Hi guys,
Thanks for the forum and your great help.
I have been reading the forum for a while and decided to join the investors league a long time ago.
My situation is not unique and I read about it hundreds of times. However I am just wondering is there an alternative approach to tackle it.
We want to buy our first PPOR. We would like to save a deposit to have the following advantages:
1) negotiate lower interest rate;
2) avoid paying insurance.
On the other hand we would like to buy asap (Melbourne). We did save some money but still need to save another half which would take approximately 1 - 1.5 years in our situation. My understanding is when rents go up sharply investors will immediately penetrate into the Melbourne's market. As a result the sum we will have saved will not be enough for buying.
Are there any smart ways of buying without a deposit and avoiding incurring insurance fees/negotiating lower rate?
I read somewhere if one manages to pay off 20% of the loan extremely quickly (to say in 1-2 years) lender can cancel insurance fees.
Or another way would be to find a property with a settlement date in half a year and proceed saving money.
Am I right here? Do you see any other ways to buy ASAP without a deposit but having the advantages?
Thanks for the forum and your great help.
I have been reading the forum for a while and decided to join the investors league a long time ago.
My situation is not unique and I read about it hundreds of times. However I am just wondering is there an alternative approach to tackle it.
We want to buy our first PPOR. We would like to save a deposit to have the following advantages:
1) negotiate lower interest rate;
2) avoid paying insurance.
On the other hand we would like to buy asap (Melbourne). We did save some money but still need to save another half which would take approximately 1 - 1.5 years in our situation. My understanding is when rents go up sharply investors will immediately penetrate into the Melbourne's market. As a result the sum we will have saved will not be enough for buying.
Are there any smart ways of buying without a deposit and avoiding incurring insurance fees/negotiating lower rate?
I read somewhere if one manages to pay off 20% of the loan extremely quickly (to say in 1-2 years) lender can cancel insurance fees.
Or another way would be to find a property with a settlement date in half a year and proceed saving money.
Am I right here? Do you see any other ways to buy ASAP without a deposit but having the advantages?