I am looking at buying my first home. Does anyone know what the minimum amount of money I would need to have in the bank to purchase a house of ~$260,000?
If you are entitled to the FHOG and Stamp Duty Concessions then the minimum you will need is a 5% deposit saved over 6 months.
The FHOG should cover your expenses.
For a $260,000 home this will be $13,000 saved.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Cool, I have exactly that now. What about other fees?
well you would be looking at about $2000 in legal fees, $5-600 in pest and building inspections, $1000 in mortgage fees or less and the killer is LMI of about $5000. This can be added to the loan with some lenders so you don’t need it up front.
Hope this helps.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What is LMI ?[blink]
M.Bond
LMI = Lenders Mortgage Insurance.
It is levied by the mortgage insurer generally for loans which are above 80% of a purchase price of a home.
There are ways to avoid it if there are other funds or properties available.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
aren’t you forgetting stamp duty? would be around $10000 i think?
Depends on the state – many states have discounts or the SD is waived for first home buyers.
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi tjal,
There are no deposit home loans available, but these do attract higher rates and fees.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
does victoria have a discount for first home buyers?
BTW, The VIC Govt.has abolished Mortgage Stamp Duty, as of 1st July 2004.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
what does that mean? that there is no stamp duty payable on a property bought in melbourne? as in, i save that approximate $12000 on the property?
Hi Gilad,
Unless you are buying of the plan, You are still required to pay transfer stamp duty on a purchase in Victoria, This is not to be confused with mortgage stamp duty.
For further info have a look on the Vic gov site. http://www.vic.gov.auRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Tajl,
In Vic you can be exempt for SD if you are a concession card holder. I note that you are a student. I think that the value is capped at about $200K. Check this out with the State Revenue Office.
Good luck.
hrm
does anyone know how to work out the monthly repayments mathematically by hand for a principal and interest loan
my simple method, though this might not be what you are after is as follows (it is interest only – and then add on if you want principal).
Mortgage * 0.07(approximate interest rate)
then divide that by 12 to get monthly repayments. if you want weekly, divide by another 4.I figure if it is going to be principal and interest you just add whatever you can afford…
if you only have $13k now and are relying on the FHOG to be able to get all the funds together I am assuming you intend to live in the property. You will need to think about the cost of setting up house if you haven’t done so. the ongoing costs are rates, utilities, bills and upkeep that often add up over teh course of a year whilst still paying the mortgage.
you may want to ask some people here about these things and budgets for expenses.
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