114 Responses

If i rent out that home rental income enough for pay capital interest. If i want to buy another property, is it for borrowing power calculation is it total income alone Used or bank use only % of my current income?

If the property has tenants and regular income the lender will probably take it into consideration when looking at borrowing power, but it’s worth checking with a lender before applying with them. Some lenders may only take 80% of your rental income as part of your borrowing power.

If you are looking for low deposit home loan providers, look at the “Max LVR” portion of the comparison table we are on. The higher the Max LVR, the lower your deposit would be. An example is: For a Max LVR of 80%, you provide 20% deposit on it. Hope this helps!

I am 20 yrs old trying to go for my first house I work full time and I don’t have too much saved up yet in my opinion so where do I get started?

As a general rule, you need to save at least 10% of the property value. This can give a 5% buffer (for a maximum 95% LVR loan) to pay costs such as stamp duty and LMI onto the principal of the loan.

Ensure that there is a high likelihood that you’ll qualify for a home loan before you apply. The way the credit system works, each application for credit is recorded against your name. Multiple entries in a short space will more than likely lead to rejection. Other factors that lenders may consider to assess your eligibility are your income, assets, liabilities, employment and credit history.

Moreover, you mentioned that you are a first-time homebuyer. In this case, you may want to read our guide about the First Home Owners Grant.”

Finally, if you want to know more about the things you need in a loan when buying your first home.

I am 48. Never had a loan for anything as I believe you don’t get unless you have. I am entitled to the first home owners grant. Currently I’m on a sickness benefit but looking for work down the track. I’ve been looking at rentals but if I can buy my own home rather than pay someone elses off I don’t see why not to go for it. Where do I stand ?

At the moment, we do not have a specific list of home loan lenders that accept sickness benefits as your main source of income. Finding a lender may require you to do some research or you may contact a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Once you’ve found a lender who is willing to help, you may proceed with the regular application process. Please note that you will need to provide extra information about your income.

Before applying, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms Conditions of the loan option before making a decision and consider whether the product or option is right for you.

can I obtain a home loan for a farm which is 42 ha which I intend to develop it has a home on it I am looking for 400;000 and I have 170,000

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