How Much Deposit Do I Need To Buy A $375,000 Home.
My next article, with the how much deposit do I need series, is looking at how much deposit do you need to purchase a $375,000 property in Western Australia, both as a first home buyer, and non first home buyer (buying your second, third home, etc or investment property). We will look at the approx fees and charges too, to give you a guide to how much deposit you need to purchase your next home.
Lets look at how much deposit you need to purchase a $375,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $375,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($375,000 Property).
Property Purchase Price - $375,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,400 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $379,350 (Including The Fees)
Deposit Required $18,750 (5% of $375,000)
You will need $18,750 deposit, as a first home buyer to purchase a property costing $375,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $375,000 in Western Australia –
Purchase price (including fees) - $379,350
Minus Your Deposit - $18,750
Minus The First Home Owners Grant - $7,000
Home Loan Required $353,600
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $375,000 property, with a $353,600 home loan, the mortgage insurance fee would be approximately $11,277 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $353,600
+
Mortgage Insurance Fee $11,277
Total Home Loan $364,877
Your approx repayments on a $364,977 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2452.09 per month,
Buying Your Next Home Or Investment Property ($375,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $375,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $375,000
Transfer Stamp Duty - $11,828
Settlement Agent Fee - $1,400 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $391,178 (Including The Fees)
Deposit Required $18,750 (5% of $375,000)
Plus Fees (as above) $16,178
Total Deposit Required $34,928
You will need $34,928 deposit, as a non first home buyer to purchase a property costing $375,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $375,000 in Western Australia –
Purchase price (including fees) - $391,178
Minus Your Deposit - $34,928
Home Loan Required - $356.250
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $375,000 property, with a $356,250 home loan, the mortgage insurance fee would be approximately $11,361 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $356,250
+
Mortgage Insurance Fee $11,361
Total Home Loan $367,611
Your approx repayments on a $367,611 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2,470.46 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $375,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Monday, May 30, 2011
Tuesday, May 24, 2011
How Much Deposit Do I Need To Buy A $350,000 Home In Western Australia
How Much Deposit Do I Need To Buy A $350,000 Home.
My next article, with the how much deposit do I need series, is looking at how much deposit do you need to purchase a $350,000 property in Western Australia, both as a first home buyer, and non first home buyer (buying your second, third home, etc or investment property). We will look at the approx fees and charges too, to give you a guide to how much deposit you need to purchase your next home.
Lets look at how much deposit you need to purchase a $350,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $350,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($350,000 Property).
Property Purchase Price - $350,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,350 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $354,300 (Including The Fees)
Deposit Required $17,500 (5% of $350,000)
You will need $17,500 deposit, as a first home buyer to purchase a property costing $350,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $350,000 in Western Australia –
Purchase price (including fees) - $354,300
Minus Your Deposit - $17,500
Minus The First Home Owners Grant - $7,000
Home Loan Required $329,800
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $350,000 property, with a $329,800 home loan, the mortgage insurance fee would be approximately $10,518 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $329,800
+
Mortgage Insurance Fee $10,518
Total Home Loan $340,3188
Your approx repayments on a $340,318 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2287.05 per month,
Buying Your Next Home Or Investment Property ($350,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $350,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $350,000
Transfer Stamp Duty - $10,735
Settlement Agent Fee - $1,350 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $365,035 (Including The Fees)
Deposit Required $17,250 (5% of $325,000)
Plus Fees (as above) $15,035
Total Deposit Required $32,535
You will need $32,535 deposit, as a non first home buyer to purchase a property costing $350,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $350,000 in Western Australia –
Purchase price (including fees) - $365,035
Minus Your Deposit - $32,535
Home Loan Required - $332,500
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $350,000 property, with a $332,500 home loan, the mortgage insurance fee would be approximately $10,604 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $332,500
+
Mortgage Insurance Fee $10,604
Total Home Loan $343,104
Your approx repayments on a $343,104 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2,305.77 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $350,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
My next article, with the how much deposit do I need series, is looking at how much deposit do you need to purchase a $350,000 property in Western Australia, both as a first home buyer, and non first home buyer (buying your second, third home, etc or investment property). We will look at the approx fees and charges too, to give you a guide to how much deposit you need to purchase your next home.
