Hi Guys,
I'm just wondering, when it comes to the block of land that we're purchasing and also the house that we'll be putting on it later on, do any deposits that we save come off the total loan amount or do they just get paid off the loan (meaning that our repayments are still for the total amount of the house & land, but it'll just have a chunk paid out of it?)
I'm just trying to figure out what our repayments will roughly be.
Our amounts are;
Block purchased for $167,000
Need 80% deposit (have paid 5% but need to come up with the extra 15% by April in case settlement is on time)
House amount $370,100
A 5% deposit has to be paid before permits are done/build starts etc (so just over $18,000)
Plus we are eligible for the $26,500 FHOG as we signed our build contract on June 29th.
I'm just not sure whether our total loan amount will be the full $537,100 making the minimum repayments around $750 a week, but have something like $80,000 paid off it in deposits etc or;
if the total loan will be more like $457,100 with the roughly $80,000 coming off the house/block loan amount, making our repayments more like $650 a week.....
Can you tell I've never had a home loan before! I feel totally naive when it comes to all this, and nobody seems able to explain it to me!! I hope what I've said has made sense lol! Any help is appreciated =)
Kimmy87