small deposit mortgages, info for you
Jan 13th 2006, 12:58 pm
#1
GC family day carer
Thread Starter
Joined: Oct 2004
Location: Pacific Pines
Posts: 2,212
small deposit mortgages, info for you
Hi, I'm guessing if you're reading this you've emigrated/are emigrating skint or just have no cash to put down as a deposit towards a house.
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Jan 13th 2006, 1:04 pm
#2
Gold Member
Joined: Apr 2005
Location: Sydney, NSW
Posts: 1,169
Re: small deposit mortgages, info for you
Originally Posted by 68MEVY
Hi, I'm guessing if you're reading this you've emigrated/are emigrating skint or just have no cash to put down as a deposit towards a house.
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Jan 13th 2006, 1:44 pm
#3
Ok this isn't so bad
Joined: Aug 2005
Location: Dundee (Scotland) now Bayside Brisbane
Posts: 4,824
Re: small deposit mortgages, info for you
Marie,
Thanks so much for taking the time to post the info. Really helps.
Cheers and good luck.
Ginny
Thanks so much for taking the time to post the info. Really helps.
Cheers and good luck.
Ginny
Jan 13th 2006, 2:03 pm
#4
BE Forum Addict
Joined: Mar 2004
Location: Brisbane
Posts: 1,927
Re: small deposit mortgages, info for you
Great info, thanks for sharing it with us. After all, we haven't all made a killing with the increasing UK house prices, and mortgages and real world living will definately be apparent when in Oz. Shiny bucket and all that.
Jan 13th 2006, 2:09 pm
#5
BE Enthusiast
Joined: Jul 2005
Location: Port Kennedy
Posts: 482
Re: small deposit mortgages, info for you
Originally Posted by 68MEVY
Hi, I'm guessing if you're reading this you've emigrated/are emigrating skint or just have no cash to put down as a deposit towards a house.
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Jan 13th 2006, 2:28 pm
#6
Forum Regular
Joined: Jan 2006
Location: Tyneside
Posts: 81
Re: small deposit mortgages, info for you
Don't want to be nosey but over how many years are you taking your mortgage ? cheers 
Jan 13th 2006, 7:46 pm
#7
Off to Goldy on my own!!!
Joined: Nov 2005
Location: plymouth,u.k.
Posts: 138
Re: small deposit mortgages, info for you
good luck
Originally Posted by 68MEVY
Hi, I'm guessing if you're reading this you've emigrated/are emigrating skint or just have no cash to put down as a deposit towards a house.
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Jan 14th 2006, 6:00 am
#8
GC family day carer
Thread Starter
Joined: Oct 2004
Location: Pacific Pines
Posts: 2,212
Re: small deposit mortgages, info for you
Originally Posted by OBI WAN
Don't want to be nosey but over how many years are you taking your mortgage ? cheers
Hi, the mortgage will be taken out initially over 30 years. However if we take the suncorp loan we have the option to pay it off as quick as we like with no extra fees.
Marie
Jan 14th 2006, 6:15 am
#9
Mad Nurse now in NSW
Joined: Sep 2005
Location: Central Coast - Australia
Posts: 360
Re: small deposit mortgages, info for you
Originally Posted by 68MEVY
Hi, the mortgage will be taken out initially over 30 years. However if we take the suncorp loan we have the option to pay it off as quick as we like with no extra fees.
Marie
Marie
Thnaks fpor a great post, Posts like this help everyone in the community. I will certainly be speaking with them when and hopefully if i get to Aust.
Cheers and goodluck with the move.
Justin
Jan 14th 2006, 7:22 am
#10
Forum Regular
Joined: Jun 2005
Posts: 138
Re: small deposit mortgages, info for you
Hiya,
Thanks for taking the time to write an informative and worthwhile post. We are moving to the Gold Coast very soon, hubby is looking to be a self employed subbie so your info has come in really useful.
Sendig you karma for this great post.
Donna x
Thanks for taking the time to write an informative and worthwhile post. We are moving to the Gold Coast very soon, hubby is looking to be a self employed subbie so your info has come in really useful.
Sendig you karma for this great post.
Donna x
Jan 14th 2006, 7:38 am
#11
Suzy's Mummy too!
