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The amount you can borrow will vary from lender to lender. The leading What If We Finance calculators will give you an indication of your borrowing power.
As different lenders have different rules your What If We Finance Mortgage Broker will give you a precise number.
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What If We Finance Mortgage Brokers unique What If We software allows us to compare for you hundreds of home loans and finds the product that is best suited to your needs in a a matter of minutes.
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The answer varies from lender to lender and the type of home loan you chose. Typically if you are an owner occupier you need a 5% deposit and a property investor a 10% deposit.
The deposit can be in the form cash or equity in an existing property.
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The First Home Owner Grant is a Government program designed to offset the effect of the GST on home ownership by providing a grant to first homeowners. It is a one-off payment of up to $7,000 to assist eligible first home owners with purchase or construction costs.
In 2008/2009 the Government announced a boost to the First Home Owners Grant.
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Generally, you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, and intend to occupy it as your principle place of residence within 12 months of the settlement. If you are buying the property with others, they must also meet the same criteria for the grant to apply.
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Stamp duty is a state government tax based on the property price. Each state has different rules and calculation and some offer significant discounts to first home buyers. Stamp duty can be a significant cost when buying property. Use the What If We Finance stamp duty calculator for a guide of what you will need to pay.
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Generally What If We Finance recommends you budget 5% of the purchase price, on top of your deposit, to cover fees and charges.
These fees can include:
Valuation fees
Building Inspection Fees
Lenders mortgage insurance (LMI)
Conveyancing/Solicitor fees
Insurance
Rates
Removalist fees
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Lender’s Mortgage Insurance (LMI) is designed to protect the lender from losses resulting in the sale of a property due to default by the borrower. LMI does not protect the borrower.
LMI premiums are payable by the borrower when the amount borrowed is above a given percentage of the lender’s property valuation. Some lenders may allow you to add LMI to the loan amount.
What If We Finance have access to products will little or no LMI (in certain circumstances only). Contact What If We Finance to see if you qualify.
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When submitting your home loan application, you will need to provide supporting documentation verifying you income, identity and any debts you have.
This will include:
Drivers Licence
Birth Certificate or Passport
Pay slips last 2
Tax returns
Bank statements
Loan or credit card statements
Your What If We Finance Mortgage Broker will provide more information.
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