
How much do I need or Is this really possible for me?
To answer this question I have done a rough summary of costs.
Purchase Price of $300,000
This is what I would expect for someone who has saved $15,000 (or had sold a 2nd car or the unsued jet ski sitting on the back yard) has clean credit and steady employment.
Deposit = $15,000
Get a loan for $285,000
They pay mortgage insurance of 2% of the loan the so they can get a loan of 95%
Lenders Mortgage Insurance Fee = $6000
The bank allows them to add the LMI fee to there home loan.
Now makeing the loan $291,000.
As it is their first home they don't pay stamp duty.
(Had they not been first home buyers they would need to pay $9,000 in stamp duty. approx only )
Solicitors Fee of $1100.
Payments would be $455pw.
Excited yet ?? Who is paying more in rent?
Who has more than $15,000 in savings or more than one car in the backyard they could sell.
Now do you belive this possible
I hope this helps please feel free to contact me via the contact page if you have any questions.