Lets look at how much deposit you need to purchase a $350,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $350,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($350,000 Property).
Property Purchase Price - $350,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,350 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $354,300 (Including The Fees)
Deposit Required $17,500 (5% of $350,000)
You will need $17,500 deposit, as a first home buyer to purchase a property costing $350,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $350,000 in Western Australia –
Purchase price (including fees) - $354,300
Minus Your Deposit - $17,500
Minus The First Home Owners Grant - $7,000
Home Loan Required $329,800
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $350,000 property, with a $329,800 home loan, the mortgage insurance fee would be approximately $10,518 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $329,800
+
Mortgage Insurance Fee $10,518
Total Home Loan $340,3188
Your approx repayments on a $340,318 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2287.05 per month,
Buying Your Next Home Or Investment Property ($350,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $350,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $350,000
Transfer Stamp Duty - $10,735
Settlement Agent Fee - $1,350 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $365,035 (Including The Fees)
Deposit Required $17,250 (5% of $325,000)
Plus Fees (as above) $15,035
Total Deposit Required $32,535
You will need $32,535 deposit, as a non first home buyer to purchase a property costing $350,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $350,000 in Western Australia –
Purchase price (including fees) - $365,035
Minus Your Deposit - $32,535
Home Loan Required - $332,500
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $350,000 property, with a $332,500 home loan, the mortgage insurance fee would be approximately $10,604 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $332,500
+
Mortgage Insurance Fee $10,604
Total Home Loan $343,104
Your approx repayments on a $343,104 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2,305.77 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $350,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Wednesday, May 18, 2011
How Much Deposit Do I Need To Buy A $325,000 Home.
My next article, with the how much deposit do I need series, is looking at how much deposit do you need to purchase a $325,000 property in Western Australia, both as a first home buyer, and non first home buyer (buying your second, third home, etc or investment property). We will look at the approx fees and charges too, to give you a guide to how much deposit you need to purchase your next home.
Lets look at how much deposit you need to purchase a $325,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $325,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($325,000 Property).
Property Purchase Price - $325,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,300 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $329,250 (Including The Fees)
Deposit Required $16,250 (5% of $325,000)
You will need $16,250 deposit, as a first home buyer to purchase a property costing $325,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $325,000 in Western Australia –
Purchase price (including fees) - $329,250
Minus Your Deposit - $16,250
Minus The First Home Owners Grant - $7,000
Home Loan Required $306,000
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $325,000 property, with a $306,000 home loan, the mortgage insurance fee would be approximately $9,758 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $306,000
+
Mortgage Insurance Fee $9,758
Total Home Loan $315,758
Your approx repayments on a $315,758 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2121.99 per month,
Buying Your Next Home Or Investment Property ($325,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $325,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $325,000
Transfer Stamp Duty - $9,785
Settlement Agent Fee - $1,300 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $339,035 (Including The Fees)
Deposit Required $16,250 (5% of $325,000)
Plus Fees (as above) $14,035
Total Deposit Required $30,285
You will need $30,285 deposit, as a non first home buyer to purchase a property costing $325,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $325,000 in Western Australia –
Purchase price (including fees) - $339,035
Minus Your Deposit - $30,285
Home Loan Required - $308,750
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $325,000 property, with a $308,750 home loan, the mortgage insurance fee would be approximately $9,847 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $308,750
+
Mortgage Insurance Fee $9,847
Total Home Loan $318,597
Your approx repayments on a $318,597 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2,141.07 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $325,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Lets look at how much deposit you need to purchase a $325,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $325,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($325,000 Property).
