Loan Eligibility

Discussion in 'Loans & Mortgage Brokers' started by Realist35, 15th Mar, 2017.

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  1. Realist35

    Realist35 Well-Known Member

    Joined:
    1st Mar, 2016
    Posts:
    1,695
    Location:
    WA
    Hey guys,

    I forgot to ask my broker and now I'm panicking a bit as I already started the purchasing process.

    Is there a minimum amount of cash I have to have in the bank account/offset for my investment home loan to get approved?

    I understand that I need to have a deposit for the purchase (12% in my case) plus stamp duty costs, but I'm unsure whether banks ask for more than that, and if they do, how much.

    Thanks a lot:)!
     
    Realist35, 15th Mar, 2017
    #1
  2. euro73

    euro73 Well-Known Member Business Member

    Joined:
    18th Jun, 2015
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    Location:
    The beautiful Hills District, Sydney Australia
    12% + stamps is more than adequate :)
     
    euro73, 15th Mar, 2017
    #2
    Realist35 likes this.
  3. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    Depends on what you're purchasing, your financial situation etc - but if all things are prime, PAYG/self employed for a number of years, credit score isn't destroyed and servicing fine 12% + government charges is a good amount to work with. If there's anything hairy which might make it difficult to purchase, otherwise reverting to 20%+ government charges.
     
    Corey Batt, 22nd Mar, 2017
    #3