Is there any difference, making it easier to get finance for a property purchase with whether your going to use the house as an investment property or owner occupier?
My wife and I both earn relatively good money (combined 95k per annum gross).
We are looking to buy a property which has a purchase price of $290k. We have a 5% Deposit (14.5k) and want finance of 275.5k (95%).
We have just scraped enough $ together to afford the deposit, but we aren't anywhere near buying because according to my calculations the purchasing costs are nearly as much as the deposit (correct me if im wrong)
LMI approx $6000 (2.3%?)
Legals approx $1100
Build/Pest insp $600
Stamp Duty $2900 (if living in within first 12 months qld consession)
Contingency $1000
Total -> $11,600 (nearly as much as the deposit).
Do we just keep saving this extra 11.6k and postpone buying, to save that extra will take us at least 9 months. Is there any way we can get the loan as an investment property so the bank would see it as earning money and then kick the tenants out and move in, or are there any lenders doing higher LVRs than 95% or allowing you to capitalise LMI? We have an impeccable credit rating.
Just before the GFC collapse we were very close to getting a Stg no deposit loan but just missed out (we only had enough $ saved for purchase costs), we have good income to service a loan just struggling to save because our rent is very expensive and the property prices in south east qld keep going up.
we are looking at the beenleigh / eagleby / etc area as an entry level in to SE QLD market..figuring we can make it an IP later on and move closer to the gold coast, neither of us are eligible for FHOG either. i think the area is going to get good capital growth.
Does anyone have any suggestions on how we can get over the line? Sorry for the long post.
My wife and I both earn relatively good money (combined 95k per annum gross).
We are looking to buy a property which has a purchase price of $290k. We have a 5% Deposit (14.5k) and want finance of 275.5k (95%).
We have just scraped enough $ together to afford the deposit, but we aren't anywhere near buying because according to my calculations the purchasing costs are nearly as much as the deposit (correct me if im wrong)
LMI approx $6000 (2.3%?)
Legals approx $1100
Build/Pest insp $600
Stamp Duty $2900 (if living in within first 12 months qld consession)
Contingency $1000
Total -> $11,600 (nearly as much as the deposit).
Do we just keep saving this extra 11.6k and postpone buying, to save that extra will take us at least 9 months. Is there any way we can get the loan as an investment property so the bank would see it as earning money and then kick the tenants out and move in, or are there any lenders doing higher LVRs than 95% or allowing you to capitalise LMI? We have an impeccable credit rating.
Just before the GFC collapse we were very close to getting a Stg no deposit loan but just missed out (we only had enough $ saved for purchase costs), we have good income to service a loan just struggling to save because our rent is very expensive and the property prices in south east qld keep going up.
we are looking at the beenleigh / eagleby / etc area as an entry level in to SE QLD market..figuring we can make it an IP later on and move closer to the gold coast, neither of us are eligible for FHOG either. i think the area is going to get good capital growth.
Does anyone have any suggestions on how we can get over the line? Sorry for the long post.