Browse Forums Home Finance 1 Feb 17, 2009 10:58 am Hi all!
I am really wanting to buy my first home (established) before the additional grant expires in June. I have been considering a 100% loan since I hadn't really started saving at that point (early December)... I only decided I wanted to buy a house three months ago, but I have started saving properly and I've put aside $6,000 (i.e. 2k a month). At the time, I was looking at RAMS - their "basic" package, which has no extra frills (which I don't need) and had the lowest interest rate. But after looking around, I've found some horror stories of RAMS selling people off to another lender (FHG?), with massive interest rate spikes. I think RAMS had financial problems, sold everyone off, then was "reborn" by Westpac? Does that mean the new RAMS would be more respectable? Anyway - since a lot of people seem to be interested in these kinds of loans - who is the best 100% lender? Also, if I consider the $6,000 I've already saved - add that to the $17,000 FHOG ($14k + $3k Vic bonus), so that'll be around $22,000. I want to spend around $200,000 on my first house. Could I get a 95% loan with that amount (to reduce mortgage insurance), taking into consideration all the extra fees and stamp duty? Re: Which lender - 100% or otherwise! 2Feb 17, 2009 11:04 am My advice would be to call around and make appointments with a few different mortgage brokers and see what they think is the best for your situation. So maybe try Aussie, Wizard, Choice etc etc - just try to get a few opinions. They should all be no fee appointments too, they get their money from the banks once you sign a loan 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Which lender - 100% or otherwise! 3Feb 17, 2009 2:02 pm lisanne So maybe try Aussie, Wizard etc etc It has been announced that Wizard branches are being changed to Aussie as we speak. Blacktown No Deposit Home Loans 7Feb 20, 2009 5:55 pm Briz Ms Just remember that most, if not all, of your $6000 you have saved will be chewed up by mortgage insurance! If you want 100% finance, for your application also be prepared to dig up many months of bank statements, credit card statements, rental ledgers, copies of medicare card, explanation of every loan application you have made in the last 5 years, details of any loans you recently paid out. I'm sure there's more but you get the idea. Re: Which lender - 100% or otherwise! 8Feb 20, 2009 6:00 pm Yes CBA has stopped 100% loans and now lends a maximum of 95% + LMI.
St George still does 100% loans however they have become much more conservative. Rams also does 100% loans however their LMI is far more expensive than St George's especially if you borrow over $300,000. We usually do our 100% loans with St George if the customer can qualify for their loans and have Rams as a backup if they can't. Because Rams has a lower rate and St George has lower LMI we often recommend St George because less funds are required upfront to pay for the LMI. The end result is that the first home owners grant can usually cover all costs and give the customer a little left over to pay for furniture etc. Funny isn't it that Rams and St George both do no deposit loans yet Westpac (who owns both of them) will not! Re: Which lender - 100% or otherwise! 9Feb 20, 2009 9:02 pm lisanne My advice would be to call around and make appointments with a few different mortgage brokers and see what they think is the best for your situation. So maybe try Aussie, Wizard, Choice Hey guys I heard a rumour about a new merger called Aussie Choice Wizards. Can anyone confirm that's on the cards? Not to be confused with Harold Re: Which lender - 100% or otherwise! 10Feb 22, 2009 4:32 pm I just met with the local Aussie home loans agent.... and yes, there is action there with Wizard.... so I can confirm that.
Either way - for my own case, she indicated I'd have a 93% lend using my savings + FHOG for a $200k property, helping to reduce the LMI. I'm only looking at the basic no-frills loans, so basically she said I had three main choices - ING Direct, St George or Aussie themselves. Of the two she recommended ING Direct and Aussie - St George has a slightly lower interest rate, but she said a lot of people haven't been to happy with them lately. Both ING Direct and Aussie Home loans (their basic packages) looked good, but I'm always weary of using the "in-house" brand (if you get my drift!) Hmmm.... decisions, decisions! Re: Which lender - 100% or otherwise! 11Feb 22, 2009 4:39 pm webbiegareth for a $200k property Curious to know what kind of property and the area you are looking at for this price 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Which lender - 100% or otherwise! 12Feb 22, 2009 4:48 pm Melton West / Kurunjang .... the "better" side of Melton (if there is such a thing as a "better" side of Melton!).
Reason being... [1] I live near there anyway, so I'm very familiar with the area, and it won't add much to my travel time to/from work. [2] You can still pick up a 3 bedroom house for $185-210k (a smaller place, suitable for a guy like me to start off in). All I want is something structurally sound that won't fall apart, and which I can "do up" over time. (Don't get me wrong - she basically said I could borrow up to 450k on my salary, but there's no way I want to do that - I want a house plus still be able to "live" my normal lifestyle of a single guy!). Re: Which lender - 100% or otherwise! 13Feb 22, 2009 4:56 pm webbiegareth Melton West / Kurunjang .... the "better" side of Melton (if there is such a thing as a "better" side of Melton!). Reason being... [1] I live near there anyway, so I'm very familiar with the area, and it won't add much to my travel time to/from work. [2] You can still pick up a 3 bedroom house for $185-210k (a smaller place, suitable for a guy like me to start off in). All I want is something structurally sound that won't fall apart, and which I can "do up" over time. (Don't get me wrong - she basically said I could borrow up to 450k on my salary, but there's no way I want to do that - I want a house plus still be able to "live" my normal lifestyle of a single guy!). Awesome stuff I wasn't sure where in Melbourne you could for that price so was curious Like you, I can borrow a lot more than I am going to be, but don't want to for my first place, although I'm borrowing quite a bit more than you 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure As is per usual for many of the past failed RWH regulations, it is probably traceable to a bureaucrat who's ego overrode the need to seek the appropriate expert… 1 1597 Thank you. Do I use timber floorboards for stairs or do people use timber treads? Or is both the same? 6 8203 What do you need them to withstand? If it's normal wear and tear, then either will do, if you want resistance to ingress then laminated would be the favourite, but only… 1 12828 |