Property Purchase Price - $325,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,300 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $329,250 (Including The Fees)
Deposit Required $16,250 (5% of $325,000)
You will need $16,250 deposit, as a first home buyer to purchase a property costing $325,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $325,000 in Western Australia –
Purchase price (including fees) - $329,250
Minus Your Deposit - $16,250
Minus The First Home Owners Grant - $7,000
Home Loan Required $306,000
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $325,000 property, with a $306,000 home loan, the mortgage insurance fee would be approximately $9,758 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $306,000
+
Mortgage Insurance Fee $9,758
Total Home Loan $315,758
Your approx repayments on a $315,758 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2121.99 per month,
Buying Your Next Home Or Investment Property ($325,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $325,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $325,000
Transfer Stamp Duty - $9,785
Settlement Agent Fee - $1,300 (Approx)
Balance Of Water Shire Rates - $2,000 (Approx)
Mortgage Registration / Legal Fees - $350 (approx)
Bank Application Fee - $600 ( Some mortgages have no application fee)
Total including Fees - $339,035 (Including The Fees)
Deposit Required $16,250 (5% of $325,000)
Plus Fees (as above) $14,035
Total Deposit Required $30,285
You will need $30,285 deposit, as a non first home buyer to purchase a property costing $325,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $325,000 in Western Australia –
Purchase price (including fees) - $339,035
Minus Your Deposit - $30,285
Home Loan Required - $308,750
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $325,000 property, with a $308,750 home loan, the mortgage insurance fee would be approximately $9,847 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $308,750
+
Mortgage Insurance Fee $9,847
Total Home Loan $318,597
Your approx repayments on a $318,597 home loan over 30 years, at an average mortgage interest rate of 7.1% is $2,141.07 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $325,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Saturday, May 14, 2011
How Much Deposit Do I Need To Buy A $300,000 Home
am asked this all the time, how much deposit is required to purchase a home. For the next week or so, I will post different purchase prices for a property, and how much deposit you need as a first home buyer and non first home buyer in Western Australia. We will look at the approx fees and charges too, to give you a guide to how much deposit you need to purchase your next home.
Today we will look at how much deposit you need to purchase a $300,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $300,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($300,000 Property).
Property Purchase Price - $300,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,200 (Approx)
Balance Of Water Shire Rates -$2,000 (Approx)
Mortgage Registration / Legal Fees -$350 (approx)
Bank Application Fee -$600 ( Some mortgages have no application fee)
Total including Fees - $304,150 (Including The Fees)
Deposit Required $15,000 (5% of $300,000)
You will need $15,000 deposit, as a first home buyer to purchase a property costing $300,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $300,000 in Western Australia –
Purchase price (including fees) - $304,150
Minus Your Deposit -$15,000
Minus The First Home Owners Grant - $7,000
Home Loan Required $282,150
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $300,000 property, with a $282,150 home loan, the mortgage insurance fee would be approximately $7,629 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $282,150
+
Mortgage Insurance Fee $7,629
Total Home Loan $289,779
Your approx repayments on a $289,779 home loan over 30 years, at an average mortgage interest rate of 7.1% is $1947.41 per month,
Buying Your Next Home Or Investment Property ($300,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $300,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $300,000
Transfer Stamp Duty - $8,835
Settlement Agent Fee - $1,200 (Approx)
Balance Of Water Shire Rates -$2,000 (Approx)
Mortgage Registration / Legal Fees -$350 (approx)
Bank Application Fee -$600 ( Some mortgages have no application fee)
Total including Fees - $312,985 (Including The Fees)
Deposit Required $15,000 (5% of $300,000)
Plus Fees (as above) $12,985
Total Deposit Required $27,985
You will need $27,985 deposit, as a non first home buyer to purchase a property costing $300,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $300,000 in Western Australia –
Purchase price (including fees) - $312,985
Minus Your Deposit -$27,985
Home Loan Required - $285,000
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $300,000 property, with a $285,000 home loan, the mortgage insurance fee would be approximately $7,712 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $285,000
+
Mortgage Insurance Fee $7,712
Total Home Loan $292,712
Your approx repayments on a $292,712 home loan over 30 years, at an average mortgage interest rate of 7.1% is $1967.12 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $300,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Today we will look at how much deposit you need to purchase a $300,000 property in Western Australia, both as a first home buyer, and non first home buyer. We will look at the minimum deposit required, which with most banks or lenders is 5% of the purchase price, plus the associated fees. Of course the more deposit you have the better, and generally speaking your 5% deposit, has to be saved over at least 3 months in a bank account (this is called genuine savings). The deposit can also come the sale of shares, sale of a previous home etc.
