First home buyer

Viewing 6 posts - 1 through 6 (of 6 total)

mick807
Member
@mick807
Join Date: 2011
Post Count: 3
December 2, 2013 - 8:16 am
Hi, first off thanks to everyone for providing such great information.
Me and my girlfriend are looking to buy our first property we will probably be living there for the next 2-3 years, we have $15,000 saved and between us make $90,000 p/a.
What are our options, is it possible to buy? what kind of loan would be possible? we currently rent at $270 a week and live in western Sydney
thank you
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
December 2, 2013 - 8:55 am
Hi there
Welcome aboard.
At a minimum you'll need to save at least a 5% deposit and enough funds to cover costs such as stamp duty, etc.
If buying new, you may be eligible for certain concessions and the FHOG in NSW.
Cheers
Jmaie
Jamie Moore | Pass Go Home Loans Pty Ltd
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TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
December 2, 2013 - 10:41 am
Have you considered the land releases in schofields?
Western Sydney is a massive area – how west are you willing to go?
$15k isn't going to take you far so jumping on the FHOG wagon might be required.
TheFinanceShop | Elite Property Finance
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Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
December 3, 2013 - 3:57 pm
In WA we have Keystart loans that are a government funding source that provide 2% deposit loans with no LMI.
They also have a shared equity scheme where the government will purchase up to 40% of the property value which you can buy out later.
Income restrictions apply but sounds like you would qualify. Not sure if there are similar options available in NSW and other parts of Australia but worth investigating.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
December 3, 2013 - 5:58 pm
Hate to say Colin no such Govt ran scheme in NSW, QLD or VIC
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
December 5, 2013 - 4:44 pm
Qlds007 wrote:
Hate to say Colin no such Govt ran scheme in NSW, QLD or VIC
2 million inhabitants contributing 15% of the GDP must make us eligible for low cost government housing loans
Colin Rice | CDR Finance
http://cdrfinance.com.au/
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]