Home loan assistance

Hi All.

I'm in the market for an apartment. I'm currently looking at a few between the price ranges of $350k to $425k.

I'll most likely have a decent amount of deposit given as a cash gift between $30k to $40k.

So I'm looking at my borrowing options to see what I can do. Ideally I would purchase a property in-between the timeframe of 1 to 3 months.

Thanks

 

The pricing of the apartment maybe alot less now as I have looking at a boarden my suburbs.

Just a couple grand as I help my parents pay rent at the moment. I'm also thinking about selling one of my cars to make up money as well.

 

I figured it may be a mission to get a loan which is why I've dropped the prices of the apartments to around the 300 to 315 mark.

 

Basic rule of thumb for a first home buyer at this price point is to divide the funds you've got available by 12% (covers a 10% deposit & costs). Round it down to the nearest $10k and you'll be close to your max purchase price.

 

You could go up to 95% Inc LMI, but genuine savings will be a hurdle for you. Assuming for owner occupied purposes.

 

If you earn a good income compared the loan amount your require, there may be a few options for you at 95% without genuine savings but you'll have to pay a higher interest rate. I guess it's whether it's more important to get in now and work on moving back into the standard lender space in a few years, or if you want the cheapest rate and wait til you have more than 10% deposit plus fees.