1. Does the current market requires minimum upfront to purchase a property? Few yrs ago, it doesn't.
2. If not, how is the p/a mortgage insurance calculated?
3. How many times can a person take the $0 upfront method to purchase a property?pls help guys.
Eric
Eric
Not entirely of the actual question but anyway here goes.
If you mean do you need a deposit to purchase a property then Yes you do and minimum 5% of the purchase price + costs.
Most lenders require this to be by way of genuine savings although couple of exceptions.
The old days of 100% loans have been and gone.LMI is calculated on a sliding scale dependant on the loan amount, lvr and in some cases whether the loan is a P & I loan or IO.
Think Qu 3) has already been answered.
Richard Taylor | Australia's leading private lender
Eric,
Which state are you in?
Reason I ask is that there is one lender left in West Aussie that will lend 98% and allow you to use the FHOG to pay the deposit. You have to live in Wa and purchase in WA and a few other hurdles
Hi Kimandglen
Which lender is this??
Cheers
Airstrike
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