What do FHB need to buy first property?

Discussion in 'Loans & Mortgage Brokers' started by Propin, 15th Jun, 2018.

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  1. Propin

    Propin Well-Known Member

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    Perth
    Savings?
    Deposit?
    Time of full time employment?
    What percentage of income can the use on repayments?

    Thanks
     
    Propin, 15th Jun, 2018
    #1
  2. tobe

    tobe Well-Known Member

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    Melbourne
    Deposit of at least 5% plus costs, stamp duty etc. with most banks the cost of lmi too, so it’s closer to 8%.
    It doesn’t need to be saved, many lenders will accept a rental history instead of a savings history.
    No requirement for full time work, it can be part time casual or contract depending on the lender.
    There isn’t a percentage rule for repayments, it’s more that after calculating the cash leftover after other expenses and putting that towards a 30 year Loan at 7.5%
     
    tobe, 16th Jun, 2018
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Well rounded out above.

    depends a little on the state and what FHB benefits one may get.

    But certainly FHB buyers are treated like royalty by lender credit and APRA idealogy compared to solid, mulitiple IP owners.

    Lenders are quite fine to take a 95 to 99 % lvr and have a client with 20 bucks left after settlement, over the strong Balance sheet multiple investor at 60 % lvr...............

    Systemic to individual risk I guess.

    ta

    rolf
     
    Rolf Latham, 16th Jun, 2018
    #3