All Topics / Help Needed! / Deposit for my first home?

Viewing 12 posts - 1 through 12 (of 12 total)
  • Profile photo of RTCRTC
    Member
    @rtc
    Join Date: 2005
    Post Count: 2

    Hi Everyone,
    I have been told that a bank likes to see 6 months of consistent saving for a deposit when buying a house. Is there another way to do this that won’t take me 6 months? I have $9000 so I want to approach a bank for a mortgage sooner than the 6 months. Or is this time of saving required for my credit rating? Any ideas? Thanks so much.

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi RTC,

    Is the $9,000 genuine savings? you will have a much better chance if this is the case.

    Lenders are pretty strict with their criteria for high LVR loans, but it would be worthwhile speaking with a broker about your situation.

    Regards
    Alistair

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    This is really only the case where the loan is above 80% of the purchase price.

    There is a lot of flexibility between lenders. Speak to a mortgage broker about your situation and see what is available for you.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi RTC,
    Some lenders will require 3% in genuine savings while others require 5% saved over a Six-month period,

    Also, There are certain lenders who offer finance with no requirement for genuine savings,
    the correct choice of lender/product will ultimately come down to your individual circumstances, a chat with a knowledgeable mortgage broker will help you decide on which is best suited to you, Cheers.

    Regards
    Steven Crane
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    There are loans out there which do not require genuine savings. These are usually 90% LVR, but I think there are a few at 95%.

    Keep in mind that it doesn’t have ot be cash savings, it could be shares, or managed funds etc too.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of RTCRTC
    Member
    @rtc
    Join Date: 2005
    Post Count: 2

    Thanks all of you for your advice. The $9000 is not genuine savings, I’ve just had it sitting in a UK bank account for some time.
    Sorry to sound completely clueless but what is an LVR loan?
    I’ll have to find a knowledgeable mortgage broker to discuss this further. Where would be a good place to look? Any one know of a good one??
    Thanks again.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    I’ll have to find a knowledgeable mortgage broker to discuss this further. Where would be a good place to look? Any one know of a good one??

    Look at the last three replies carefully

    Benny

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi RTC,
    LVR = loan to value ratio,
    As I mentioned earlier there are lenders that offer finance where no genuine savings is required, the LVR for these types of products are normally 90% to 95%, so you will need either a 10% or 5% deposit plus the closing costs stamp duty etc.

    Regarding finding a Mortgage Broker, there are a few mortgage brokers who regularly contribute to this forum that would be able to assist you I’m sure, Cheers.

    Regards
    Steven Crane
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Hi RTC,
    I know this doesn’t answer your question directly.
    However, in an indirect reply, do you have other equity in the form of a sizeable amount of superannuation, etc for example that could be used in your favour?
    Cheers,
    Gatsby!

    “Sometimes the hardest thing to do in life is often the best thing to do.”

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    If tyhe UK money is in an account in your name then it counts as savings – you don’t need to show a savings pattern just that you have owned the money for three plus months.

    If you advise your location I may be able to suggest a reliable local broker?

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of BofclarkBofclark
    Participant
    @bofclark
    Join Date: 2005
    Post Count: 31

    Yes. Ring the bank make an appointment and ask the bank manager if they will send in the paperwork to give you the loan. Just ask, all they can say is no; and if they say no is that going to kill you? most likely not. People go on and on with this is what the bank wants or this is what the bank is looking for when the easiest way to find out what the bank wants is to ask the bank. I suffered more damage, hurt ect. being rejected by a lady I asked out on a date than I ever suffered from being knocked back by a bank. Banks can be very flexable . I purchased two houses with a total of two hundred dollars of my own money. One hundred dollars deposit for each house and the rest I got from the bank. Ask the bank all they can say is no, or they could say yes. The banks want to see that you can afford the repayments

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    Contact MH and TerryW and see wher they can help you as their both ‘very helpfull’ and knowledgeable Mortgage Brokers

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

Viewing 12 posts - 1 through 12 (of 12 total)

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