Hi all,
Firstly, thankyou to everyone who contributes to the wealth of knowledge in these forums - I have been madly reading since I first came across Somersoft!
My situation is this - my husband and I are looking to purchase a property in the ACT. We have $25,000 saved currently, and have access to some grants through the ADF, totaling approximately $25,000. In order to access one of those grants, we are heavily restricted to the lenders available and none of them will go over 95% total loan. Unfortunately, we are ineligible for the first home owners grant as I have previously owned property.
We are looking to purchase a 3 bedroom property in the Gungahlin area around the $480,000 - $500,000 mark, but are confused about LMI. We know that we have two options - we pay for it upfront in cash (which by my calculations we just dont have right now), OR we capitalise it onto the loan.
Can somebody please advise how much can we borrow taking into account our current savings ($50,000 including ADF grants) and IF we can even capitalise LMI onto a '95% in total' loan??? I realise that we also need to use some of that $50,000 towards stamp duty as well.....
Any guidance and figures around what we can realistically look buy at will be appreciated. Thank you all!
Firstly, thankyou to everyone who contributes to the wealth of knowledge in these forums - I have been madly reading since I first came across Somersoft!
My situation is this - my husband and I are looking to purchase a property in the ACT. We have $25,000 saved currently, and have access to some grants through the ADF, totaling approximately $25,000. In order to access one of those grants, we are heavily restricted to the lenders available and none of them will go over 95% total loan. Unfortunately, we are ineligible for the first home owners grant as I have previously owned property.
We are looking to purchase a 3 bedroom property in the Gungahlin area around the $480,000 - $500,000 mark, but are confused about LMI. We know that we have two options - we pay for it upfront in cash (which by my calculations we just dont have right now), OR we capitalise it onto the loan.
Can somebody please advise how much can we borrow taking into account our current savings ($50,000 including ADF grants) and IF we can even capitalise LMI onto a '95% in total' loan??? I realise that we also need to use some of that $50,000 towards stamp duty as well.....
Any guidance and figures around what we can realistically look buy at will be appreciated. Thank you all!