Ok, lets look at fees, and the minimum deposit you will need to purchase a $300,000 property in Western Australia (unless you have a guarantor for your home loan, which you may not need a deposit at all) -
First Home Buyers ($300,000 Property).
Property Purchase Price - $300,000
Transfer Stamp Duty - $0
Settlement Agent Fee - $1,200 (Approx)
Balance Of Water Shire Rates -$2,000 (Approx)
Mortgage Registration / Legal Fees -$350 (approx)
Bank Application Fee -$600 ( Some mortgages have no application fee)
Total including Fees - $304,150 (Including The Fees)
Deposit Required $15,000 (5% of $300,000)
You will need $15,000 deposit, as a first home buyer to purchase a property costing $300,000 in Western Australia.
To work out your how much your home loan would be, as a first home buyer purchasing your home for $300,000 in Western Australia –
Purchase price (including fees) - $304,150
Minus Your Deposit -$15,000
Minus The First Home Owners Grant - $7,000
Home Loan Required $282,150
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $300,000 property, with a $282,150 home loan, the mortgage insurance fee would be approximately $7,629 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $282,150
+
Mortgage Insurance Fee $7,629
Total Home Loan $289,779
Your approx repayments on a $289,779 home loan over 30 years, at an average mortgage interest rate of 7.1% is $1947.41 per month,
Buying Your Next Home Or Investment Property ($300,000 Property).
If you have already purchased a home, or you are buying an investment property, you may not qualify for the first home owners grant. You can still purchase a home with as little as 5% deposit, and you will still require 5% genuine savings (this can come from the proceeds of a sale of property, savings in the bank, sale of shares). The biggest difference is you will have to have the funds to also pay for the transfer stamp duty, settlement agent fees, balance of the shire and water rates.
Also too, please note that if you have equity in your current home, and you are buying another property, you may not need a deposit at all, as the equity in your current home, may be able to be used as deposit to fund your new property. You also may not need a deposit either, when buying your next home, if you have a guarantor for your home loan. If using a guarantor for your home loan, you also may be able to borrow the associated fees, so you may require no deposit at all.
Lets look at how much deposit you will need to purchase a $300,000 property, if you are buying your next home or an investment property in Western Australia –
Property Purchase Price - $300,000
Transfer Stamp Duty - $8,835
Settlement Agent Fee - $1,200 (Approx)
Balance Of Water Shire Rates -$2,000 (Approx)
Mortgage Registration / Legal Fees -$350 (approx)
Bank Application Fee -$600 ( Some mortgages have no application fee)
Total including Fees - $312,985 (Including The Fees)
Deposit Required $15,000 (5% of $300,000)
Plus Fees (as above) $12,985
Total Deposit Required $27,985
You will need $27,985 deposit, as a non first home buyer to purchase a property costing $300,000 in Western Australia.
To work out your how much your home loan would be, as a non first home buyer purchasing your home for $300,000 in Western Australia –
Purchase price (including fees) - $312,985
Minus Your Deposit -$27,985
Home Loan Required - $285,000
When you borrow more than 80% of the property value, you will pay a once off mortgage insurance fee, which with most banks can be added to the home loan.
Based on purchasing a $300,000 property, with a $285,000 home loan, the mortgage insurance fee would be approximately $7,712 (this fee will vary between the lenders). This fee can generally be added to the home loan. The more deposit you have, the cheaper the mortgage insurance fee will be. Lets add the mortgage insurance fee to the home loan and see what your total home loan will be, and the monthly repayments -
Home Loan $285,000
+
Mortgage Insurance Fee $7,712
Total Home Loan $292,712
Your approx repayments on a $292,712 home loan over 30 years, at an average mortgage interest rate of 7.1% is $1967.12 per month.
This is an approximate guide to how much deposit you will need to purchase a property costing $300,000 in Western Australia. If you are unsure, or would like more advice specific to your own personal situation, please contact me anytime. I am a mortgage broker, based in Yokine, with many years of experience. If you have any comments, please leave below, I enjoy reading your feedback.
