Browse Forums Home Finance Re: 10% deposit & clear debts VS 17% deposit with debts for 4May 04, 2017 10:25 pm Customised Burbank Indigo/Hawthorn in Officer VIC https://forum.homeone.com.au/viewtopic.p ... 2#p1680752 Re: 10% deposit & clear debts VS 17% deposit with debts for 5May 05, 2017 9:17 am It actually comes back to income & timing for your build & what you might need to hold back for finishing items on the home (landscaping etc) - yes it won't affect LMI having more deposit and definitely makes you a better prospect with fewer debts - but if your build tender goes up and you've effectively spent what would have been the deposit on this you could lock yourself out. The reason we are cagey as brokers at this stage is we cant give you the right advice without knowing the whole picture - having said that you only have to have a conversation with a broker to get the advice - NOT select the loan yet. And we help you choose which loan based on your bigger picture when the time is right. So on the very top level absolutely makes sense to save that interest and what you are currently paying on repayments can tip back into the savings subject to the above, but don't take that as advice until you've explored the whole picture. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4814 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6393 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24830 |