Browse Forums Home Finance Re: Are we dreaming? 2May 27, 2013 5:38 pm Most banks and credit unions have borrowing calculators such as this one from Aussie http://www.aussie.com.au/borrowing-calculator.htm http://www.ingdirect.com.au/home_loans/ ... ulator.htm I just put your numbers in, looks like it is very likely the bank will lend you that and more. All the best. https://forum.homeone.com.au/viewtopic.php?f=31&t=64434 Building our own custom design based on the Elwood by Dale Alcock Land settled - November Plans submitted to council - January Prestart - March Slab - 18 September Brickies - 23 October Re: Are we dreaming? 4May 27, 2013 5:54 pm I think the ING one was net not gross income so you might have to readjust but you're right, the mortgage broker is someone worth consulting IMO but at least you have a ballpark now. There is more they will want to know than what was asked in those calculators. Also speak to friends and maybe get the name of a reputable broker because not all of them have every loan available, or so I've heard. https://forum.homeone.com.au/viewtopic.php?f=31&t=64434 Building our own custom design based on the Elwood by Dale Alcock Land settled - November Plans submitted to council - January Prestart - March Slab - 18 September Brickies - 23 October Re: Are we dreaming? 5May 27, 2013 6:31 pm You can use those calculators for determine your borrowing power. Each lender calculates borrowing capacity differently with lenders like Suncorp and Bankwest being on the conservative side of the scale and NAB and Westpac on the generous. Im a mortgage broker and I can tell you that based on the above figures you are good to go from a servicing perspective. Things are a little tight from a deposit perspective but this is dependent on what state you are in. Overall should be ok. Best to speak to your banker or broker... Re: Are we dreaming? 6May 27, 2013 8:22 pm 'How much can I borrow' calculators generally give you a higher figure than the amount a bank will lend you. Try using a loan servicability calculator like this one http://www.genworth.com.au/lender-centr ... australia/ Genworth IS one of the more conservative/restrictive servicing calculators but many banks do use it. Re: Are we dreaming? 7May 27, 2013 8:29 pm The loan figures we got from the Bank Manager were very similar to the ones on ANZ's website. https://www.anz.com/aus/personal/home-loans/calculators-tools/How-much-can-I-borrow/default.asp Not sure if this is only applicable to ANZ customers and I think it's only valid if your deposit is greater than 10%. Re: Are we dreaming? 8May 27, 2013 9:47 pm oncewerefurriers The loan figures we got from the Bank Manager were very similar to the ones on ANZ's website. https://www.anz.com/aus/personal/home-loans/calculators-tools/How-much-can-I-borrow/default.asp Not sure if this is only applicable to ANZ customers and I think it's only valid if your deposit is greater than 10%. ANZ will only allow to 95% LVR to existing clients who have had held a lending product for at least 6 months with them previously. Anyone else is limited to 90% LVR. As for the OP, servicing seems to be okay, as mentioned low deposit might be an issue depending on other costs involved (also considering you should have a buffer built in for any unforeseen costs) You also need to find a lender which will allow you to include quotes for items you might wish to outsource such as driveway, landscaping, etc. Cheers Tom Re: Are we dreaming? 9May 28, 2013 10:24 am http://introducer.ingdirect.com.au/asse ... ersion.pdf ING have this product instead of mortgage insurance, I don't really know all the ins and outs of it but a mortgage broker should be able to explain it to you, has the potential to save you thousands if you qualify. https://forum.homeone.com.au/viewtopic.php?f=31&t=64434 Building our own custom design based on the Elwood by Dale Alcock Land settled - November Plans submitted to council - January Prestart - March Slab - 18 September Brickies - 23 October Re: Are we dreaming? 10May 28, 2013 12:13 pm navs http://introducer.ingdirect.com.au/assets/pdf/INGD%20IM244%200111%20Reduced%20Equity%20Fee%20PFAT%20and%20Flyer%20-%20Web%20Final%20Version.pdf ING have this product instead of mortgage insurance, I don't really know all the ins and outs of it but a mortgage broker should be able to explain it to you, has the potential to save you thousands if you qualify. You need to meet certain criteria for eligibility, however this isn't available for construction loans. Cheers Tom Re: Are we dreaming? 12May 28, 2013 6:53 pm We only had about 5% deposit and our loan is with westpac. Our mortgage broker was great as he went through which products were available for our situation and also fees, interest rates etc. you might be surprised who you will qualify with. My only suggestion is do up a realistic budget taking into account changes that might happen in the next 5 years. The bank would have happily lent us atbleast another $100,000 based on what we could service but we weren't comfortable with borrowing that kind of money. We would hopefully like kids in the future so had to take that into account along with wanting to still go on holidays etc. Good luck! Re: Are we dreaming? 14May 28, 2013 9:17 pm 20% of the loan amount plus you would also have to have the cash to cover settlement fees etc and stamp duty if you don't have concessions. Re: Are we dreaming? 16May 29, 2013 1:37 pm Agreed! Also I hope you don't think I was implying you wouldn't have thought about all those things. It was more my experience that when we found out what we 'could' borrow it was tempting to go over what we had decided was our budget. All those little extras add up so quickly! Finding a good mortgage broker is the best place to start! Our was very clear on our options and also before we signed showed us what his commission would be based on the bank we signed with. That then gives you a better idea if your getting the best deal or they are! Re: Are we dreaming? 17May 29, 2013 3:13 pm Not at all fmac, good points made by all Yeah we need a good broker. Our friends have just built and they said he was brilliant. He came to their work etc to get forms signed. Might meet him for an informal chat and see how he goes.... Re: Are we dreaming? 18Jun 11, 2013 10:51 am We are going with RAMs also. Only had 5% deposit and RAMs were the msot helpful for us. Rates are average but service and pre-approval everything was good. Some internet lenders had really good rates, but ask for so much documents! It does your head in after a while. Re: Are we dreaming? 19Jun 28, 2013 11:33 am Yeah for us our broker was the key. He definitely was worth whatever the bank paid him. My wife and I only just had our 5% deposit saved and we got thru it ok. Was a little stressful. My advise would be to save that little bit more, just so you aren't on the borderline. It's good to have that bit of extra up your sleeve, just in case. If you were in Sydney id recommend our broker, he was a legend of a dude. Explained everything so well and went out of his way for us. Awesome customer service. Re: Are we dreaming? 20Jan 04, 2014 2:04 pm I use to work for RAMS as a lender, this was several years back. Their rates back then are a bit higher compared with some of the more competitive lenders. If you shop around a bit more I'm sure you can find some better deals. Sent from my iPhone using Tapatalk Using Tapatalk |