Tuesday, May 3, 2011
The Reserve Bank Keeps Mortgage Interest Rates On Hold.
Some Welcome relief for mortgage holders today ( May 3, 2011) with the Reserve Bank Of Australia keeping the official cash rate on hold. At its meeting today, the board decided that even though there is an increase in inflation, this is mainly due to the recent natural disasters. Unemployment remains steady at around 5%, and there is still some concern over the sovereign debts through parts of Europe.
Australia’s terms of trade at records levels, and wage growth seems to have been significant throughout Australia. Credit growth remains subdued, and there has been some softening of house prices through out Australia. At this stage, at least for the short term, it looks like the official cash rate may stay on hold, which is great news for all Australian mortgage holders.
Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.
The global economy is continuing its expansion, led by very strong growth in the Asian region. The recent disaster in Japan is having a major impact on Japanese production, and some effects on production of manufactured products further afield. Commodity prices, including oil prices, have generally continued to rise over recent months, pushing up measures of consumer price inflation in many countries. A number of countries have been moving to tighten their monetary policy settings. Overall, though, financial conditions for the global economy remain accommodative. Uncertainty remains over the prospects for resolution of the banking and sovereign debt issues in Europe.
Australia's terms of trade are reaching higher levels than assumed a few months ago, and national income is growing strongly. Private investment is picking up, mainly in the resources sector, in response to high levels of commodity prices. In the household sector thus far, in contrast, there continues to be caution in spending and borrowing, and a higher rate of saving out of current income.
The natural disasters over the summer have reduced output in some key sectors and the resumption of coal production in flooded mines is taking longer than initially expected. It is likely this caused a decline in real GDP in the March quarter. Production levels should, however, recover over the months ahead, and there will be a mild boost to demand from the rebuilding efforts as they get under way. Over the medium term, overall growth is likely to be at trend or higher.
Growth in employment has moderated over recent months and the unemployment rate has been little changed, near 5 per cent. Most leading indicators suggest further growth in employment, though most likely at a slower pace than in 2010. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn.
Overall credit growth remains quite modest. Signs have continued to emerge of some greater willingness to lend, and business credit has resumed growth after a period of contraction. Growth in credit to households, on the other hand, has softened recently, as have housing prices in several cities. The exchange rate has risen further and, in real effective terms, is at its highest level in several decades. This, if sustained, could be expected to exert additional restraint on the traded sector.
Recent data on inflation show the effects of production losses due to the floods and Cyclone Yasi. The affected prices should fall back later in the year, though substantial rises in utilities prices are still occurring. The Bank expects that, as the temporary price shocks dissipate over the coming quarters, CPI inflation will be close to target over the year ahead.
Looking through these short-term movements, however, the recent information suggests that the marked decline in underlying inflation from the peak in 2008 has now run its course. While the rising exchange rate will be helping to hold down prices for some consumer products over the coming few quarters, over the longer term inflation can be expected to increase somewhat if economic conditions evolve broadly as expected.
At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.
If you have any questions or comments, please leave below. If you would like some more personal mortgage advice, or to use my services as an experienced mortgage broker, please contact me anytime.
Australia’s terms of trade at records levels, and wage growth seems to have been significant throughout Australia. Credit growth remains subdued, and there has been some softening of house prices through out Australia. At this stage, at least for the short term, it looks like the official cash rate may stay on hold, which is great news for all Australian mortgage holders.
Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.
The global economy is continuing its expansion, led by very strong growth in the Asian region. The recent disaster in Japan is having a major impact on Japanese production, and some effects on production of manufactured products further afield. Commodity prices, including oil prices, have generally continued to rise over recent months, pushing up measures of consumer price inflation in many countries. A number of countries have been moving to tighten their monetary policy settings. Overall, though, financial conditions for the global economy remain accommodative. Uncertainty remains over the prospects for resolution of the banking and sovereign debt issues in Europe.
