July 13, 2010
Finally paid off the Credit Cards and the Car… How can I get a home loan in Australia ?
By Planet Wealth
I am 35 single and have finally paid off all the credit cards and the car loan… I really want to buy a unit in town under 0 K. I will be renting out at least one room to share the debt. I am renting a unit and want to get a more stable housing status so no one can kick me out or make me go. I want to build equity as well….Any thoughts??
Topics: renting shares | 2 Comments »
2 Responses to “Finally paid off the Credit Cards and the Car… How can I get a home loan in Australia ?”
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July 13th, 2010 at 12:46 pm
If you are debt free and have a steady income, most financial institutions would give you a loan. How much they lend you depends on your income. With the lessons learned from the recent global financial crisis, they no longer finance 100% of the required loan amount, so you will likely need at the very minimum 5% deposit. But, if it’s your first home, you can use the first home owners grant as your deposit. As far as which loan or which bank or home lender to go through, you might be best to go to a mortgage broker and compare all the different loans to find the one that suits your needs, as they all have different features and rates. Excellent luck, and excellent on you for getting out of the rent race
July 13th, 2010 at 12:46 pm
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.
http://www.worldbestloans.com/homeloans.htm
With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.