I brought my house through Divine homes right on 100% Finace witch i do regret but i needed a house and had to get out of home, anyway the house and land came upto $220,000 and repayments of $1600 per month on a 8.2% rate. The house should be built by about June. I was just looking at the ANZ’s rate and it is 6% witch i can see is alot cheaper but how much cheaper per month is it? and how long would it be before i could go for a loan with the ANZ or trasfer it to them do you think? Would i be able to take out say another 20 grand on equity for a deposit on a investment home?
Thanks in advance.
A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?
Interest rate of 6.0% yu are looking at P&I repayments of around $1,320 pm.
Everything else you are looking at doing depends on what the property values at on completion.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
Kwilko has touched upon the crux of the problem here.
With a conventional loan you will need at least a 5% deposit. 20% would be ideal.
If the finished valuation comes up high enough you will be able to apply for a conventional loan. Do you think this will be the case?
If it does then consider http://www.homepath.com.au who offer a cheap basic product at 6.15%. But make sure you apply early.
All the best,
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985Please email me rather than using the PM service here.
Fully Accredited With Derivex LTD and IFHL PTY LTD
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mr Vip,
If finding a deposit is a problem, as long as you are servicable you should be able to get a much better rate than 8.2% on a 100% mortgage.
Regards
AlistairWhy don’t you ride in on Friday to see a broker?
Mick
Hi Mr VIP,
It is possible to get 6.84% on a 100% loan as long as you comply with the serviceability criteria. If you can raise the 5% deposit, there are many good loan products out there. Also, be sure to look at the comparison rate as well as the interest rate to make sure your not paying more overall for a lower interest rate. I hope this helps.
Good luck,
Mortgageman
MrVip,
The horse’s name is Friday… The lack of an “a” in front of Friday made it a proper noun, a name and not a reference to the day of the week. See, a basic understanding of grammar does help every now and again!
BTW, yep talk to a broker, they know the ins and outs of getting the best deal possible for you.
Cheers,
Michael.wow, thanks alot for the replys guys i found some useful info! when im ready to do this how long do i have to wait to transfer my loan over to the back? 6 months? 1 year?
A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?
MrVip,
I’ll leave the finance to those far more qualified in that area. As for the guy on the horse. Is he an alcoholic? Maybe he rode into town on Friday to drink at the saloon bar. However by the time he got there by horse it was Sunday! The best news is now he’s gone from being a daily alcoholic to a weekend drinker. He just starts drinking on Sunday and finishes on Saturday!
Cheers,
Gatsby!I dont know if this will help…I have heard that some of the house and land deals @ 100% are inflated so have a look in the area you are building check out two or three realestate agents in the area for what houses of similar style are worth…also go back to the building contract and see if there is a clause that says you are locked in for 2years….this could be the case …These are good deals if you are sure in the 2yrs that you are locked in that the place will raise in value….and if it is the only way you can get started , although I would seek proffessional advise first.Its always EZY when you know how.[blush2]
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