Guest kelly13 Posted March 24, 2008 Share Posted March 24, 2008 I would greatly appreciate any advice on the following, On a combined salary of $90 000 can we afford a $400 000 morgage? On a PR visa what will our initial costs be i.e stamp duty, minium deposit ? We a planning to live in Queensland and have never owned a home before, will we be eligible for a stamp duty rebate and first time home owners grant ? Thank you in advance for any help. Kelly. Link to comment Share on other sites More sharing options...
Guest Pinhead Posted March 26, 2008 Share Posted March 26, 2008 I would greatly appreciate any advice on the following, On a combined salary of $90 000 can we afford a $400 000 morgage? On a PR visa what will our initial costs be i.e stamp duty, minium deposit ? We a planning to live in Queensland and have never owned a home before, will we be eligible for a stamp duty rebate and first time home owners grant ? Thank you in advance for any help. Kelly. Use the CBA calculators 'How much can I borrow' & 'Total home buying costs' Commonwealth Bank Group - Personal - Tools and Calculators But take in mind that the interest rates in oz are still rising and are expected to increase at least 0.25% this year. Link to comment Share on other sites More sharing options...
Guest Harj Posted March 27, 2008 Share Posted March 27, 2008 Hi Kelly, In regards to your question, you can afford a $400,000 mortgage, however this is based only on a couple, as I have not accounted for any dependents you may have (if any). In Australia, you can borrow up a 95% against the value of the property. There are also associated costs in purchasing the property being Stamp Duty Titles Fee Registration of Mortgage Conveyancing Fees Bank Application Fee Disbursements If you are First Time Home Buyers you may also be eligible for FHOG (first home owners grant). The federal government offers $7000, and some states offer an extra bonus i.e. in Victoria you get up to an extra $3,000 for purchasing an established home or $5,000 for new homes constructed. If you borrow above 80% of the property value your loan will have to be insured. This is known as Lenders Mortgage Insurance (LMI) and this can usually be financed in with the loan. The amount varies depending on loan size and Loan To Value Ratio (LVR). LVR is calculated by the sum borrowed/Value of the property. In your scenario, the purchase price will be $421,000, and Costs will be $8,000, Therefore Purchase Price $421,000 Costs $ 8,000 Total Purchase Price $429,000 Loan @ 95% $399,950 Deposit You Require $ 29,050 Less FHOG $ 7,000 Final Deposit $ 22,050 Prior to buying any property, seek advice, and obtain a Pre Approval. We are a firm of Mortgage Consultants, and we are based in Melbourne. We can assist you with obtaining a loan, as we are accredited with all banks. I hope this helps, Cheers Harj Link to comment Share on other sites More sharing options...
Guest Pinhead Posted March 28, 2008 Share Posted March 28, 2008 I can give you details of a good firm of conveyancors in Brisbane who I've used to purchase two properties. I have no affiliation with them, they were recommended to me by a real estate agent for a property I bought in Mission Beach. They carried out everything for me even though I was in the UK. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.