    5,279
    Thanks
    2,361
    Thanked
    2,023
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by blissfulfairy View Post
    Independent brokers get paid higher commisions from certain lenders so are obviously favourable to certain banks.

    There is a national company that is paid the same commision from every lender and it costs you nothing to use their service. Not sure I am allowed to name them especially since I work for them..

    Brokers have access to all the same deals the banks can offer, even better deals most of the time.

    You need 5% savings as an abolsute minimum. 10% for certain lenders. This needs to be evidenced with 3 months of statements. You can also use gifted funds to contribute towards a deposit aswell as savings- this requires a stat dec from the giver confirming money is a non repayable gift.

    If you borrow more than 80% of the property value then you will have to pay LMI (Lenders Mortgage Insurance). LMI is NOT insurance for you, but rather for the bank, and is added on to the loan.

    In SA currently there is a $7000 FHOG and then an $8500 HCG (housing construction grant) for building or buying a brand new home. The HCG is available to everyone, first home buyer or not - but a build contract must be signed by 31st December. FHOG currently cuts out 31st June 2014.

    You also need to factor in upfront costs - conveyancing fees (which include land title office & stamp duty) and ongoing fees such as rates, water, building insurance, maintenance.

    If anyone would like more info, feel free to pm me.

    Sent from my GT-I9505 using The Bub Hub mobile app
    While independent brokers do get paid high commission from some lenders it's also against the accreditation bodies to favour those loans. They're obligated to advise the best loan available for the client from whichever lender, regardless of commission rates.

  3. The Following User Says Thank You to Luna Lovegood For This Useful Post:

    blissfulfairy  (21-11-2013)

  4. #53
    Join Date
    Aug 2010
    Posts
    2,654
    Thanks
    736
    Thanked
    423
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Luna Lovegood View Post
    While independent brokers do get paid high commission from some lenders it's also against the accreditation bodies to favour those loans. They're obligated to advise the best loan available for the client from whichever lender, regardless of commission rates.
    Doesn't mean they do though!

    Sent from my GT-I9505 using The Bub Hub mobile app

  5. #54
    Join Date
    Nov 2013
    Posts
    937
    Thanks
    131
    Thanked
    407
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by blissfulfairy View Post
    Doesn't mean they do though!

    Sent from my GT-I9505 using The Bub Hub mobile app
    So true!


    Married to my soul mate, Mummy to one beautiful little girl, wishing for a little boy to complete our family.

  6. The Following User Says Thank You to dee1 For This Useful Post:

    blissfulfairy  (25-11-2013)

  7. #55
    Join Date
    Apr 2013
    Posts
    711
    Thanks
    440
    Thanked
    318
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    First step is do a home budget. What are your outgoings each month - where exactly is your money going, how much can you realistically afford to spend on a mortgage?

    Second step is a mortgage broker. They will run through everything for you (for free!) and develop 'scenario's' on different price thresholds.

    Bear in mind all additional costs, LMI, settlement fees, inspection/fumigation fees, rates. Plus you will likely have bills to the value of approx 10k per year - insurances, utilities etc.

    Most important thing is to limit your budget to something affordable!

    Then find the best property you can in your price range - this takes time & is quite complicated if you're looking at a number of different areas etc. And try not to become 'emotionally attached' to a property, it will cloud your judgement (speaking from experience here!).

    Good luck! It's exciting & daunting all at the same time & you may not know whether you've made a good investment for years!

  8. #56
    Join Date
    Apr 2013
    Posts
    711
    Thanks
    440
    Thanked
    318
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by Luna Lovegood View Post
    While independent brokers do get paid high commission from some lenders it's also against the accreditation bodies to favour those loans. They're obligated to advise the best loan available for the client from whichever lender, regardless of commission rates.
    We used a broker for scenarios etc then went straight to the bank & dealt direct with them.

    We recently decided to switch to fixed interest & had our broker advise us on options with our bank but the amount of commission they were going to receive was insane (over 10k)! Considering it was a 1 page document, we again went straight to the bank - I could not stomach anyone getting paid that much for maybe 30mins work!!

