Hi there!
I'm looking to buy my first home to live in. Few details about me
A broker has been helping me to get a loan with the following details
The product offered doesn't have 100% offset account. I wanted to build equity by having the offset account but all I get with my current situation is having about 40K portion as variable.
The agent has also given another product with liitle higher interest rate around 5.05 variable interest with 100% offset account and the bank is bankwest with 100% topup of LMI on the loan.
Which product do you guys suggest that would be beneficial to me in the long term
I'm looking to buy my first home to live in. Few details about me
Living in Sydney and looking at buying around 650K
Married and 1 kid
Currently renting
Paying 2200 rent per month(Happy owner). Have been paying for 2 years now
Stable income around 130K
Wife Not working
Have deposit of 65K
A broker has been helping me to get a loan with the following details
95% LVR loan
4.69 fixed for 3 years
Have some portion as variable in that Loan
Interest only payment
Me bank
The product offered doesn't have 100% offset account. I wanted to build equity by having the offset account but all I get with my current situation is having about 40K portion as variable.
The agent has also given another product with liitle higher interest rate around 5.05 variable interest with 100% offset account and the bank is bankwest with 100% topup of LMI on the loan.
Which product do you guys suggest that would be beneficial to me in the long term