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80per cent home loan

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Liz | 04 Aug 2013, 08:26 PM Agree 0
If you have a 20 per cent deposit of the purchase price of the property, will you be able to borrow the fees/costs, or will that take you over the 80 per cent?
  • Eos Property | 08 Aug 2013, 10:40 AM Agree 0
    Hi Liz,

    Typically costs are around 5% of your purchase price. On this basis you have 15% to be used to cover a deposit - I understand Westpac is doing/has done 85% loans without mortgage insurance.

    On this basis you have enough to buy yourself a property.

    Recommend you grab yourself a decent broker and they will be able to explain things more fully and accurately. Banks are competing for customers so there may be some flexibility around.

    Where do you live - some readers may be able to recommend a decent broker in your area. If not good ones work well by phone too.

    PS. If your are eligible for First Home Owners Grant you may be eligible for stamp duty exemption and the 5% purchasing costs will be reduced.
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