Joined: Aug 2004
Location: Gold Coast!
Posts: 4,231
Re: small deposit mortgages, info for you
excellent info!
Jan 14th 2006, 8:29 am
#12
Joined: Sep 2005
Posts: 715
Re: small deposit mortgages, info for you
Many thanks for this information.
MMum
MMum
Jan 14th 2006, 9:08 am
#13
BE Forum Addict
Joined: Aug 2004
Location: in a place near the river and the sea where the sun always shines
Posts: 3,155
Re: small deposit mortgages, info for you
Originally Posted by 68MEVY
Hi, the mortgage will be taken out initially over 30 years. However if we take the suncorp loan we have the option to pay it off as quick as we like with no extra fees.
Marie
Marie
thanks marie for this infomative post. hope you're all well
Jan 14th 2006, 10:44 am
#14
Just Joined
Joined: Jan 2006
Posts: 12
Re: small deposit mortgages, info for you
Originally Posted by sreeby
good luck
Jan 14th 2006, 11:31 am
#15
BE Enthusiast
Joined: Oct 2005
Location: worcester uk
Posts: 369
Re: small deposit mortgages, info for you
Originally Posted by 68MEVY
Hi, I'm guessing if you're reading this you've emigrated/are emigrating skint or just have no cash to put down as a deposit towards a house.
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie
Well we've shopped around a few banks and paid a very well worth it visit to a mortgage broker today, Mortgage Choice.
First off, the banks. The only bank that we personally would look at (bearing in mind we haven't visited them all) would be St George. This was recommended to us by someone on this site. They will loan us $320 000 based upon us having 2.5% deposit, FHOG can go towards this. However, mortgage insurance of around $5000 would have to be paid on top of this. This is working on me being full time permanent and hubby being on a permanent self employed sub contract, earning before deductions a total of $1600 a week. Child allowance costs also count as income. Hubby would have to provide 6 mths worth of earnings and a letter from the company stating he was on a 12 mth contract. I would only need 2 weeks payslips and confirmation I was in a permanent job.
With the same scenario Mortgage Choice have warned us that being self employed isn't as cut and dry as all that and with us only being here for 4 mths banks could turn around and ask for anything up to 2 years proof of hubbys income. Which for obvious reasons we wouldn't be able to do.
However hubby hasn't taken that job yet which is the reason we went to Mortgage Choice today. We went through a few different scenarios with them and have decided that hubby does need a permanent job so he's going to find one doing anything then maybe switch jobs once we get the loan.
With me being permanent and not having a probation period all I need is 2 weeks payslips and confirmation from the boss. This seems to be the same no matter who we get the loan off. If hubby was to get a permanent job, if we're earning $1250 a week in total before expenses, we can get a loan up to $400 000. So even though we're earning less, the job security gives us more. We do have a child, this affects the amount we can borrow by $12000! We don't have loans or credit cards though, so it's wise to get rid of them if you can as this affects what you can borrow.
This is putting down a $15000 deposit. The FHOG will pay for the fees and the mortgage insurance is added to the loan amount. So if we got a $300 000 loan and the MI was $5000, we would borrow $305 000.
What is also good for us is that I'm doing the same job as in the UK, apparently alot of lenders will look at that and see it as job security.
All loans we looked at we would be paying no more than $480 a week, we guessed we could happily afford $500-$550 so it's within our budget. The best Mortgage Choice came up with was with Suncorp. Interest variable, currently 6.something% but hasn't been above 7% for ages and doesn't look likely to rise for a while. Having said that, we could change to fixed rate at any time with no fees. There are no fees at all with this mortgage as long as we don't leave within 24 mths. We can pay extra if we want and there's a free redraw facility, this was one of the things we wanted.
We've definately swung towards building a house but haven't looked into construction loans as yet, although the above loan can be used as a construction loan.
I would definately recommend a broker, we came across mortgage choice looking in the yellow pages, seeing all the locations and decided it was a pretty large company. Even if you don't know what you're looking for.
We walked in and said we wanted their opinion as to whether my hubby signs a self employed sub contract. Turns out the best thing he can do is go permanent somewhere else and earn less money.
So it's back to the job hunting for him and back to the house dreaming for me
Marie