Hi all, need some advice on bank loan.
We are thinking of buying a land in Sydney which is already registered. We have the 10% deposit. We will be able to save the stampduty in another two months. Also kept some extra for fees.
Now we have around 6-7% of that money extra.
We also have around Same about of debt (6-7% of the land price worth) , both my and my hubbys creit card and both have car loans.
Is it a better idea to use the extra 6-7% to pay off most of out debts and apply for land loan after 2 months with 10% deposit? I am a medical professional to I will be able to get the LMI waved anyway.
Or as my husband is saying, should we keep the credit card and expensive car loans as it is and apply for land loan with 16-17% deposit?
Which one will help us getting a better interest rate?
Any advice will be helpful as is it our first time in buying property and any bank/ brOker we ask, give us very vague answers and ask us to select and finalise a deal first. I think i should know how it works before I make a commitment.
Thanks everyone