house loan .

**Sleepy** · 9th August 2009, 09:52 PM

Sounds pretty straight forward the Mick. They will lend you "x" based on your income "y".
Depending on your deposit, they may require Mortgage insurance.
This will cost you another grand or so added to the loan. Mortgage insurance only protects the bank, not you.

Consider income protection insurance and life insurance too - in case you get injured or worse, carc it - the missus and kids will be OK with the mortgage. (No, I am not an insurance salesman!!!)

JamesH · 10th August 2009, 09:12 AM

If you (or your partner) are in a industry super fund then you are eligible for a discounted rate from Members Equity Bank.

No application fees are payable and there are no account fees. I paid a large application fee for Westpac and $5 a month account fees. It adds up!

Shop around whatever you do.

**Chucaro** · 10th August 2009, 09:19 AM

Go for it mate, it would be the best moove regarding investment

Call the Commonwealth Bank as well and do not forget the Credit Unions.
Credit Unios used to have an sick & accident insurance for your loan that will pay the loan as long as you cannot work in your tratde or proffesion. VERY GOOD cover

Cheers

**big guy** · 10th August 2009, 10:45 AM

Hey mate

I suggest a mortgage broker.

They charge nothing and get a kick back from the bank and a trailing commission till the loan is discharged.

They will do all the leg work for you and usually get best rates and services.

**kaa45** · 10th August 2009, 11:02 AM

Hi Mick,
We just refinanced with Achieve Home Loans...saved a fortune.
Better deal than the broker we used last time.
Give Will McKenzie a ring on 03 5229 7866
He'll look after you, even with a strike. Not a problem.
Cheers
Danny

**Vern** · 10th August 2009, 12:09 PM

Originally Posted by big guy

Hey mate

I suggest a mortgage broker.

They charge nothing and get a kick back from the bank and a trailing commission till the loan is discharged.

They will do all the leg work for you and usually get best rates and services.

i totally agree, mortgage brokers do all the hard work, look for the best deal and it cost you nothing, soooooooooooo much easier than dealing direct with the bank

**Stue 3 doors down** · 10th August 2009, 12:44 PM

I have put Mark on to many over the years and always had good feedback.
Any questions I always call him and he finds the answers.
Call Mark as he was recommended to me years ago and got us a house loan with my wife being pregnant and ready to stop work and I had just started a new job.

Mark from IMC 0407998891 he works in Berwick I think.
Tell him James referred you to him if it helps?
Good luck and dont stress about the Telstra thing as I had a big row with Telsta after they lost

my $900 cash payment at one of there shops. Mark is very good at these things.

**Fusion** · 10th August 2009, 07:32 PM

well i have a guy coming down from aussie home loans on wednesday

. Also waiting to hear back from the Westpac bank . At least i have the ball rolling now

.

**Slunnie** · 10th August 2009, 07:49 PM

Originally Posted by Fusion

well i have a guy coming down from aussie home loans on wednesday

. Also waiting to hear back from the Westpac bank . At least i have the ball rolling now

.

Don't necessarily go off the interest rate with them. Check the comparison rates and find out what it will cost you up front and likewise every month (or whatever) and compare that way. I get the feeling that Aussie, RAMS etc have low rates for marketing but at the end of the day what it actually costs through them is not necessarily reflected by the interest rates.

I went through a credit union for mine.

**FenianEel** · 10th August 2009, 08:30 PM

Originally Posted by Fusion

Hi Guys . Looking at buying my first house but have 1 mark against my name for a stupid $140 overdue telstra bill . Will the banks even look at me with this strike against my name ? The bill has been paid .

Unless you have 20% deposit, or someone (i.e. parents) willing to put up property as additional security, the decision will be made the Mortgage insurers. (There are really only 2 major MI's in Australia, Genworth & QBE)
Mortgage Insurers can, and are, declining deals on something as simple as that.
It really depends on the strength of your application and position.

At the moment, there are only 3 or 4 banks/lenders doing 95% loans.
So, you will require minimum 5% deposit, saved over minimum 3 months (not including the grant or any gifted funds).

Costs on a $210k purchase in Vic, for a First Home Buyer would be as follows:
Mortgage Registration Fee: $98 (govt fee)
Stamp Duty on purchase : $6,870 (govt fee, NSW & QLD are nil for FHB by the way)
Land Transfer Registration Fee: $636(govt fee)
There goes $7,604 without application fees, solicitors or pest and building...
But Victoria, you should get about $16,000 until the end of September with the Grant and VIC govt incentives.

The other thing to look at is Mortgage Insurance costs. Not many lenders will now add it to your loan, if your loan is a 95% lend.
If you can pay it up front, or with the grant, it's much better.
$3,500 could actually cost about $15k + in repayments and interest over that term.

Don't waste your time going to the banks direct, use an experienced broker, as some of the guys have said.

Originally Posted by Sleepy

Depending on your deposit, they may require Mortgage insurance. Unless you have 20% deposit, you will pay Mortgage Insurance.
This will cost you another grand or so added to the loan.
With a 5% deposit on a $210k property (median price in Colac) this would be about $3,500
Consider income protection insurance and life insurance too - in case you get injured or worse, carc it - the missus and kids will be OK with the mortgage. (No, I am not an insurance salesman!!!)
Good advice, and something not many borrowers do or think of

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