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Location:
Sydney
Registered:
January 2004
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Home Loans
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Sat, 24 April 2004 16:23
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has anybody got a home loan easily? My families accountant says that you need the weekly repayments to be around 40-50% of your loan repayments. So if paying back 800 a week on loan bank expects you to be making $1600. Anybody got a loan using a more favourable figure than this - like 60% or more. My brother and I both are pretty stingy (so could donate more than 60% of our wage)..we're looking to get somthing but I don't know if it will be that easy..we saw something we liked just recently!  . CBA is who we may be going through but please let me know if you know of someone that has better home loan connection (i.e. easier to get approved)
I saw Wizard had pretty good ratesbut dont know how hard it would be to get loan approved.
Thanks a heap.
ben
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Location:
Brisbane, QLD
Registered:
February 2003
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Re: Home Loans
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Sun, 25 April 2004 23:26
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use a mortguage broker
from what i've seen, they usually find some pretty good deals(its good if you know them personaly so that you're not just getting the advice of someone who gets better kickbacks from bank A...if you get my drift?)
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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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Location:
Sydney
Registered:
January 2004
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Re: Home Loans
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Mon, 26 April 2004 07:46
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Thanks chuckster and cyber.
A mortgage broker from Aussie home loans came today and was really helpful (not pushy or anything). He said that he gets a fixed fee whichever bank he organises for us (ING, Commonwealth, St George, Aussie etc)..not sure if true though.
We'd have to outlay more than 50% of our wages but apparently if we get a larger deposit this shouldn't matter as much. 20% was the figure he was using..just as the chuckster was saying! If you borrow any more than 80% you need mortgage insurance and it's much harder to get the loan through these guys apparently...according to the mortgage broker, the chuckster saying very similar things again!
My parents may be helping us out to get this greater deposit which would be great. I think the broker reckoned commonwealth may be the best for our situation but if he comes back saying we can't get a loan I'll start doing some research...even still I will check what he is offering compared to others.
Thanks again
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Location:
Canberra
Registered:
August 2003
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Re: Home Loans
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Tue, 27 April 2004 02:20
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Not that it is personal, but CBA told me I would never get a loan as long as I was a contractor, So I promptly closed all my accounts and went to Westpac...where I now have an established credit rating and am looking towards a second mortgage for an investment property. Oh an the company I work for set their banking up with westpac not CBA, partly because of the way CBA treated the little guy (me)...
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Location:
Canberra
Registered:
August 2003
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Re: Home Loans
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Tue, 27 April 2004 02:21
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So be nice to the little guy(s), or it will bite you in the arse!!
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Location:
Canberra
Registered:
August 2003
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Re: Home Loans
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Tue, 27 April 2004 02:23
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Another thing, remember you are the customer, purchasing a service of them...they aren't doing you a favour, you pay them significantly for the loan, so don't let them push you around.
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Location:
Sydney
Registered:
June 2003
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Re: Home Loans
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Tue, 27 April 2004 05:58
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Just to give you an idea. My g/f and I are looking at a home loan (for when we are married). Our combined income is about $76,000 pa. I have a $12000 car loan, and the people we saw (a few different people) said we should be looking at about $400,000
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Location:
Canberra
Registered:
August 2003
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Re: Home Loans
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Tue, 27 April 2004 06:16
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Assuming you have a 5 % deposit you will owe the Bank $380,000.
Assuming 6.5% interest rate.
380,000 * 0.065 = 24700 (annual interest)
24700/12 = $2058 interest per month plus you have to pay of some capital so you can count on the mortgage costing you $2500 per month
2500 * 12 = 30000
assuming you income is split roughly equally you will be looking at a combined income of $50,000 after tax, so is $20,000 enough for the rest of your lifestyle? maybe you tell us.
-THEN-
Now consider a possible 2% interest rise in 12 months(within the bounds of probability if labour get in)
380,000 * 0.085 = 32300
32300 / 12 = $2691 interest per month, plus some capital say $3200 per month
3200 * 12 = 38400
take that off your $50000 combined salary after tax and you are left with $12,000 for everything else (food, electricity, water, phone etc etc)
You fail on the repayments you loose the house, and the interest you have paid up to this point (could be $24 grand in one year) ouch!!! I have always been taught that if you can't afford a 2% hike on current rate then don't apply.
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Location:
Sydney
Registered:
June 2003
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Re: Home Loans
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Tue, 27 April 2004 07:32
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One thing. The interest rate we can get is 5.2%
She works for the bank.  So yes, she did figure it all out and it works.
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Location:
Sydney
Registered:
January 2004
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Re: Home Loans
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Tue, 27 April 2004 07:38
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Thanks Squid and Caledwvech. That's a great interest rate Caledwvech! We'll see what CBA are offering and compare to Westpac..I just don't know if we're biting off more than we can chew, so to speak..the home loan broker is getting back to us tonight. Thanks very much for the info  , I'll let you know how it goes.
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I supported Toymods
Toymods Club Secretary
Location:
Sydney
Registered:
May 2002
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Re: Home Loans
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Tue, 27 April 2004 08:31
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Another person to contact might be biased99 on these forums. He runs Millenium Mortgage Services who have actually been a forums sponsor for a while now. 
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Location:
Sydney
Registered:
January 2004
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Re: Home Loans
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Tue, 27 April 2004 10:47
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Thanks Lucid, though I think I may already have too many people involved.. the broker is doing work for us and our accountant contacted commonwealth bank (who my parents already had a loan with) and they now want to deal directly with us saying that even if the broker uses commonwealth (which he said he would) then you have to deal with Colonial or some other place when you want to change or pay your loan etc which makes it a bitch (I don't know what's going on now  ) ..It's getting too hard!
Turns out my gfs Mum does this kind of brokering also and has offered to give me the commission she makes (about 2k and my gf gets 250 for referring), but I have declined this as we'd already had this broker over saying he'd use commmonwealth which would make it easier as my parents already with commonwealth..and my gfs mum doesn't use commonwealth...now we've got the guy from commonwealth saying that the broker would use commonwealth but it still wouldnt be as good as going directly with commonwealth.
Sorry just repeated myself heaps..Can't really think enough to edit it..I don't blame you if you don't read it!! 
That's where I had seen Millenium Mortgage Services before, on these pages.. I'll keep Biased in mind if all else fails.
That reminds me I've been meaning to come to one of the meetings at Balko to join up..do you go Lucid?..I have got quite a lot of use out of these forums and thought I better contribute (i.e. the 50 bucks)
Thanks again.
Ben
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I supported Toymods
Toymods Club Secretary
Location:
Sydney
Registered:
May 2002
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Re: Home Loans
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Tue, 27 April 2004 10:50
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Yep mate, work permitting I'm always there. Come along to the next one, it's always good to see new people.
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Location:
Sydney
Registered:
January 2004
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Re: Home Loans
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Tue, 27 April 2004 10:57
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Cool - I'll definately try and make next one if I'm not trying to still organise loans and the like 
Does it matter that I dont have referees? I try not to be a bad person, is that good enough  . Maybe you can give me an interview, just no aptitude tests as I may fail..
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