Had an appointment with a mortgage broker tonight.
I am quite excited by it all!!
Found out that yes I have got enough equity to pull out of my ppor. I dont have to use my savings to help with the deposit. Wooohooo
She will be emailing me with all the facts and figures tomorrow so I'll post again soon.
Thinking of getting a loan with Police & Nurses
5.6% SV IO
Might get a 60/40 split loan - 60% fixed at 6.5% for 3 years.
I can capitalize LMI with Police & Nurses which helps.
I can afford:
$220 K ip
+ $10 K for costs (including stamp duty, settlement costs etc)
+ $10 K for reno = $240 K loan
My $30 K cash buffer will be preserved woooohooooo you beauty. This was the important thing for me. To keep this cash in tact.
Just waiting now to hear from her about the 40 sqm ruling police and nurses have. She thinks that there could be a good chance that they will loan me 95% if the property is 40 sqm which would be excellent, because I wouldnt have to find 20% deposit. She said that she was able to do this with a recent client.
The things that will work in my favour
a. My savings
b. My genuine savings history.
It depends though where I buy. Obviously for example they would reject me if I wanted to buy a 1 bed in a suburb like Northbridge because it is such a high density area, but perhaps they might say yes to Dianella or Yokine. I'll find out tomorrow if they'll accept a <50 sqm at 95%.
To the mbs here. Have you done any 95% loan deals lately where the unit is less than 50 sqm? What do lenders look at when considering loaning 95% Location? Tenant demand? Do you have any stories?
I'm really looking forward to hearing from the mb tomorrow. I hope she has good news for me.
Did I say I was excited
haha
I am quite excited by it all!!
Found out that yes I have got enough equity to pull out of my ppor. I dont have to use my savings to help with the deposit. Wooohooo
She will be emailing me with all the facts and figures tomorrow so I'll post again soon.
Thinking of getting a loan with Police & Nurses
5.6% SV IO
Might get a 60/40 split loan - 60% fixed at 6.5% for 3 years.
I can capitalize LMI with Police & Nurses which helps.
I can afford:
$220 K ip
+ $10 K for costs (including stamp duty, settlement costs etc)
+ $10 K for reno = $240 K loan
My $30 K cash buffer will be preserved woooohooooo you beauty. This was the important thing for me. To keep this cash in tact.
Just waiting now to hear from her about the 40 sqm ruling police and nurses have. She thinks that there could be a good chance that they will loan me 95% if the property is 40 sqm which would be excellent, because I wouldnt have to find 20% deposit. She said that she was able to do this with a recent client.
The things that will work in my favour
a. My savings
b. My genuine savings history.
It depends though where I buy. Obviously for example they would reject me if I wanted to buy a 1 bed in a suburb like Northbridge because it is such a high density area, but perhaps they might say yes to Dianella or Yokine. I'll find out tomorrow if they'll accept a <50 sqm at 95%.
To the mbs here. Have you done any 95% loan deals lately where the unit is less than 50 sqm? What do lenders look at when considering loaning 95% Location? Tenant demand? Do you have any stories?
I'm really looking forward to hearing from the mb tomorrow. I hope she has good news for me.
Did I say I was excited
haha