Australia's terms of trade are reaching higher levels than assumed a few months ago, and national income is growing strongly. Private investment is picking up, mainly in the resources sector, in response to high levels of commodity prices. In the household sector thus far, in contrast, there continues to be caution in spending and borrowing, and a higher rate of saving out of current income.
The natural disasters over the summer have reduced output in some key sectors and the resumption of coal production in flooded mines is taking longer than initially expected. It is likely this caused a decline in real GDP in the March quarter. Production levels should, however, recover over the months ahead, and there will be a mild boost to demand from the rebuilding efforts as they get under way. Over the medium term, overall growth is likely to be at trend or higher.
Growth in employment has moderated over recent months and the unemployment rate has been little changed, near 5 per cent. Most leading indicators suggest further growth in employment, though most likely at a slower pace than in 2010. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn.
Overall credit growth remains quite modest. Signs have continued to emerge of some greater willingness to lend, and business credit has resumed growth after a period of contraction. Growth in credit to households, on the other hand, has softened recently, as have housing prices in several cities. The exchange rate has risen further and, in real effective terms, is at its highest level in several decades. This, if sustained, could be expected to exert additional restraint on the traded sector.
Recent data on inflation show the effects of production losses due to the floods and Cyclone Yasi. The affected prices should fall back later in the year, though substantial rises in utilities prices are still occurring. The Bank expects that, as the temporary price shocks dissipate over the coming quarters, CPI inflation will be close to target over the year ahead.
Looking through these short-term movements, however, the recent information suggests that the marked decline in underlying inflation from the peak in 2008 has now run its course. While the rising exchange rate will be helping to hold down prices for some consumer products over the coming few quarters, over the longer term inflation can be expected to increase somewhat if economic conditions evolve broadly as expected.
At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.
If you have any questions or comments, please leave below. If you would like some more personal mortgage advice, or to use my services as an experienced mortgage broker, please contact me anytime.
Monday, May 2, 2011
Can Child Maintenance Be Used As Income For A Mortgage?
This is an email question from Julie in Menora. The question asks; I work full time and I have two children from a previous marriage. I receive child maintenance from my children’s father; can I use this income to help apply for a mortgage?
A good question that I receive a fair bit. The good news is some banks and lenders will consider using child maintenance when applying for a mortgage. Not all banks or lenders do, and some banks or lender may only consider 30% to 50% of the child maintenance income received, but there are banks and lenders that will use 100% of the payment received when you are applying for a home loan.
Most of the banks or lenders that will consider child maintenance as income will require certain criteria and paperwork to prove that is regular and ongoing income.
The type of criteria and paperwork that a bank or lender may require to prove that the child maintenance is acceptable to use as income to apply for a home loan–
•A court order or a CSA (Child Support Agency) agreement showing the date the agreement was reached, and how much the payments should be.
•3 to 6 months bank statements, showing that the payments have been made regularly and on time.
•Some banks or lenders may use the child maintenance income if the children are 12 years of age or younger.
It can be a little confusing, so if you have any questions about what the banks will consider as income, please contact me anytime. I am a qualified mortgage broker, with many years of home loan experience. If you have any comments, please leave below, we love hearing your feedback
A good question that I receive a fair bit. The good news is some banks and lenders will consider using child maintenance when applying for a mortgage. Not all banks or lenders do, and some banks or lender may only consider 30% to 50% of the child maintenance income received, but there are banks and lenders that will use 100% of the payment received when you are applying for a home loan.
Most of the banks or lenders that will consider child maintenance as income will require certain criteria and paperwork to prove that is regular and ongoing income.
The type of criteria and paperwork that a bank or lender may require to prove that the child maintenance is acceptable to use as income to apply for a home loan–
•A court order or a CSA (Child Support Agency) agreement showing the date the agreement was reached, and how much the payments should be.
•3 to 6 months bank statements, showing that the payments have been made regularly and on time.
•Some banks or lenders may use the child maintenance income if the children are 12 years of age or younger.
It can be a little confusing, so if you have any questions about what the banks will consider as income, please contact me anytime. I am a qualified mortgage broker, with many years of home loan experience. If you have any comments, please leave below, we love hearing your feedback
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