Buy Your First Home with only $4000
Saturday, December 16, 2006
With the invent of the Stamp Duty concession, $7000 first home buyers grant and highly geared loans, first home buyers are now able to step into the property market with very little deposit.
Here is an breakdown of the deposit needed for a first home buyer to purchase an owner occupied $300 000 property, with a 3% deposit.
Costs:
Stamp Duty $0
Mortgage Duty $0
Application fee $0
Mortgage Insurance $6023 (added to loan)
Legals + Inspections $2000 (approx)
Total Costs Needed upfront: $2000
Plus: 3% deposit $9000
Total Needed: $11 000
Minus: $7000 First Home Buyers Grant
Total Needed Upfront = $4000
Loan Product
This type of loan structure requires a facility that allows a 97% lend with the ability to add mortgage insurance onto the loan. There are quite a few lenders that offer this type of loan, some with low fees and interest rates.
As a first home buyer, genuine savings is not required with most of these loans.
posted by Daniel Serratore @ 4:49 pm,
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The Author
Daniel Serratore
Daniel is heading up the new generation of Finance Brokers in Sydney. With his fresh approach and "can do" attitude, Daniel has developed relationships with key people within the Sydney lending market which enables him to source great deals for his clients. Daniel is big on customer service and has built his business purely by referrals from clients and other businesses. You can catch him via the email link on the top of this page
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This blog was developed as a resource for our clients and the general public. Although the internet will provide you with many lending providers, I am still to find a resource that shares ideas, tips and general useful info to assist borrowers make the right decisions. Hence this blog was born!
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