Archived Discussion Topic

mortgage advice       started by Themints on 18 Dec 2006   (10786)
Message InfoMessage
From Themints

18 Dec 2006 1:06 PM
(48540)
Hi Tabitha, I found this post Brian wrote a while back, i copied it into this new post for you,i hope you find it helpful, Jane. Ok , we tried this Idea , and the guys at top mortgages were really good. I told them of our possible situation and they sent me some scenarios straight away , and it was exactly the kind of information we required. Obviously everyones situation is slightly different , so if you email them with yours they will help you out. I asked permission to put this on, so here is one scenario. Based on us being on 457 visa , which doesnt get you the $7000 grant , and deposit must be greater than 30% If we wanted to buy a house at $450k , and had a possible $250k deposit, then it pans out like so: SCENARIO 1 Lender HSBC Interest Rate 7.10% p.a. (variable) Rates have just went up Loan Term 30 years -eeeek Purchase Price $450,000 ADD Stamp Duty on Land Transfer $18,200 Buyers Settlement Fees (Bank Estimate) $1,509 Loan Stamp Duty $276.88 Transfer Fee $172 Registration Fee $82 Loan Application Fee $935 Lenders Mortgage Insurance (only applies if deposit less than 20%) Nil Buffer $325.12 Total Funds Required $471,500 LESS Deposit $250,000 First Home Owners Grant N/A for 457 , but $7000 if you have PR Total Loan Required (Approximately) $221,500 Monthly Repayments: Principal & Interest $1,488.55 Interest Only $1,310.54 APPLICATION INFORMATION CHECKLIST