  9. #57
    Join Date
    Aug 2010
    Posts
    2,654
    Thanks
    736
    Thanked
    423
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by JungleMum View Post
    We used a broker for scenarios etc then went straight to the bank & dealt direct with them.

    We recently decided to switch to fixed interest & had our broker advise us on options with our bank but the amount of commission they were going to receive was insane (over 10k)! Considering it was a 1 page document, we again went straight to the bank - I could not stomach anyone getting paid that much for maybe 30mins work!!
    Wow. Wish we got paid that for simple variations like fixing!!! We get paid nothing if we are just fixing the existing loan. And for the record it is more than 30 minutes work when you include submission, compliance, data entry and follow ups.

    Sent from my GT-I9505 using The Bub Hub mobile app

  10. #58
    Join Date
    Apr 2013
    Posts
    711
    Thanks
    440
    Thanked
    318
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by blissfulfairy View Post
    Wow. Wish we got paid that for simple variations like fixing!!! We get paid nothing if we are just fixing the existing loan. And for the record it is more than 30 minutes work when you include submission, compliance, data entry and follow ups.

    Sent from my GT-I9505 using The Bub Hub mobile app
    Still, it's an unconscionable amount of money for a 'small' amount of work! I suspect it was considered a new loan though, hence the commission rate.

  11. #59
    Join Date
    Nov 2008
    Location
    Regents Park
    Posts
    1,047
    Thanks
    27
    Thanked
    147
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by lovepurplebutterflies View Post
    Tell me what you know ....
    How much dep did you save
    Did you use a bank or broker....
    Any other info that you are willing to share.

    Sent from my GT-I9505 using The Bub Hub mobile app
    We saved 15k while we lived with my parents & our two girls! Saved every penny & saved nearly 11k in 3 months already had 4k saved! We used a Aussie mortgage broker! We walked into out mortgage debt free which was good but have since done reno's! Brokers are great as they walk you through everything! We still keep in contact with him!

  12. #60
    Join Date
    Aug 2008
    Posts
    5,279
    Thanks
    2,361
    Thanked
    2,023
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by JungleMum View Post
    We used a broker for scenarios etc then went straight to the bank & dealt direct with them.

    We recently decided to switch to fixed interest & had our broker advise us on options with our bank but the amount of commission they were going to receive was insane (over 10k)! Considering it was a 1 page document, we again went straight to the bank - I could not stomach anyone getting paid that much for maybe 30mins work!!
    I do a lot of work with brokers and that sounds like you got the laziest broker ever if they were only putting in 30 minutes of work! All the brokers I know lodge the loans on behalf of the clients, follow up with them and even liaise with solicitors, etc.

  13. The Following User Says Thank You to Luna Lovegood For This Useful Post:

    blissfulfairy  (25-11-2013)


 

Similar Threads

  1. Buying help
    By YMo7 in forum Mt Gravatt / Mansfield / Wishart
    Replies: 21
    Last Post: 09-07-2013, 18:51
  2. Buying first home soon!!
    By Mscomplete in forum House & Gardens
    Replies: 3
    Last Post: 18-05-2013, 11:34
  3. Replies: 91
    Last Post: 16-03-2013, 19:03

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
WaterWipes
Give your babies bottom a gift this Xmas! They are the only wipe made using just water and a drop of grapefruit seed extract and may help avoid nappy rash. Check out the great reviews on bubhub and see our website for more info and availability.
sales & new stuffsee all
Pea Pods
Buy 2 Award Winning Pea Pods Reusable One Size Nappies for only $38 (in your choice of colours) and receive a FREE roll of Bamboo Liners. Don't miss out, we don't usually have discounts on the nappies, so grab this special offer!
Special Offer! Save $12
featured supporter
SRC Pregnancy & Recovery Shorts
Want pain relief during pregnancy, and to continue working and exercising? Fancy a speedy recovery after childbirth? Want to regain your pre-baby body shape fast? Recommended by healthcare professionals, SRC compression products will let your body do its most important work.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!