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    Thread: Can we buy/build with hardly and deposit????


    1. #1

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      Can we buy/build with hardly and deposit????

      Evening all!!

      The wife and i have been looking at buying/building..as were getting closer to applyin for pr..at last!!!

      Small problem..we have little or no deposit, starting to worry we can never get a house?
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    2. #2

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      If you do not have the full deposit you have to pay an insurance this is to cover the lender if you do not repay the loan. Some people put this onto the mortgage. This then will be paid over the term of the loan. I think the ins cost is based on the mortgage ammount. For example $400k mortgage with $20k deposit ins premium roughly $15k but dont quote me on that. Your best bet is to have a regular savings plan per week or month let this run for 4/6 months then speak with your bank/s.
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      You would need at least 5%

      i would speak to a broker.
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      Well there are certain schemes like key start in which you don't need 5% but there are other criteria.
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      Builders & banks getting desperate, a lot of builders advertising you can own your own home from $2-3000, and from personal experiance its true, the banks have a system in place called LMI, its Lenders Mortgage Insurance, it insures your risk with the bank, so basically the cost of the insurance policy is loaded on your mortgage, my LMI cost me $30k, the banks have an equation to work out minimum deposit, so the answer is yes, you can build a house with little or no cash, buying an existing house is another story, you are better off building, I could build, but couldnt buy an an existing house
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    6. #6

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      Hey, cheers for the info. Want to buy old, but looks impossible. Cant believe banks aren't more flexible!

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      Quote Originally Posted by mwjw View Post
      Hey, cheers for the info. Want to buy old, but looks impossible. Cant believe banks aren't more flexible!
      Hi, we bought an old house last year, and hardly had any deposit, 5% in fact, and the LMI was loaded onto our mortgage. I can PM you the bank, not sure if I am allowed to state it on here? It's one of the big ones. Two other big ones didn't want to know us, including one we actually bank with.
      Building was of no interest to us, we wanted a big old house to renovate, and the bank helped us with that dream.
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      Quote Originally Posted by Raychelsb View Post
      Hi, we bought an old house last year, and hardly had any deposit, 5% in fact, and the LMI was loaded onto our mortgage. I can PM you the bank, not sure if I am allowed to state it on here? It's one of the big ones. Two other big ones didn't want to know us, including one we actually bank with.
      Building was of no interest to us, we wanted a big old house to renovate, and the bank helped us with that dream.
      Hi @Raychelsb sorry for hijack on post @mwjw ….. But could you pm me name of your bank - a we are havin a mare with ours !! Thankyou :o)
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      Hey, yeah can you pm me please!!
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      Quote Originally Posted by pegg View Post
      Hi @Raychelsb sorry for hijack on post @mwjw ….. But could you pm me name of your bank - a we are havin a mare with ours !! Thankyou :o)
      Speak to this guy, he was brilliant with us years ago when many banks wouldn't touch us.

      http://www.smartline.com.au/adviser/mterhoeve/
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