Dawn

Hi all, not been on here for a while as really busy, leave for Perth in 11 days!!!!! anyway does anyone know if its possible to get a mortgage with just 10% deposit?

thanks all
Dawn x

Caroline G

Yes, you can but you generally have to pay Mortgage Insurance (indemnity insurance) if you have less than 20% to put down. This is the one off insurance paid by yourself to protect the lender against you defaulting. It doesn't actually protect you.

It might be worth booking an appointment with an independant financial advisor. They can often present your application to the lender without charging you - as they get commission - and you may get other perks the lender only offers to clients going through an intermediary i.e no application fee, reduced interest rate etc.

thebears

Others have with 0%

thebears

My advice is to rent for a year - dont rush too buy. Gives you time to get thelay of the land and to build up "local" credit history.

northernbird

my advice to people coming to Perth is buy as soon as you can. Take a short term rental and buy quickly. The prices are going up like mad here. We have just bought a place and 2 months ago it would have been $30k cheaper.

I am presuming you are coming on a PR visa. You would get a mortgage with 10% deposit but you would more than likely have to pay insurance as quoted in a previous reply. if for some reason you are on a temp visa, ie 457 then most places won't lend you more than 80% of the property value.

Dawn

Ahh thanks all thats a big help, looking at buying in Rockingham and have been advised again to buy sooner rather that later as prices shooting up and new train line due in next year, any idea how much this insurance is?

thanks again
Dawn x

Perthforme

Yeah might be normal to do that but you snooze you loose in perth at the mo our place has gone up 15 -20 k a month this year !
I got a mortage approval in 3 weeks here.

Dawn

Thanks for that, mortgage guy did say if you are staying in the same profession there and can prove you have done the same here it shouldnt be a problem getting a mortgage, what documents did you have to show and was it after you started your Job. just hoping only 10% wont cause major probs, have to find out how much the insurance is,

Thanks again Perthy
regards to you are yours, inc bump
x

Vash the Stampede

You can even get a mortgage with 5% deposit.

Caroline G

Here's a link to a calculator that can help you work it out.
http://www.yourmortgage.com.au/calcu...age_insurance/

Good Luck!

Dawn

Ah thanks caroline thats really good of you, ill have a look now,
x

68MEVY

We've got a mortgage with 10% deposit. We do have to pay mortgage insurance (approx $6000) but the lender we've gone with will add that onto the mortgage.
PM if you need more details, we are currently going through the process so can give figures if required.
Marie

Perthforme

We had a bigger deposit than you , but all i had to prove was that i was working and how much i was earning I.E. one letter from work did the trick !