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Location:
Brisbane
Registered:
February 2003
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Re: Home Loans
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Mon, 26 April 2004 00:38
 
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well our mortgage bropker fuked us over so i'd advise not using one and do your own research.. but each to their own. ...
get advice from several sources and ensure you get legal advice before signing anything - if you get some pushy prick who baulks at you saying "... wait until i get legal advice.." tell them to fuk off and walk away as they're trying to stiff you.
the property editions of major papers have sections that list comparative home loan rates - also most banks have online calculators that you can plug in details to see roughly how much they will loan you. Google can be very helpful here.
fwiw: we went with bankwest for the % rate, but are shifting to either a credit union or an online-only bank like ING as their rates are better.
it's unlikely that a bank will want/let you pay more 50% of your pay - 'cause if you loose your job or take a serious pay cut, you very quickly cannot meet your obligations and the bank takes the house away from you.
talk to financial advisor about arranging finances - if you can come up with a larger deposit (e.g. 20% or more or more of the purchase) your repayments might then suit your combined incomes and you might also have less fees (e.g. no mortage insurance) to pay.
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