Hi does anyone know a good mortgage broker in Melbourne and are there any to watch out for?
Also, i have brought a home & land package $337000 and i am unsure on what size deposit i should put down.
I have around 90k available to me i save around $400 a week im on 49k PA
im 30yo
I'm fully aware of LMII want to buy my second property as soon as possible.
Also can people please tell me of any good sites that have information on suburbs e.g population growth, infrastructure projects average weekly income and so forth.
I have played around on the Australian Bureau of statistics and just want to look at some other sites.Thanks for your time
Matt
Hi Matt
You normally put down a 5% deposit when exchanging contracts on an off the plan purchase.
If you're looking to purchase another property soon – I would look at taking out a 90% loan now and paying some LMI. That way, you'll have a fair chunk of your $90k savings left over to use as a deposit on your next property.
It's difficult to comment further without more details but your income may limit your borrowing capacity in the future.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Matt
Sorry dont want to disagree with Jamie but there are some points that need clarifying first.
Is the house and land property and owner occupied property?
If so i would look to put in as much as you possibly can (Dont forget some lenders will cover the LMI cost or charge an alternative depending on the strength of deal itself) and then take an investment equity loan or line of credit against the property and use this as deposit for the 2nd property assuming it is for investment.
You want to maximise your deductible interest whilst structuring the loan correctly.
In saying this i think serviceability could be an issue depending on the actual numbers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Some good points thanks guys. Just to clear up some things the property will be an investment property I will not live there. I have signed all building contract but have not put any deposit down. My expenses are very low due to still living at home. $400 to $500 savings per week. I brought to package back in march 2010 in palemham we I got a loan approvals in April it was valued at 340000 so I’m guessing by the time it will be built April 2011 it will be valued around 350000 – 355000.
My house is in pakenham
Thanks for the clarification Mat
Lenders will still normally factor in some board etc even though you are living at home.
With the right product you wouldnt pay any if much LMI so that is probably the route i would go.
90% and No LMI.Course assumes good credit and stable employment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard
Are u able to recommend a book broker that has 90% loans with no lmi?
My credit rating is perfect and have been in my job for 3 years
Hi Mat
Not sure what you mean about a "Book Broker" i am hoping you mean a Good Broker.
Will depend on the rest of the deal and your own circumstances but if you want shoot me an email be happy to run with if for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
im 30yo
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