hey every one im looking at buying my 1st home soon
just wondering if any one can help me out with everything i need to do in order to get it under way real fast
I’m not really sure of what to do, i want to start investing in property real soon but need to know the rights steps to start off so i can follow those and repeat them
i don’t want to follow in my parents foot steps by renting all their life i want to become good at this and prove every one who ever doubted me that i can do it
does anyone know any good banks who lend a 95% home loan or something that is better than this?
thanks for your help
chris hudsonHave you taken into account the first home owners grant that you might be entitled to up until September 2009.
Go a google search on FHOG to see government web site on it.
Banks lend to people with jobs and depending on how much you earn they will lend to a level they feel you can service.
This is known as servicability and then they will also lend to a certain LVR level depending on which is the lowest figure.If you can get a loan at 95% mortgage insurance may be required by the bank which means you have to pay the premium.
Not sure on banks that lend to 95% as a lot of them are spooked by the financial crisis and have lowered LVR levels.Hi Chris
If you have the capacity to borrow and the saved up deposit then a suitable loan could be found however more information would be required.
Not many lenders left doing 95% lvr and those that are have fairly stringent credit criteria.
Richard Taylor | Australia's leading private lender
i am in a similar boat. i am a young student with out stable income. i have been to many banks and all have them have knocked me back. but that isn't going to stop me. i learn something new every time. i am under the influence that if you have the deposit for a positively geared property they are more willing to provide finance. tell them your plans. share your vision. show them facts and figure on the property. also show them you have performed what if scenarios (if interest rates rise etc.). show them you know your stuff and you have thought about the worst case scenario.
having said that i have no houses in my name. mainly cause i don't have the deposit, and i dont' know how to get around it!! if anyone has any help. i'm all ears.
hope that helps.
Sorry hate to be the bearer of bad news but lending doesnt work like that.
Just because you are buying a positive geared property doesnt get you over the line especially in the current climate.
Most lenders are going to want a lot more than that especially if the LVR is over 80% and mortgage insurance is involved.
Remember every lender you go to will undertake a credit search and numerous searches will go against you as they will remain on your credit file.A good broker will be able to give you a fairly honest appraisal immediately of what your chances are in the current climate and can certainly suggest alternative options to you.
Richard Taylor | Australia's leading private lender
im 19, and i just got 95%, but i was one of the last the CBA told me
95% is still available as i mentioned earlier but you need to be whiter than white.
Richard Taylor | Australia's leading private lender
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