Mel-B Posted October 22, 2014 Report Share Posted October 22, 2014 Hi all. I get different amounts on different websites, please advise? Buying in Melbourne, what percentage deposit is needed?Thanks! Quote Link to comment Share on other sites More sharing options...
SurferMan Posted October 22, 2014 Report Share Posted October 22, 2014 Hi Mel-B,It has more to do with the financial institution than the area of Melbourne. It is generally higher if you are a temporary resident, and if you are you will need FIRB approval. Some may offer loans as low as 0% - 5%. You will then need MLI - mortgage lenders insurance, as your LTV - loan to value is very high. Be careful of LTV adverts, as most banks include the LTV value in the borrowing cost, which means you can actually borrow less, at higher cost. Lots around on the web, just surf for the intel. Quote Link to comment Share on other sites More sharing options...
Mel-B Posted October 22, 2014 Author Report Share Posted October 22, 2014 We have a PR visa thankfully! Paid our dues in waiting time! Thanks SurferMan! *images cool superhero logo on your shirt that you hide under work shirt* 1 Quote Link to comment Share on other sites More sharing options...
Sunnyskies Posted October 22, 2014 Report Share Posted October 22, 2014 You still need 20% deposit or else have to pay LMI which protects the bank and not you. 1 Quote Link to comment Share on other sites More sharing options...
Eyebrow Posted October 22, 2014 Report Share Posted October 22, 2014 I thought one could buy a house on a temorary visa, as you would have to pay the mortgage off in the time duration of visa.Eg A 4 years 457 visa means that you have to pay a 25 year mortgage off in 4 years.Is that correct? Quote Link to comment Share on other sites More sharing options...
SurferMan Posted October 22, 2014 Report Share Posted October 22, 2014 Pretty much yes Eyebrow, same for cars or other assets that you wish to acquire. I got this from Westpac, CWB and BOQ. My last 2 cars I bought were financed over 21 and 13 months, with a 5% loading on interest due to temp. visa status. PR makes things a LOAD more affordable. Quote Link to comment Share on other sites More sharing options...
Sylvester Posted October 23, 2014 Report Share Posted October 23, 2014 Hiemail Herman at herman.esterhuizen@mortgagechoice.com.au, he helped us through the process!Anle Quote Link to comment Share on other sites More sharing options...
Heather Posted October 23, 2014 Report Share Posted October 23, 2014 Hi GuysI am a mortgage broker and have helped a lot of people on this site own their homes. Mel-B, you can borrow up to 80% with no mortgage insurance. Two lenders currently have deals for up to 85% with no mortgage insurance and if you or your partner are in the medical profession it can be as high as 90% with no mortgage insurance. Otherwise you can borrow up to 97% including the mortgage insurance fee in most circumstances. When the lender says you can borrow 95% it is normally more like 93.4% as you need to add the mortgage insurance onto the loan amount and the total borrowings cannot exceed 97%. Some of the majors will only go to 95% including this mortgage insurance and there are two lenders that will let you borrow 95% and add the mortgage insurance up to 99%. ( interest rate may be a little higher in this case) (There has been a special deal on which I will need to check to see if they are going to extend this offer, but this offer allowed some other professions to be eligible for up to 90% with no mortgage insurance - this was for three weeks but if you are interested and you let me know you or your partners profession I can check if it is on their list and whether the promotion has been extended)Non-residents (must not be on a bridging, study or travel visa) can purchase up to 80% but some lenders have restrictions such as loan amounts, how much income can be used, certain currencies etc and the loan is still taken over the standard term and not the term of your visa. However with vehicles etc it is different, it is the term of your visa.Hope this answers questions - feel free to pm me if you want to know how much you can borrow etc Heather 2 Quote Link to comment Share on other sites More sharing options...
SurferMan Posted October 23, 2014 Report Share Posted October 23, 2014 Hi Heather,thanks for that, Westpac actually did that to me some years ago, told me I can only finance over 4 years...Odd hey? Quote Link to comment Share on other sites More sharing options...
Donovan83 Posted October 23, 2014 Report Share Posted October 23, 2014 They also have a look at what kind of property you're buying. If you're buying medium to high density (eg, an apartment in the CBD), then they will loan you less (or you'll need a bigger deposit to compensate) due to the increased risk of a downturn in the market causing drops in value. Quote Link to comment Share on other sites More sharing options...
Sibella Posted October 23, 2014 Report Share Posted October 23, 2014 We're in Melbourne and got an 85% loan without the mortgage lenders insurance with the help of our brokers http://visionfinance.com.au/ - they were really helpful and informative. Quote Link to comment Share on other sites More sharing options...
gouwgouw Posted October 23, 2014 Report Share Posted October 23, 2014 Hello MelB. Speak to Sean Herman at Professional Partners in Melbourne. They provide fantastic service at no cost to you. And they make sure you get the best possible rate and will answer all questions. Both Sean and his partner Craig are ex South Africans. http://www.ppartners.com.au 1 Quote Link to comment Share on other sites More sharing options...
Mel-B Posted October 27, 2014 Author Report Share Posted October 27, 2014 Thank you everyone!! Quote Link to comment Share on other sites More sharing options...
Singita Posted June 3, 2015 Report Share Posted June 3, 2015 Hi I would like to purchase a 2 bedroom apartment in melbourne for around $420k. I do understand that i need more than 20% for the deposit.Would it beneficial for me to use a mortgage broker? I am a first time buyer, single, professional with a full time job. Your help would be greatly appreciated. Quote Link to comment Share on other sites More sharing options...
rozellem Posted June 4, 2015 Report Share Posted June 4, 2015 Hi I would like to purchase a 2 bedroom apartment in melbourne for around $420k. I do understand that i need more than 20% for the deposit.Would it beneficial for me to use a mortgage broker? I am a first time buyer, single, professional with a full time job. Your help would be greatly appreciated.Singita, please speak to a mortgage adviser (like Aussie, Choice, etc). They can come to you at work or home and its free. There is also an adviser on here called Heather. You can search for her on here. We went with Rams in the end and are happy with the outcome. Good luck. 1 Quote Link to comment Share on other sites More sharing options...
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