20% deposit for an Aussie home from CBA?
Mar 2nd 2005, 3:21 am
#1
I never gave up trying
Thread Starter
Joined: Nov 2003
Location: Belair, S.A.
Posts: 86
20% deposit for an Aussie home from CBA?
G'Day my dear little friends from Britsexpats!
I finally arrived in Adelaide on Saturday 26th Feb 05. Great trip in and finally with rellies at West Lakes.....10 mins from beach, 1 min walk from lake - Guess you get surronding the picture lovely ehh!
Settling in well - Getting the usual sorted Tax File Number, medicare, recruitment agencies etc, etc.
The only shocker I've had at the moment is my recent visit to the Commonwealth Bank of Australia and the advice they gave on applying for a house loan.
I got the usual stuff sorted such as cheque book and visa account and finally have access to my house sale dosh. But when I asked about applying for a house loan and what kind of deposit I would have to put down, they told me I would have to put down a 20% deposit of the total house price??
I know I apply for the usual $7000 house loan and that is knocked off, but with a 20% deposit + 5% charge fees, for an avg house around $250,000, I would be looking of a deposit of approx. $56,000 aus dollars.
Is this the normal deposit amount for migrants as my Aussie cousin only had to put down 10% on her place about 5 years ago?
Any help from other migrants on home loans would be appreciated..
My
I finally arrived in Adelaide on Saturday 26th Feb 05. Great trip in and finally with rellies at West Lakes.....10 mins from beach, 1 min walk from lake - Guess you get surronding the picture lovely ehh!
Settling in well - Getting the usual sorted Tax File Number, medicare, recruitment agencies etc, etc.
The only shocker I've had at the moment is my recent visit to the Commonwealth Bank of Australia and the advice they gave on applying for a house loan.
I got the usual stuff sorted such as cheque book and visa account and finally have access to my house sale dosh. But when I asked about applying for a house loan and what kind of deposit I would have to put down, they told me I would have to put down a 20% deposit of the total house price??
I know I apply for the usual $7000 house loan and that is knocked off, but with a 20% deposit + 5% charge fees, for an avg house around $250,000, I would be looking of a deposit of approx. $56,000 aus dollars.
Is this the normal deposit amount for migrants as my Aussie cousin only had to put down 10% on her place about 5 years ago?
Any help from other migrants on home loans would be appreciated..
My
Mar 2nd 2005, 3:34 am
#2
Forum Regular
Joined: Jan 2005
Location: Brisbane Far South
Posts: 60
Re: 20% deposit for an Aussie home from CBA?
hmm... I wonder if they were concerned with your recent arrival.
Us australians normally pay 20% deposit if we prefer not to buy a Lender's Mortage Insurance (LMI), and 5% if we chose to buy it. On a 230K loan the LMI is about 3-4K.
Anyway, CBA can't boast about the best service in the country. Try ANZ or something.
Did you check out www.mymortgage.com for the full list of lenders and loans?
Us australians normally pay 20% deposit if we prefer not to buy a Lender's Mortage Insurance (LMI), and 5% if we chose to buy it. On a 230K loan the LMI is about 3-4K.
Anyway, CBA can't boast about the best service in the country. Try ANZ or something.
Did you check out www.mymortgage.com for the full list of lenders and loans?
Mar 2nd 2005, 4:36 am
#3
Joined: Aug 2003
Posts: 11,149
Re: 20% deposit for an Aussie home from CBA?
Definately shop around for a mortgage. CBA are overcharging rip off merchants. Lenders normally waive the mortgage insurance requirment for deposits of 20%. Temporary residents are normally only offered 80 % mortgages. The CBA may also have re-aligned their criteria due to the increase in risk from todays rate rise.
