Dan Jade Posted June 15, 2013 Share Posted June 15, 2013 Hey, are australian home loans just the same as UK mortgages? As in you will need a huge deposit to qualify & be on a particular wage?? Or if you are on an awesome wage like over 100k would they take this into consideration without the deposit? cheers x Link to comment Share on other sites More sharing options...
wolvesaussie Posted June 15, 2013 Share Posted June 15, 2013 Not 100% sure, as haven't put much research in, but I think they are more fussy regarding deposit size than the UK, 10% min and have to pay for extra insurance if you have less than 20% deposit. but maybe some new builds giving incentives to buy Link to comment Share on other sites More sharing options...
fairystar32 Posted June 15, 2013 Share Posted June 15, 2013 Hi We just bought our house. A lot of the large banks accept a 5% deposit if you are a permanent resident or citizen, but you have to pay mortgage lenders insurace which is pretty steep! You probably wont find anyone who will give you a 100% deposit unless you have family who can guarantor... Not sure on the ins and outs, but they must be Australia residents/citizens too. Link to comment Share on other sites More sharing options...
Bibbs Posted June 19, 2013 Share Posted June 19, 2013 Hey, are australian home loans just the same as UK mortgages? As in you will need a huge deposit to qualify & be on a particular wage?? Or if you are on an awesome wage like over 100k would they take this into consideration without the deposit? Few things :- Most places require at least 5%. Some places don't (look at NicheLiving.com.au - they have a 1% offer on at the minute) If you have under 20% deposit you generally have to pay insurance. $100k isn't an "awesome" wage, and it'll have no impact on the deposit required. Link to comment Share on other sites More sharing options...
Rupert Posted June 19, 2013 Share Posted June 19, 2013 Hey, are australian home loans just the same as UK mortgages? As in you will need a huge deposit to qualify & be on a particular wage?? Or if you are on an awesome wage like over 100k would they take this into consideration without the deposit? cheers x Works pretty much the same, other than the mortgage indemnity insurance which applies for anything less than a 20% deposit and is a pretty big cost, it can sometimes be added to the mortgaged amount however. Definitely being on $100k is not going to make any difference to this and this is far from being an "awesome" wage. Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted June 19, 2013 Share Posted June 19, 2013 We had to pay $12K insurance to put down a $15K (3%) deposit on a $500K loan. If we paid $50K (10%) deposit, the insurance would've been $10K. Not much of a saving. If your deposit is less than 20%, most lenders will charge you the LMI insurance fee. It's for their benefit, not yours. If you fail to pay your mortgage they still sell it out under you at a pittance. It just insures them against any loss. Link to comment Share on other sites More sharing options...
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