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  1. #11
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    Hey OP!

    I think the minimum is 5% with some banks but you have all the fee's to pay. Check out this website https://www.moneysmart.gov.au/tools-...age-calculator the mortgage calculator is super awesome and it can even tell you how much you can borrow etc.

    It also has a calculator that shows you how much of a difference in your overall payments over the 25(ish) years of your loan a few extra grand will make in your deposit.

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  3. #12
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    Thanks everyone.

    Yeah the mortgage calculators tell us we can borrow insane amounts (over 1mil) due to DF's income. The thing is though, we don't want to over capitalise, borrow something huge and then have interest rates go insane. I'm very cautious when it comes to this.

    If I were working, there would be absolutely no problem. Our incomes combined brings in a very tidy little sum. It's just because I'm a SAHM at the moment. But we don't know when interest rates will go up again, and they have really never been so low for a fixed rate... it's a conundrum...

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    Quote Originally Posted by [Mod] Nomsie View Post
    Thanks everyone.

    Yeah the mortgage calculators tell us we can borrow insane amounts (over 1mil) due to DF's income. The thing is though, we don't want to over capitalise, borrow something huge and then have interest rates go insane. I'm very cautious when it comes to this.

    If I were working, there would be absolutely no problem. Our incomes combined brings in a very tidy little sum. It's just because I'm a SAHM at the moment. But we don't know when interest rates will go up again, and they have really never been so low for a fixed rate... it's a conundrum...
    Apparently buying a house is the single most stressful thing you can do... The calculator is good for showing you how much interest you'll pay. That's why I like looking at it. It's absurd though considering for a 250k loan over 25 years you end up paying back almost double that.

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    We just got a second loan on 5%, we just used the equity from our first home, it's great but you do need to pay mortgage insurance

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    Those calculators are crazy!!! It said we could have borrows a fortune when I reality when we went to see a broker it was half!

    We were able to get a loan on DHs income alone with me being a SAHM so it's not impossible.

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    Quote Originally Posted by waterlily View Post
    Those calculators are crazy!!! It said we could have borrows a fortune when I reality when we went to see a broker it was half!
    What do you mean crazy? I'm off to buy a million dollar house tomorrow because they said I could! 😜

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    10% is normal - yes 20% will save you the mortgage insurance but that would only be approx $4800 if you borrow say $330,000 (90% of the property value) so It means you can own a home sooner doing 10% - unless you have equity or very high borrowing capacity a lot of the big banks won't do 5% deposit these days as that's what got everyone in trouble last time!

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  12. #18
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    We just got a second loan on 5%, we just used the equity from our first home, it's great but you do need to pay mortgage insurance


 

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