Browse Forums Home Finance 1 Mar 20, 2012 9:45 pm today i went to the CBA bank to get a rough idea of what i would be able to borrow. i was told they dont count the first home owners grant as part of your deposit. is this generally across the board with all lenders or should i shop around a bit more? first home buyers grant not counted as deposit? 2Mar 20, 2012 10:11 pm From what others have said I think since the GFC lenders are not counting it as genuine savings so you still need to have at least 5% genuine savings in a bank account. Some things are worth waiting for. Re: first home buyers grant not counted as deposit? 3Mar 20, 2012 10:45 pm kyton From what others have said I think since the GFC lenders are not counting it as genuine savings so you still need to have at least 5% genuine savings in a bank account. Correct.. Re: first home buyers grant not counted as deposit? 5Mar 21, 2012 1:32 pm Whereabouts are you located, Toby? I'm in WA and the only bank still allowing the FHOG as part of your deposit is Suncorp Bank. We went with them for that reason. Re: first home buyers grant not counted as deposit? 7Mar 24, 2012 4:06 pm tobyj7 today i went to the CBA bank to get a rough idea of what i would be able to borrow. i was told they dont count the first home owners grant as part of your deposit. is this generally across the board with all lenders or should i shop around a bit more? That's incorrect, this is a CBA and Westpac policy for any loans over 90%... there are a large handful of lenders that will allow the FHOG to be part of the deposit up to 95% max , one lender even up to 97% max. It's called " Non genuine savings loans" Updated only last month- http://www.shapehomeloans.com.au/blog/9 ... 2012020275 As David mentioned correctly; Suncorp is one of many banks that will allow FHOG to be added... Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: first home buyers grant not counted as deposit? 8Mar 24, 2012 9:06 pm shape tobyj7 today i went to the CBA bank to get a rough idea of what i would be able to borrow. i was told they dont count the first home owners grant as part of your deposit. is this generally across the board with all lenders or should i shop around a bit more? That's incorrect, this is a CBA and Westpac policy for any loans over 90%... there are a large handful of lenders that will allow the FHOG to be part of the deposit up to 95% max , one lender even up to 97% max. It's called " Non genuine savings loans" Updated only last month- http://www.shapehomeloans.com.au/blog/9 ... 2012020275 As David mentioned correctly; Suncorp is one of many banks that will allow FHOG to be added... Regards Michael Hows that interest rate on them loans? OP is better saving some more. Re: first home buyers grant not counted as deposit? 9Mar 25, 2012 12:52 pm I'm with Suncorp, which allowed our FHOG as part of our deposit, and our interest rate is 6.15. Not brilliant but definitely not too bad Re: first home buyers grant not counted as deposit? 10Mar 25, 2012 2:01 pm daveandally1 I'm with Suncorp, which allowed our FHOG as part of our deposit, and our interest rate is 6.15. Not brilliant but definitely not too bad 6.15% is not brilliant...that's pretty good in my books!! i guessing that's a 2-3 years fixed? humble Hows that interest rate on them loans? OP is better saving some more. Depends on the LVR, lender and loan amount. Generally speaking; 90% LVR same rate 90-95%+ - Slightly higher around 0.5% more Suncorp is one of the few that will allow 95% non genuine savings at the same rate, as long as it meets their strict criteria and a good 85% of non genuine savings borrowers do not meet Suncorp's criteria... Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: first home buyers grant not counted as deposit? 12Mar 26, 2012 11:49 am What they count for "genuine savings" and for the purpose of LMI is different. They won't take the FHOG to get you over 95%, but they'll generally count it towards LMI. I would suggest if you don't have 20% it may be wise to reconsider that loan anyway. I would be much happier to see the laws changed to require <60%. Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: first home buyers grant not counted as deposit? 13May 24, 2012 11:26 pm Hi All, My first Home owners grant and bonus been approved by SRO. First Progress payment paid to builder by bank yesterday, but i didn't got my first Home owners grant and bonus in my account yet. I did't used my grant as deposit. I am worried. Did anyone come across same scenario like me. Please advice. Thanks heaps. Nicole1983 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 3279 Thanks NativeZen! I can't wait to start landscaping, though it's going to be a while away yet. No movement on site yet as of the weekend. Hoping to see some earthworks… 3 2150 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 8014 |